Best Data Analytics Solution
Due to the meteoric rise of artificial intelligence, data analytics and cloud computing technologies as key drivers of innovation in the financial services industry, private banks require a comprehensive set of solutions to support their digital transformation. Virtual assistants, now commonplace in all facets of life, are also finding a home in the private banking industry, whether due to client expectations or foresight on behalf of the bank. The popularity of such technology is driving demand from Asia’s private banks for solutions that are ‘ready to go’ and market-tested.
Against this backdrop, Microsoft’s comprehensive data analytics offering, including its Microsoft AI platform, stands out from the rest for its ability to enable financial institutions to empower their workforce. Today, with cloud computing and the democratisation of AI, banks are transforming in an agile way, and are experimenting with different data and AI algorithms to stay competitive.
Microsoft also meets rising demand for data analytics with its Azure platform and productivity services. These tools enable banks to create a new generation of applications that span an intelligent cloud and achieve a differentiated edge powered by artificial intelligence, thereby giving the necessary capacity for data storage and crunching.
Using a comprehensive set of flexible AI services for different scenarios, and an enterprise-grade AI infrastructure that can be run anywhere at scale, developers and data scientists can create AI solutions—without needing to sink investments to develop from scratch.
Bankers in the industry, cognisant of the technology’s established track record, trust the AI platform’s ability to track new patterns in client movements or anti-money laundering activities and adopt the insights to produce ready-to-go market intelligence. Furthermore, bankers said they found AI helpful for predicting opportunities to upsell, the ‘churn’ rate of customers, the probability of success for a potential upsell communication with a given customer, as well as for providing analysis of insights behind email text messages.
Market testing also found that users appreciate the fast decision-making and more in-depth learning capabilities of the platform, helping them recognise and call out patterns of potential financial turbulence.
The platform also enables banks to become more intelligent about client spending habits, health and lifestyle by helping them predict needs across different spending or saving scenarios.
Behind this wealth of intelligence sit comprehensive technologies developed by Microsoft in areas such as computer vision, image, speech recognition, natural language processing, and machine learning – courtesy of the company’s ‘cognitive services’ arm.
Given its comprehensive offering that brings together the architecture needed for big data, machine learning and artificial intelligence, Microsoft is Asian Private Banker’s Best Data Analytics Solution of 2017.
“We at Microsoft are delighted to get the best data analytics solution award. Microsoft is uniquely positioned to help organisations in Asia succeed in their digital transformation journeys today through our agile platforms and solutions that prioritise flexibility, integration and trust. As an organisation that has also undergone a digital transformation, we understand what organisations will need to make their journeys successful.”