Microsoft shares its vision for the financial services industry at the Connected Banking Summit

Microsoft Azure Business Lead, Africa Regional Cluster, spoke about Microsoft’s vision for the financial services industry in West Africa.

Speaking at the Connected Banking Summit in Accra, Ghana on Tuesday, Chukwuma Okpaka said, “At Microsoft, our mission is to help financial institutions grow responsibly and deepen their customer relationships by delivering differentiated customer experiences, modernizing payments and core systems, risk management and improving risk modeling, fighting financial crime and empowering employees. »

The digital revolution is changing the way banking is done. Every bank is eager to evolve, using secure and compliant technology to fundamentally rethink their business. This is innovation with real impact: changing customer expectations, meeting complex regulations, facing new competitors, fighting cyber threats and inspiring a productive workforce.

A McKinsey report notes that African fintech is becoming a hotbed of investment, with the average deal size increasing and the proportion of fintech funding in Africa increasing over the past year, bringing jobs and growth to African economies. Ghana and Francophone West Africa are expected to show the fastest growth in financial services, at 15% and 13% per year respectively, through 2025. except for e-commerce company Jumia, are in the FinTech sector, and almost all are headquartered in West Africa.

Microsoft partners with ISP ecosystem to deliver modernization

Transforming the financial services landscape in Africa is a key objective to drive continent-wide economic prosperity. Microsoft and its partner ecosystem help organizations streamline core systems, reduce cost and risk, while delighting customers and employees to drive sustainable growth.

“Microsoft supports financial inclusion by providing the various platforms needed to make it easier to attract, capture and retain customers. From online banking solutions to necessary back-end solutions that provide productivity tools to employees, Microsoft provides seamless engagement with customers,” says Okpaka.

Digital futures banks lead the way

The COVID-19 pandemic has been a catalyst for change and shifting business priorities, and has accelerated existing trends towards digitalization. The rise in adoption of digital banking products during the pandemic has pushed banks to accelerate their digital transformation programs as more customers take advantage of digital engagement channels. Digitally-enabled banks are leading the way when it comes to investing in digital experiences for high-value offerings like lending. The pandemic has also spurred the need for financial institutions to adapt to changing work patterns, embracing digital tools for employee communication and collaboration.

Trust is the most important commodity

With the increase in fraud worldwide, banks are looking for new approaches to fraud protection. The industry is under unprecedented intense regulatory scrutiny. Financial institutions that best manage their regulatory and compliance data will be on the path to stronger risk management and improved operational efficiency.

“At Microsoft, we are focused on trust and adhere to the highest industry security and privacy standards to give banks control over security, encryption and governance,” Okpaka comments.

Security and compliance are crucial to the success of the industry

The industry is under unprecedented intense regulatory scrutiny. Financial institutions that best manage their regulatory and compliance data will be on the path to stronger risk management and improved operational efficiency. Microsoft has made huge investments in the regulatory compliance space to enable its customers and partners to migrate to the cloud in a compliant manner.

Recognizing the multiple challenges facing the financial services industry, Microsoft has developed Microsoft Cloud for Financial Services, a trusted cloud to accelerate innovation for sustainable growth. The solution provides data management capabilities to deliver differentiated experiences, empower employees, and fight financial crime while facilitating security, compliance, and interoperability.

“Financial services organizations can unlock new value creation by embedding digital collaboration into workflows, uncovering meaningful data, and personalizing customer service—all with trusted capabilities that facilitate actionable insights, drive efficiency and improve the customer and employee experience,” says Okpaka.

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