With the fast-paced workplace modernization and the need to reduce operational costs, it’s time for the financial institutions to think outside the box. Luckily for you, there’s a ready solution instore; Microsoft 365 financial industry helps companies leverage emerging cloud technologies, reduce operation costs, increase employee productivity, and meet all compliance and regulatory standards.
Are you curious to learn how Microsoft 365 can help financial institutions enhance their productivity, security, compliance, mobility, and competitiveness? Let’s get down to business.
Now more than ever, financial institutions need to invest in top-class systems and data security due to the ever-increasing cyber threat. The fact that they handle lots of valuable personal information like social security numbers, credit card numbers, and addresses puts them at more risk of such malicious attacks. Customers also expect financial institutions to handle their sensitive data with state-of-the-art security and care.
Aware of the potential impact (financial loss and reputation degradation) a data breach can have in a financial institution, Microsoft decided to come in handy and bridge the imminent security gap. The company has developed numerous security features and add-ons that aim to uphold your organization’s security maximally.
Some of the features include:
Mobile Device Management (MDM)
MDM is a built-in security feature that protects employees’ mobile devices even if they’re working remotely. It also regulates access to a company’s crucial data such that when an employee’s device gets stolen, there’ll be no external interference.
Multi-Factor Authentification (MFA)
As the name suggests, the feature uses multiple security measures to safeguard company data. For example, it solidifies the log-in process using more than one verification method, say a password and biometrics. So if a data thief cracks your password, they’ll still be denied access due to other verification requirements.
Advanced Threat Protection (ATP)
Hackers have upped their game and are now using more sophisticated attack means like ransomware. But guess what? ATP unmasks the most complicated cybercrimes and stops the malicious attacks before they wreak havoc.
This is just the tip of the iceberg; there are several other Microsoft 365’s security features and benefits that you can learn about here.
The compliance standards for the financial industry are one of the strictest and ever-evolving compared to other sectors. New terms and regulations keep emerging, with regulators imposing heavy punitive measures for non-compliance.
Therefore, complying with the set standards by upholding data security and privacy is paramount in the financial industry. The good news is, Microsoft 365 shares this burden with you and works towards realizing the highest standards of compliance, security, transparency, and privacy.
The Microsoft 365 financial industry services already meet most of the compliance requirements, paving the way for your company’s smooth operation in the industry. So what’s left is for you to determine the exact regulations that apply to your organization.
By accessing the Microsoft Service Trust Portal for Financial Services, you can view the required certifications, reports and download the Assessment Starter Pack to oversee your full compliance in this highly-regulated industry.
It is the goal of every business to reduce costs and maximize output. Most companies fail to achieve that feat because they use the wrong strategies and tools or are just impatient. Microsoft 365 is here to make cost optimization a reality for financial institutions in the simplest of ways.
Moving to Microsoft 365 opens doors to multiple cost reduction opportunities by simplifying management processes, cutting the need for system refreshes, headcount, etc. Adopting Microsoft’s cloud-based services into your operations eliminates the need to purchase hardware that is always susceptible to breakdowns and costly maintenances.
Microsoft also offers its services using the predictable licensure technique, i.e., you only pay for what you need. For instance, when the demands are higher, and you need additional service, you’ll only pay for that particular add-on instead of the whole package. And another thing, the costly conventional upgrade fees will be a thing of the past since Microsoft 365 keeps you up-to-date with all new features upon release.
Increased Employee Productivity
The financial sector is one of the most competitive and saturated industries world-over. As such, outsmarting your competitors requires that you leverage the accelerated digital transformation, exceed customer expectations, and remain transparent in your operations. And it all starts right from a productive workforce.
Microsoft 365 helps financial institutions like banks and credit unions optimize their productivity in the following manners:
With Microsoft 365, everything is cloud-based, enhancing quick systems and services accessibility on multiple devices. Therefore, employees will have no excuse for delays or missing works.
Centralization of Documents Storage
Teams Group is a Microsoft 365 feature that allows you to keep team documents and resources in one place. This wards off the need for employees to scramble through mixed-up email threads to find edits. Plus, the rest of the team able to use the same document in real-time.
Microsoft 365 tools enable on-the-go working. For example, employees can work anywhere using any device while keeping connected. In case you’re wondering, data security will always be upheld using features like Mobile Device Management, as we’ve seen above.
Microsoft is a household name, and many people are familiar with and know how to use most of its tools like Excell, Word, and PowerPoint. This keeps the transitioning or upgrading process less costly in terms of training.
Tools like Skype for Business, Teams, and Exchange Online ensure that employees can communicate effortlessly without the need for a one-on-one meeting. This saves time and resources that would have otherwise been wasted on traveling for an appointment.
Financial businesses like medium-sized banks and credit unions benefit from Microsoft 365 financial industry by cutting their operation costs, increasing productivity, meeting compliance requirements, and upholding security and competitiveness. Now is the time to hop onto this revolutionary technology and transform your business for the better.
Agile IT provides Microsoft focused security and compliance to numerous regulated industries, including financial, defense, and healthcare. To find out how we can help your cloud transformation meet security and compliance requirements, request a quote.