Cloud computing and AI are most used technology in BFSI sector in 2017

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Cloud computing and using Artificial Intelligence (AI) to process vast amounts of disparate data were most picked up in 2017 that brought success for the Banking, Financial Services and Insurance (BFSI) sector in India, Microsoft said on Tuesday.

"The year 2017 witnessed a revolution in the BFSI sector as far as technology integration is concerned. A digital culture shift, designing a modern workplace that harnesses digital intelligence and enabling mobility are key aspects of it," Microsoft said in a statement.

The rise of self-service technology for partners and consumers drastically reduced the servicing cost for enterprises and improved customer satisfaction.

On these lines, Microsoft launched Kaizala, a mobile app and service for Android, iOS and Windows phones, designed for large group communication and work management.

The app coordinates work with the entire value chain, including field employees, vendors, partners and customers on-the-go.

In 2017, Cloud offered enterprises its unique advantages on three levels -- making banks agile by rapidly upgrading to Cloud-based technology, focusing on user adoption by identifying use cases based on work profiles and transforming business by process alignment with the new tools -- all of which together ultimately enhanced, both branch and customer experience.

AI transformed both front and back office operations with its self-improving programmes.

Managing data has a lot to do with security and banking and finance institutions are sitting on a dearth of confidential information that requires technology intervention.

Stable and high performing 'BankingEasy' applications, enabled small to mid-size banks to offer services and digital experiences such as centralised clearing, multi-channel banking, relationship banking, real time dynamic reporting, among others.

Mobility and automation innovation in technology enabled banks in their turnaround time and to minimise errors. This will be a big boon for the banking and financial institutions in the coming year, Microsoft said.