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Creating a tech roadmap for ANZ’s financial services industry: My new role at Microsoft


October 19, 2022
Soumith Rao

It’s been just over four months since I joined Microsoft Australia as Chief Technology Officer for the Financial Services Industry, and so far, I’ve loved every minute of working in my new role! 

I wanted to share with you why I decided to take this exciting next step in my career, as well as a few thoughts on Australia’s financial services sector and some of the opportunities that are being presented today. I’d also like to share how Microsoft plans to continue collaborating with the industry to capitalise on these opportunities. 

But first, I thought it would be worthwhile to provide a bit of background about my career and how I gravitated to the wonderful world of financial services. 

Finding my passion for financial services 

I’ve always been very passionate about technology and strategic thinking. I graduated with a computer science degree back in 2003 and spent the first nine years of my career working for Siemens and Nokia in the telecommunications industry.  

However, my passion for financial services began when I came to Australia in 2012. The industry welcomed me with open arms and has provided me with opportunities to grow my knowledge and experience.  

I’ve had the privilege to work at some of the country’s biggest financial services organisations such as Insurance Australia Group and the Commonwealth Bank of Australia. In those roles, I was able to help the organisations harness technology to transform their businesses and deliver better customer experiences. 

One of the things that really attracted me to the financial services industry was the people. Those that I’ve come across put their heart and soul into business transformation, and there is a real sense of purpose in what they’re trying to do, which is really about adding value for the customer and simplifying their lives.  

Why Microsoft? 

When I began searching for a new career opportunity, I wanted to find a role where I could not just contribute my knowledge and experience, but also learn from others in Australia and around the world. I was particularly keen to learn more about the innovative technology Microsoft is building for financial institutions in the cloud and larger trends such as Web 3.0. 

In my short time at Microsoft, I’ve already enjoyed exploring the role technology plays in financial services, especially around regulation and compliance, and developing new ideas.     

Another thing that I love about Microsoft is the work culture. I’ll admit that I was a bit overwhelmed by all the new tools and processes when I joined, but I’ve received a lot of active support through the company’s buddy program and from the management team.  

Collaboration is key 

As Chief Technology Officer for the Financial Services Industry, I’m focused on creating a technology roadmap for organisations in this sector – making sure they have the right solutions in place to digitise their operations, capitalise on industry trends and unlock new opportunities. 

One way we are doing this at Microsoft is through our Cloud for Financial Services platform. It’s an end-to-end solution that enables financial services organisations to create a unified view of their customers and deliver differentiated experiences, boost productivity, manage risk and maintain regulatory compliance, and reduce their total cost of ownership.  

Over the next 12 months, I’ll be seeking feedback from our customers on Cloud for Financial Services so that we can continue to develop the solution and ensure that it works the way they need it to. 

Another priority for me is to find out more about our customers’ thoughts on current and future trends in the financial services industry, such as digital payments, open banking, blockchain and the metaverse. There is a lot of momentum behind each of these trends in Australia and across the globe, and Microsoft is committed to helping financial services organisations capitalise on the opportunities they present. 

Finally, I’ll be focusing on working more closely with Microsoft’s incredible partners who play a really active role in growing Australia’s financial services industry. We want to create a community where we can workshop and brainstorm ideas, and to align our priorities so we can create go-to-market solutions together. 

The financial services industry is on the cusp of major change over the next 10 years as innovations such as the cloud, AI, crypto and blockchain come in. We’re also going to see big changes in payments, open banking and customer experiences. I’m very excited to be in a position to help drive these changes through innovation and collaboration. 


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This post was written by Soumith Rao