HCL Tech selected as strategic launch partner for Microsoft cloud for Financial Services

HCL Technologies said that it has been selected as a launch partner for Microsoft's recently announced industry cloud - Microsoft Cloud for Financial Services.

Microsoft Cloud for Financial Services brings together capabilities with multi-layered security and comprehensive compliance coverage to deliver differentiated customer experiences, improve employee collaboration and productivity, manage risk and modernize core systems.

Rahul Singh, President, HCL Financial Services, said: We partnered with Microsoft in this key initiative because they will enable our HCL Financial Services Ideapreneurs to incorporate their decades of domain expertise into a futuristic hyperscale foundation. What our clients gain is a synergistic coinnovation effect: Microsoft surfacing new capabilities and HCL building differentiating solutions with our clients and partners.

One key solution is HCL's PowerBanking product, built to leverage all available capabilities of the Microsoft Cloud for Financial Services. It enables comprehensive scenarios for retail bank customer engagement. Building upon offerings such as this, HCL Microsoft Ecosystem Unit (HCL MEU) works with a set of clients in private preview to use the current and future reusable components designed for retail banking in new customer scenarios.

Kalyan Kumar, chief technology officer and head of ecosystems for HCL Technologies, said: Similar to our Microsoft Cloud for Healthcare initiative, we used our long-standing relationship with Microsoft and our global Financial Services Industry capability to rally support and engage across HCL service lines. In HCL, Microsoft has a comprehensive co-innovation technology partner that can help realize the product's true and vision of the Microsoft Cloud for Financial Services.

HCL Technologies offers its services and products through three business units - IT and Business Services (ITBS), Engineering and R&D Services (ERS) and Products & Platforms (P&P).

On a consolidated basis, HCL Tech reported 25.6% drop in net profit to Rs 2,962 crore on 1.8% rise in revenues to Rs 19,642 crore in Q4 FY21 over Q3 FY21. The IT firm's consolidated net profit declined 6.1% while revenues jumped 5.7% in Q4 FY21 over Q4 FY20.

The scrip rose 0.65% to currently trade at Rs 1000.70 on the BSE.

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