The banking industry is undergoing a digital revolution, with technology playing a pivotal role in reshaping customer experiences, improving operational efficiency, and ensuring compliance with ever-evolving regulations. Banks need to leverage the power of technology and innovation to overcome the challenges and seize new opportunities. With its suite of tools, Microsoft's Power Platform can help them do just that. Power Platform enables banks to create digital solutions to transform operations, enhance customer experience, and increase employee productivity.
In this blog, I will explore the several compelling use cases of Power Platform for banks, demonstrating how it empowers financial institutions to meet their objectives in a rapidly evolving landscape.
Use Cases Of Microsoft Power Platform In The Banking Sector:-
Microsoft Power Platform offers products that help businesses improve their performance and efficiency. This powerful solution can help create automated and streamlined workflows, process and visualize large data sets, develop high-quality applications quickly, and enhance employee productivity with AI chatbots. Microsoft Power Platform can also provide outstanding outcomes when applied comprehensible.
Customer onboarding: Refers to the process of welcoming new customers to a bank and providing them with the necessary information, services, and products. Customer onboarding is crucial in establishing trust, loyalty, and satisfaction. Microsoft Power Platform can help with customer onboarding in banking by offering tools to streamline, automate, and enhance the onboarding experience. Power Platform can help create forms and workflows with Power Apps and Power Automate that can simplify the application and approval process for customers and bankers. It can provide interactive data visualization and Power BI insights to help customers understand their financial situation and goals. It can be used to build AI-powered chatbots with Power Virtual Agents to answer customer queries, provide guidance and offer personalized recommendations. By using Power Platform, banks can reduce the time, cost and effort involved in customer onboarding to deliver a more satisfying and engaging customer experience.Customer engagement: Customers generally connect with banks through multiple channels like mobile, web and social media. Power Virtual Agents enables banks to create smart chatbots for their communication needs. These chatbots can naturally interact with customers and employees, and help boost customer satisfaction and employee efficiency.Loan Origination and Approval Process: Power Platform can streamline and automate the loan origination process, from application submission to approval and disbursement. Banks can design custom applications that capture and validate applicant data, check credit scores, and manage approval workflows. This reduces turnaround times, minimizes errors, and improves customer satisfaction.Branch and ATM Management: Power Platform can be used to develop applications that manage branch operations and ATM networks. These applications can handle tasks such as scheduling branch staff, tracking maintenance for ATMs, and monitoring security systems. It ensures that branch and ATM services run smoothly.Manual process automation: Banks still use legacy methods such as paper forms, and spreadsheets for data entry and management. In today's technologically savvy world, this is inefficient and time-consuming for both customers and banking staff. Power Apps can help generate digital forms that can be easily filled out on any device. At the same time, Power Automate can be used to upload the data to a secure and centralized database, where they can be stored, accessed and updated as needed. The power platform can help banking institutions eliminate their old legacy systems and improve customer service.Customer portals: Self-service applications are popular in many industries, including banking. With Power Apps, banks can create easy-to-use portals that let customers interact with them for services such as checking loan availability, requesting service information, accessing account details and much more. Power Apps can also help customers with simple tasks like creating customer support tickets and answering common questions. Loan process automation: Banking organizations need to speed up loan processing to compete with NBFC and other FinTech players, and this is not easy as it sounds. Banks need to check customer details, eligibility, evaluate risk profile and then generate approvals. These tasks take up a lot of time and can delay loan processing. Power Automate can help banks create workflows to set up rules and conditions in the knowledge base and send notifications or alerts to generate approvals when certain conditions are met.Collaboration: Banks have various departments like retail, loan processing, risk management, wealth management, cash and credit management, Forex, IT, etc. These departments usually work as separate entities, in isolation and disconnected. Power Platform and Common Data Services can enable banks to connect all the departments and ensure that data is shared inter-departmentally to give all the stakeholders a holistic picture of the customers to make informed decisions. Enables remote working: Mobile banking is more than just a service; in today's world it's a necessity. Power Apps can help build mobile apps and experiences that let financial advisors and other stakeholders serve customers from anywhere. Power Automate helps automate manual processes, such as approvals, and improve real-time collaboration among banking staff. Final Words
Power Platform is a potent tool that can help the banking industry transform its operations, customer service and employee mobility. By using Power Apps, Power Automate, Power BI and Power Virtual Agents, banks can create digital solutions that can streamline processes, enhance customer service, and enable remote work. A specialist Microsoft Power Platform development services company can help banking organizations leverage the Power Platform's full potential and customize it as per their specific needs. With Power Platform development services, banks can build innovative solutions that give them a competitive edge in the financial industry.
About the Author
Olivia Johnson is a technical writer, love to share stuffs related to technology & development.
