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As banks transition to the cloud, Microsoft’s ready with Azure

Did you know there was a financial services industry event held every year called Sibos?

Yeah, neither did I, but this year, Microsoft CEO Satya Nadella and other company executives will be appearing as guest speakers next week during Sibos 2017. The company representatives will undoubtedly be extolling the virtues of Microsoft’s Cloud as financial institutions look to make a transition from an old way of banking to a more modern and fluid world deeply infused with technology.

Microsoft corporate vice president of Worldwide Industry gives us a sneak peek at what he, Nadella and others will be addressing during their time on stage at Sibos as he post the highlights to the Official Microsoft Blog.

Topics include fostering new cultures of work, by encouraging businesses to design workplaces where a new curiosity for digital intelligence can thrive. The idea mainly centers around infusing each workspace and employee with modern tools at each processing section, from the front of the house to the back offices.

Secondly, Microsoft would like to businesses to optimize operations.

“UBS is using Azure to power its risk management platform, technology that requires enormous computing power, to run millions of calculations daily on demand. The result — speeding calculation time by 100 percent, saving 40 percent in infrastructure costs, gaining nearly infinite scale within minutes — means the firm can have more working capital on hand and employees can make quicker, more informed decisions for their clients.”

Lastly, to keep pace with other financial institutions marching toward a transitional apex, Microsoft is also leveraging its solutions to address the problem of driving product innovation.

Microsoft is collaborating with The Monetary Authority of Singapore and The Association of Banks in Singapore to support Project Ubin 2, using Azure to explore the use of blockchain for the clearing and settlement of payments and securities, a key milestone in Singapore’s ambition of becoming a Smart Financial Center.

Microsoft has had a relatively healthy relationship with the financial industry as it powers plenty of office computers, point-of-sale terminals and ATM’s with various Windows flavored solutions. Seems as though Microsoft is readying itself to remain the solution for banks transitioning from those older systems to more cloud and mobile-based solutions to keep up with future customer and security demands.

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How has your bank modernize over the years, do you approve?