{"id":69324,"date":"2024-07-02T07:00:00","date_gmt":"2024-07-02T14:00:00","guid":{"rendered":""},"modified":"2024-06-28T11:03:20","modified_gmt":"2024-06-28T18:03:20","slug":"the-future-of-financial-services-ai-and-microsoft-copilot","status":"publish","type":"post","link":"https:\/\/www.microsoft.com\/en-us\/industry\/microsoft-in-business\/era-of-ai\/2024\/07\/02\/the-future-of-financial-services-ai-and-microsoft-copilot\/","title":{"rendered":"The future of financial services: AI and Microsoft Copilot"},"content":{"rendered":"\n<p>Companies in the financial services industry (FSI) are adopting AI to transform operations and boost employee productivity. AI represents an exciting next step for FSI companies, but fostering innovation requires a foundation of trust and robust&nbsp;governance.&nbsp;&nbsp;<\/p>\n\n\n\n<p>FSI firms handle sensitive financial data and personal information, facing unique security and regulatory challenges. Business leaders must prepare for the future by empowering employees with AI in a responsible and secure manner that protects customer data.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"empowering-employee-productivity-with-ai\">Empowering employee productivity with&nbsp;AI<\/h2>\n\n\n\n<p>The AI revolution is underway; the <a href=\"https:\/\/www.microsoft.com\/en-us\/worklab\/work-trend-index\/ai-at-work-is-here-now-comes-the-hard-part\" target=\"_blank\" rel=\"noreferrer noopener\">2024 Work Trend Index Annual Report<\/a> shows that 75% of knowledge workers are already using AI. And the trend is accelerating\u2014nearly half of those who adopted AI did so in the last six months. Employees who implement AI report time savings, improved focus, and enhanced creativity. Within one month, the top 5% of teams using Copilot for Microsoft\u202f365 to summarize meetings saved eight hours\u2014a full workday that they could dedicate to other&nbsp;tasks.&nbsp;<\/p>\n\n\n\n<p>But with unique security and regulatory needs, FSI organizations need to carefully consider how they implement AI. \u201cWithout the right guardrails, processes, and policies, unmanaged AI use can present inherent risks and challenges that cannot be overlooked, especially in an area like financial services, where regulatory compliance and corporate governance are paramount,\u201d says Dan Nadir, Chief Product Officer of Theta Lake.&nbsp;<\/p>\n\n\n\n<p><a href=\"https:\/\/appsource.microsoft.com\/en-us\/marketplace\/partner-dir\/cd2c5a75-c821-42a8-8c41-775b48d8d206\/overview\" target=\"_blank\" rel=\"noreferrer noopener\">Theta Lake<\/a>, a Microsoft partner, is a compliance and security company that provides tools for organizations to boost employee productivity with AI securely. It actively monitors any content created, including Copilot creations, to help identify potential compliance risks across all content. With <a href=\"https:\/\/thetalake.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">Theta Lake\u2019s AI-powered financial services solutions<\/a>, companies are detecting sensitive data more accurately and efficiently than doing it\u00a0manually.\u00a0<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"promoting-retention-with-ai-tools\">Promoting retention with AI tools<\/h2>\n\n\n\n<p>While providing access to AI can pay dividends for employee productivity, it can also drive talent retention. Professionals aren\u2019t motivated to stay at jobs if they are not satisfied with the tools they\u2019re given or the pace of innovation. However, fast-moving technology can pose challenges for FSI companies that depend on stable, secure&nbsp;solutions.&nbsp;&nbsp;<\/p>\n\n\n\n<p>FSI business leaders need new technology to shrink the skills gap, retain talented staff, and enhance human connections. They also need an innovative mindset that thinks beyond simply optimizing processes or filling&nbsp;positions.&nbsp;<\/p>\n\n\n\n<p>Microsoft partner <a href=\"https:\/\/appsource.microsoft.com\/en-us\/marketplace\/partner-dir\/9bc096ab-f225-476e-8e92-260401469868\/overview\" target=\"_blank\" rel=\"noreferrer noopener\">HSO<\/a>, a business transformation consultant, offers its customers access to <a href=\"https:\/\/www.microsoft.com\/en-us\/microsoft-copilot\/microsoft-copilot-studio\" target=\"_blank\" rel=\"noreferrer noopener\">Microsoft Copilot Studio<\/a> to enhance analytics and decision-making. Through its Copilot Studio proof-of-concept program, <a href=\"https:\/\/www.hso.