Banks are ensuring that every back office technology project considers the impact on cost, control, and the customer. Although seemingly very different drivers, all three tie operational performance and efficiency back to the customer and the quality of the relationship.
Customers are the lifeblood of banking and in today’s competitive environment, the quality of the banking experience is paramount, with an increased focus on transaction processing excellence. Control of operations is tightly connected to the customer experience. Knowing the status of transaction processing and exceptions management provides higher levels of customer service as well as risk management. Cost remains an issue for every bank but it has become harder to drive out operational cost saving and efficiencies. The next step is to re-examine processes and technology used in banking operations.
However, many banks are faced with a complex legacy processing environment that is brittle, lacks agility, and is extremely expensive to update. This makes it very difficult to generate efficiencies and reduce costs, ensure a high level of operational control and provide a consistent, high quality customer experience.
Microsoft sees leading banks stepping back and taking a holistic or enterprise view of banking. An agile banking framework is designed to allow product managers to build and deliver new products and channels, yet insulate those changes from the back office of payments and banking operations. service oriented architectures (SOA) allows for the development of modular solutions while business intelligence (BI) provides management control over transaction processing and operational efficiency.
Microsoft’s core banking solution enables integrated back office systems for retail, corporate or private banking operations. These operations solutions offer functionality for current and savings accounts, term deposits, personal, mortgage, and commercial lending, trade finance, and reconciliations. The solution provides essential integration to other critical aspects of the bank such as branch banking, customer insight, advisor services, payments, and risk management.
Microsoft’s proven technology and mission-critical services, together with application solutions from our partners, provides comprehensive solution offerings across banking operations.
Microsoft is a founding member of the Banking Industry Architecture Network (BIAN) , a ‘not for profit’ architecture standards organization which seeks to improve interoperability of applications to reduce operational technology costs. Senior architects from member banks and technology companies collaborate to accelerate the adoption of Service Oriented Architecture (SOA) by defining a common services landscape and semantic standards. Member banks include Credit Suisse, ING, Deutsche Bank, Commonwealth Bank of Australia, and Scotiabank. Several Microsoft global financial services technology partners such as Temenos and SunGard are also actively engaged in BIAN standards development.