Microsoft prepares for launch of Cloud for Financial Services

Microsoft will continue to execute on its industry cloud strategy with the announcement that the Cloud for Financial Services will reach GA on November 1.

The offering is aimed at several segments of the financial services sector:

• Retail banking customer and employee experiences
• Fraud and purchase protection
• Security and compliance

Microsoft will also be launching the offering with a range of industry-focused partners that include global SIs like Avanade, Accenture, Capgemini, and PwC along with ISVs like Finastra and VeriPark. Partners have both contributed to the IP of the industry cloud through its data model and other custom capabilities and by working with pilot customers to deploy and build upon it.

Microsoft revealed its plans to add a financial services cloud to its lineup in February, along with manufacturing and nonprofit.

• See also: Seven tips for a successful omni-channel banking project

In today's announcement, Microsoft corporate vice president of worldwide financial services Bill Borden praised banking and financial services firm Virgin Money UK as an early adopter. The company is "[exploring] the new capabilities to help its customers and employees achieve what is important to them," Borden wrote.

Microsoft Cloud for Financial Services is the latest in a series of steps to formalize the company's cloud offering for the industry. There have been efforts in recent years that include the Dynamics 365 Banking Accelerator (among other industry accelerators)

As a cloud-based toolset that spans Azure, Dynamics 365, Power Platform, and Microsoft 365, Cloud for Financial Services will be used in different ways by different financial institutions, and Borden's announcement sticks with general benefits that will "accelerate innovation." For those interested in the release, including more specific capabilities and other details, Microsoft is hosting a virtual event on October 26.

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