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">HSO<\/a> uses a prescriptive data governance methodology to demonstrate safe, secure Copilot deployments. With HSO\u2019s built-in guardrails, customers can use Copilot without worrying about creating their own security&nbsp;infrastructure.&nbsp;<\/p>\n\n\n\n<p>\u201cMicrosoft Copilot Studio offers unprecedented potential, but navigating security concerns is paramount. By partnering with HSO\u2019s experts and following best practices, organizations can harness the full power of AI while safeguarding their data and ensuring regulatory compliance,\u201d says Tom Berger, Vice President &amp; Industry Director, Financial Services at HSO.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"implementing-responsible-ai-to-unlock-the-future-of-work\">Implementing responsible AI to unlock the future of&nbsp;work<\/h2>\n\n\n\n<p>The productivity, analytics, and employee experience benefits of AI are clear for FSI firms, but any change can meet resistance. FSI companies need a culture that\u2019s conducive to change and confidence in the security of their AI&nbsp;deployment.&nbsp;<\/p>\n\n\n\n<p><a href=\"https:\/\/appsource.microsoft.com\/en-us\/marketplace\/partner-dir\/e461f6c9-5e41-4b44-96c2-a6bcf826c47f\/overview\" target=\"_blank\" rel=\"noreferrer noopener\">EY<\/a>, a professional services company, together with alliance partner Microsoft, helps FSI leaders implement AI for their use cases using Copilot. \u201cEY is addressing people\u2019s concerns by focusing on governance, risk, and compliance. In collaboration with Microsoft, we have developed a comprehensive framework for responsible AI, drawing on Microsoft\u2019s extensive experience and know-how in advanced machine learning and automation,\u201d says Rani Bhuva, EY Americas Financial Services Responsible AI Leader. \u201cAs rapid adoption takes place across more organizations, it is crucial to take time to make sure governance practices are in place \u2013 this framework will help set up our clients for\u00a0success.\u201d\u00a0<\/p>\n\n\n\n<p><a href=\"https:\/\/www.ey.com\/en_us\" target=\"_blank\" rel=\"noreferrer noopener\">EY<\/a> provides its customers with a framework for responsible AI using the <a href=\"https:\/\/blogs.microsoft.com\/on-the-issues\/2023\/05\/25\/how-do-we-best-govern-ai\/\" target=\"_blank\" rel=\"noreferrer noopener\">Microsoft five-point blueprint<\/a> and delivers rapid risk assessment for a secure AI deployment. In one example, a bank uses Copilot to convert unstructured call-center data into actionable insights. The bank uses AI to automate manual tasks, generate reports quickly, and enhance customer satisfaction\u2014all while keeping customer data&nbsp;secure.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"innovating-in-financial-services-and-beyond\">Innovating in financial services and&nbsp;beyond<\/h2>\n\n\n\n<p>FSI companies that adopt AI must consider the security implications. But adopting solutions supported by built-in security and a network of trustworthy partners can help accelerate innovation while reducing risk. By balancing innovation with robust governance, FSI organizations can become AI leaders that harness its benefits while retaining customer&nbsp;trust.&nbsp;<\/p>\n\n\n\n<p>Along with partners like Theta Lake, HSO, and EY, Microsoft provides robust and secure AI capabilities at scale for FSI companies as well as in those in other industries. Learn more about the <a href=\"https:\/\/learn.microsoft.com\/en-us\/copilot\/microsoft-365\/microsoft-365-copilot-privacy\" target=\"_blank\" rel=\"noreferrer noopener\">security and compliance features of Copilot for Microsoft&nbsp;365<\/a>.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>AI represents an exciting next step for FSI companies, but fostering innovation requires a foundation of trust and robust governance.<\/p>\n","protected":false},"author":771,"featured_media":69325,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ep_exclude_from_search":false,"_classifai_error":"","_classifai_text_to_speech_error":"","footnotes":""},"categories":[1733,1539],"post_tag":[1662,1745],"content-type":[534],"coauthors":[1737],"class_list":["post-69324","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-era-of-ai","category-future-of-work","tag-ai","tag-copilot","content-type-industry-trends"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The future of financial services: AI and Microsoft Copilot - Microsoft in Business Blogs<\/title>\n<meta name=\"description\" content=\"Compliance is crucial for financial services companies using AI. 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