As with many industries, the financial services sector in Australia and New Zealand has undergone significant digital transformation and innovation in recent years. However, with the ongoing challenges of the COVID-19 pandemic, and both economies set to face another challenging year in 2023, financial services organisations are seeking new ways to reduce costs, increase productivity, and gain a competitive advantage.
Microsoft believes that cloud technology, data and AI can play a significant role in helping financial services organisations achieve their goals of doing more with less. The company’s solutions are already proving successful among many of its customers in Australia and New Zealand.
Cloud Technology Adoption in Financial Services
According to the International Data Corporation (IDC), financial services organisations have been the largest adopters of public cloud in Australia and New Zealand, spending A$3.2 billion and NZ$700 million respectively in 2022. These modern solutions are replacing legacy technology infrastructure and disparate systems to break down data silos and increase scalability and resilience.
As a result, financial services organisations are able to respond to the shift in customer and employee behaviours that have been accelerated by the COVID-19 pandemic. The hybrid work environment has required the adoption of new technologies that enable employees to collaborate from any location.
Doing More with Less – Reducing Costs
Microsoft believes that doing more with less should be a key priority for financial services organisations to address the current challenges and respond to other sources of volatility. Reducing costs and risks, increasing productivity and operational resilience, and amplifying the ability to innovate and gain a competitive advantage are critical factors to consider.
Microsoft has provided examples of how its cloud technology, data and AI solutions have helped organisations in Australia and New Zealand achieve this goal.
Case Studies
National Australia Bank (NAB) is one such organisation that has leveraged Microsoft’s Azure Cognitive Services and Bot Framework to create a unique chatbot to handle tech support requests from its 40,000-plus workforce. The chatbot saved NAB A$1.2 million in support team costs within seven months of use, significantly improved employee productivity and customer experiences.
Another example is Bank of New Zealand (BNZ), a subsidiary of NAB, which is gearing up for the biggest technical migrations in its history. BNZ will shift many of its applications to Microsoft’s Azure cloud to help the organisation meet compliance requirements and create better products and services.
AustralianSuper, the largest superannuation fund in Australia, has streamlined the onboarding of financial advisors using the Microsoft Power Platform’s low-code capabilities. As a result, the fund has reduced manual effort by 90 per cent, leading to a 95 per cent reduction in turnaround time and a four-out-of-five colleague satisfaction rating.
Bank of Queensland Group (BOQ Group) will progressively transition its technology infrastructure and applications to Microsoft Azure by 2025, as well as maximising its existing investments using the Microsoft Cloud for Financial Services platform. This helps BOQ Group simplify its digital landscape, minimise operating costs, provide more modern and personalised banking services for customers, and fuel further innovation.
Suncorp Group is accelerating its migration to the Azure cloud to reduce costs, boost its security and risk management capabilities, and more quickly develop and deploy digital solutions to deliver exceptional customer experiences.
Westpac New Zealand has transitioned its on-premises customer relationship management environment to Microsoft Dynamics 365 and automate its back-office processes. This saved the bank’s employees as many as 3,850 hours per week and improved data quality across the organisation.
Empowering Financial Services Organisations
in conclusion, financial services organisations in Australia and New Zealand have undergone significant digital transformation and innovation over the past three years. The COVID-19 pandemic has accelerated the need for new and more personalised experiences for customers and employees, including the shift to hybrid work and the adoption of new technologies that enable collaboration from any location.
As a result, financial services organisations are increasingly adopting modern solutions that break down data silos, increase scalability and resilience, and replace legacy technology infrastructure and disparate systems. The International Data Corporation has found that financial services organisations have been the largest adopters of public cloud in Australia and New Zealand, with a total spend of A$3.2 billion and NZ$700 million respectively in 2022.
However, financial services organisations face ongoing challenges in 2023, including a high level of regulatory scrutiny and the ever-growing threat of cybercrime. Therefore, doing more with less should be a key priority for financial services organisations to address these challenges and respond to other sources of volatility. This means focusing on ways to reduce costs and risks, increase productivity and operational resilience, and amplify the ability to innovate and gain a competitive advantage.
Cloud technology, data, and AI can play significant roles in helping financial services organisations achieve these goals. Microsoft Cloud for Financial Services, together with its robust partner ecosystem, enables financial services organisations to take an industry-specific approach and meet their unique needs. Microsoft is empowering many financial services organisations in Australia and New Zealand to do more with less.
Overall, financial services organisations in Australia and New Zealand have made great strides in reducing costs, removing complexity, and unlocking efficiencies. By continuing to adopt modern solutions and focusing on innovation, they will be well-positioned to navigate ongoing challenges and remain competitive in the years to come.
Vogue Advisory Group – how we can help
Are you a financial services organization in Australia or New Zealand looking for ways to reduce costs, remove complexity, and unlock efficiencies? Look no further than the power of cloud technology, data, and AI. Microsoft’s solutions have already helped many financial services organizations in ANZ achieve their goals of doing more with less, and the Vogue Advisory Group Financial Advisors can help you do the same.
By adopting modern solutions that break down data silos and increase scalability and resilience, financial services organizations can respond to the shift in customer and employee behaviors that have been accelerated by the COVID-19 pandemic. Microsoft Cloud for Financial Services, together with its robust partner ecosystem, enables financial services organizations to take an industry-specific approach and meet their unique needs.
Vogue Advisory Group Financial Advisors can help you streamline processes, reduce manual effort, and provide more modern and personalized banking services for customers. By leveraging Microsoft’s Azure Cognitive Services and Bot Framework, for example, you can create a unique chatbot to handle tech support requests from your workforce, resulting in significant savings and improved productivity.
Don’t get left behind in today’s ever-evolving financial services industry. Empower your organization with the latest cloud technology, data, and AI solutions, and stay ahead of the curve. Contact Vogue Advisory Group Financial Advisors today to learn more about how we can help you reduce costs, remove complexity, and unlock efficiencies in your organization.
