The financial services industry is banking on digital transformation
In the financial services community, technology has often served as a catalyst for modernization, in recent years marrying fresh tools with decades-old processes. People can apply for insurance policies over the internet, transfer money via a banking app and reject fraudulent credit card charges with a simple text message. Processes that were once completed over days are now executed on the go.
This week at the FinTech Ideas Festival, some of technology’s most respected forward-thinkers, including Microsoft CEO Satya Nadella, will gather with financial services industry leaders in San Francisco to explore how new technologies like the cloud, artificial intelligence and blockchain are driving industry-wide digital transformation, and bringing with them profound change and significant benefits.
Hosted by the Financial Services Roundtable, the inaugural event will highlight innovative ideas and early adopters at the intersection of technology and financial services, including breakthrough cloud innovations that are enabling Microsoft customers to achieve amazing results:
- MetLife is bursting into Microsoft Azure to run complex actuarial simulation models, delivering high quality actuarial insights with incredible speed to decision makers around the globe, resulting in an improved customer experience and business decision making process, with an expected 45-55 percent infrastructure cost savings.
- Société Générale is using Microsoft Azure’s high performance computing capabilities to power the credit value adjustment (CVA) intraday calculation, a critical front office function, enabling cost effective, almost limitless on-demand compute power.
- Bank of America Merrill Lynch is working with Microsoft Treasury to use Azure Blockchain as a Service to transform and automate the processes for standby letters of credit, reducing process time from 3-5 weeks to 3-5 days, taking the error rate down to 0% and significantly reducing the cost to pennies on the dollar.
- Temenos is bringing banking services to 10 million people in remote areas of the globe, using Azure, with full mobility and at a vastly reduced cost in just two years
The financial services industry is banking on digital transformation to enable institutions to interact with consumers in new and exciting ways; empower professionals with new insights and tools; help businesses operate more efficiently; and open new opportunities never thought possible. To watch video from the FinTech Ideas Festival, including Nadella’s fireside chat, visit the event website.
