Finance

PwC and Microsoft partner on digital banking cloud solution

Audit firm PwC launched a new digital banking solution as part of its ongoing partnership with tech giant Microsoft.

The product, which is part of the Microsoft Cloud for financial services, will allow clients to tailor customers’ experiences “from onboarding to fulfilment”, the companies said in an 8 November statement.

The announcement comes as banks and financial services firms have been under pressure to modernise decades-old legacy systems and to adapt to the demands of younger generations, as well as keep pace with the acceleration of digital technology and the increasingly complex regulation surrounding it.

The financial services sector and tech giants have been cosying up to meet that demand. Earlier this month, futures exchange operator CME Group announced a 10-year agreement with Google Cloud.

READ Google enters 10-year partnership with CME Group

“In today’s complex financial services environment, one size will not fit all,” said Julien Courbe, chief client officer at PwC US.

“Our latest collaboration with Microsoft marks a landmark in our ‘asset-backed business consulting’ strategy, giving our teams a cutting-edge digital banking solution that improves the speed, consistency and agility of service delivery for our clients,” John Lyons, global digital banking platforms leader at PwC UK, added.

Microsoft Cloud for financial services was first announced in February this year and previewed the following month. It was made available on 2 November. In a blogpost announcing its availability, vice president for industry clouds and solutions engineering Satish Thomas said that Virgin Money UK was among the cloud’s users.

READ Goldman Sachs teams up with American Express to take on transaction banking rivals

In a February statement announcing the launch of Microsoft Cloud for financial services, the company said that the product could help create “differentiated customer experiences”, including around onboarding, banking engagement, and loan management.

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To contact the author of this story with feedback or news, email Bérengère Sim

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