Technology Top Stories

Microsoft’s financial cloud services to be available from November

Virgin Money UK will be the first user of the financial cloud service

Microsoft is making its financial services-specific cloud offering available from next month with Virgin Money UK on board as an early user, according to media reports. Over the last year, Microsoft has been rolling out more cloud services. Till now, the software giant has already unveiled services for the healthcare and retail sectors, its latest offerings are specific to financial services, manufacturing and non-profits.

Financial cloud services were first unveiled in February and it promises a foundation of privacy, security, and regulatory compliance. In a blog, corporate vice president, worldwide financial services, Bill Borden mentioned that the offering brings together cloud services across Microsoft Azure, Microsoft 365, Microsoft Dynamics 365, and Microsoft Power Platform, which is underpinned by the industry data model.

Borden also added that the introduction of this cloud service will improve the experience of retail banking employees and customers. This, in turn, will help unify customer profiles, onboarding, customer engagement and collaboration.

Cloud has been a growing part of Microsoft’s business for some time. Earlier this year, it reported that its cloud services were responsible for injecting $40 million during the fourth quarter of 2020.

Fraser Ingram, chief digital and innovation officer at early adopter Virgin Money UK, told the media, “At Virgin Money UK we are always looking at ways to innovate and deliver a world-class, digital customer experience. We see Microsoft Cloud for Financial Services accelerating that journey of digitising our customer experience while enabling us to scale and grow.

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