Banks and other firms grow through acquisition and many of the acquired institutions come with legacy systems. Additionally, financial services professionals require the ability to access multiple different data sources to monitor financial markets and conduct relevant research.
The Microsoft Power Platform may have emerged on the scene as a no- to low-code platform that eases app development. It is an ideal platform for application development, workflow automation, reporting, analysis, and chatbot functionality. What a lot of people don’t seem to realize is that it can do so much more; in fact, the financial services industry has taken a lot of interest in this mighty tool. And, Power Platform enables them to quickly build applications to replace manual processes and integrate over 325 systems.
So, here is a look at the top use cases for the Power Platform in the financial services industry to help you better understand the true potential of this Microsoft offering.
Manual Process Automation
Even though the world seems to become increasingly reliant on digital tools and technologies by the day, a whole lot of financial services companies still find themselves using manual processes and workflows to go about their business. What Power Platform does in this context is that it helps automate a large number of mundane tasks and processes, thus helping companies save a lot of their time and precious resources.
Global Contact Management
One of the most compelling benefits of the Microsoft Power Platform is that it can help companies embrace a more customer-centric approach to business. It does so in myriad ways, such as enabling the development of apps that can be linked to more than 300 different sources of data, thus ensuring the company has easy access to extensive insights about their customers. Such data can then be transformed into critical insights that can, in turn, be used to drive better marketing strategies, improved customer experiences, and so much more.
To keep customers engaged, financial services companies can leverage the Power Platform in countless ways. For starters, one can use Power Virtual Agents to build artificial intelligence-driven chatbots which can be integrated across operations and processes to ensure customers receive ready assistance round the clock. And in case a customer query proves to be too challenging, these chatbots can always route customers to live agents, thus ensuring help is always available for them.
Like most other organizations, financial services companies are organized across myriad departments. Typically, all these departments must work in sync to efficiently and effectively deliver on the business goals; unfortunately, such seamless collaboration is easier said than done. Thankfully, the Power platform can help in this regard as well. It helps companies break down the metaphorical walls that result in departments being siloed. The Power platform offers a unified data platform albeit without compromising on every department’s need for unique experiences and operational space.
The financial services sector is decidedly a critical part of the market and economy worldwide. However, that does not keep this sector from struggling against myriad challenges: some brought forth by the inherently complex nature of the business and others posed by evolving customer demands, the transformation of technologies, regulations, and so on. As you can imagine, all these factors, together, can render running a financial business quite the Herculean task. This is where the Microsoft Power Platform comes in, helping financial services companies in countless ways. If you too wish to put Microsoft Power Platform services to work for your business, you should start looking for a trusted vendor with the relevant expertise to help you with the integration process.