With growing customers’ expectations for personalized experiences, financial institutions are facing tremendous competitive pressure. Customers want hassle-free, consistent experience across multiple channels including mobile, web, social media, etc. With Dynamics 365 Banking Accelerator, Microsoft enables banking and financial organizations to develop intelligent, data-driven financial services solutions that accelerate the time to value to range of competitive customer scenarios across retail and commercial lines of business.
Microsoft Dynamics 365 Banking Accelerator is developed in partnership with independent software vendor (ISV) partners. In this, the banking data model is extended as the Common Data Model (CMD). The Common Data Model enables horizontal consistency for customers’ business data, making it easier for them to create value from that data. CMD provides a shared and consistent metadata definition for common banking and financial industry data elements including loans, mortgages, referrals, branch details, collateral, deal, limit, facilities, and more.
With common schema, customers and ISVs can easily develop solutions on the same data model. These solutions are interoperable with open banking and the banking industry architecture network (BIAN)—enabling new interoperability, a 360-degree view of customers, and streamlined processes and insights.
Empowering digital experiences for financial services
To deliver personalized customer experience, Financial Service Industry not only requires a business strategy but also need capabilities around the deep customer insights and data. In order to deliver enhance customer experience, it is important for financial service organizations to leverage artificial intelligence, advanced analytics, chat bots, etc. However, it is difficult to get the most of the data if it is collected in disparate systems. Multiple silos across internal and external systems and without a well-defined data definition hinder the efficiency of the financial organizations when it comes to leverage data.
Microsoft Dynamics 365 Banking Accelerator provides consistent, well-structured data that enables financial institutions, system integrators, ISVs, banks and developers to create solutions that deliver a better banking experience; encouraging customer acquisition, loyalty, and long-lasting relationships. Dynamics 365 Banking Accelerator also contains sample apps, workflows, and dashboards alongside PowerApp that enable relationship manager of financial institutes to quickly create and share referrals and see their upcoming appointments. These samples as well as a test drive experience can be found today on Microsoft AppSource.
The power of unified, industry-standard data models
With industry specific common data models, Microsoft enables ISVs and other solution providers to quickly build the industry vertical solutions. With Banking Accelerators, ISVs and other solution providers can easily build solutions that not only can connect existing business applications but can also extend existing first party applications, such as Dynamics 365 and Office 365, and the Microsoft 365 Proposal Manager.