These technologies aren’t on the horizon – they’re in use today. The examples below show how AI, and agents in particular, are delivering results and helping councils provide smarter, more compassionate services. 

A trailblazing “front door”: Basildon Council’s AI journey 

I recently joined a UK Authority webinar with leaders from Basildon Council to discuss how the council is working with HSO to transform its resident experience through AI. For example, common service requests – such as missed-bin reports – are now automatically handled via an intelligent portal that provides updates and reduces the need for follow-up contact. 

This AI-powered system has freed up capacity to focus on complex, high-impact cases. The council has already delivered £2 million in savings, while also working to unify data sources through Microsoft Fabric to better predict demand and support broader service reform. Read more about Basildon Council’s AI initiative. 

Looking ahead 

These are just a few of the many live examples where AI and agent-based models are helping councils rethink how they work. You can explore more in Microsoft’s new report, Agents of Change, which discusses, among other benefits, how agentic AI is helping reduce staff burnout and transform public services.

From social care to procurement, translation to SEND support, these tools are enabling better, faster, more responsive services – and ultimately, improving lives. 

If you’re a public servant who would like to learn more, connect with peers and co-create with support from Microsoft, I encourage you to join us at the next Innovation and Collaboration Forum. 

Find out more

Read the blog: Driving innovation in the UK public sector with AI

Download the Agents of Change report

About the author

Robin has 20 years of experience working with Microsoft and local public services, and has deep expertise in the local government and housing sectors. His technology background helps align emerging tech with sector priorities, driving innovation in services and resident outcomes. He has worked on many shared services and unitary council mergers, and is passionate about using AI and reform to modernise processes. Robin currently leads Microsoft UK’s Local Public Services team, driving transformation across the sector.

The post How AI and intelligent agents are transforming local government  appeared first on Microsoft Industry Blogs - United Kingdom.

Zellis is the largest provider of payroll and HR software and managed services to companies in the UK and Ireland, trusted by 42% of FTSE 100 companies. 

In this final blog of our four-part series, we’ll take a look at their flagship product, Zellis HCM Cloud. Read on to discover how your organisation can benefit from AI-powered payroll solutions that drive efficiencies right across your business.

Modern experiences that navigate challenges 

Organisations and employees are still navigating challenging times in the wake of Covid and the ongoing cost-of-living crisis. These macro events have fuelled ongoing legislative change and increased complexity across the board. In today’s fast-moving and often unpredictable world of work, it’s no longer enough to ensure efficient payroll and HR processes. Organisations need the very best AI-driven HCM technology to ensure compliance with complex regulations, unlock data-driven insights, and provide people with modern, digital experiences.  

Zellis has tackled the challenge by providing the most engaging, empowering, and efficient AI-powered HR and payroll solution in the UK and Republic of Ireland markets. 

Delivering award-winning solutions 

Zellis HCM Cloud can help you achieve a lot more than the smooth running of payroll and HR processes. It’s a data-driven, cloud-based, and open HCM software platform, complete with award-winning solutions for payroll, HR, benefits and recognition. Built on Microsoft Azure, Zellis HCM Cloud also connects into the AI-based Microsoft Power Platform – PowerBI for analytics and Power Automate – to create business-wide efficiencies. 

Let’s start with Zellis’ cloud payroll software. It’s automated, accurate and compliant, affording the flexibility and peace of mind that organisations need. You can either use it as a standalone, best-in-class payroll solution, or together with their HR solution. 

Then there’s the HR management software. This empowers your employees, creating process efficiencies via automated AI-driven workflows that free up time for HR to spend on strategic activities. From hire to retire, it supports productivity, enables intelligent reporting, and supports exceptional experiences. 

In addition, the MyView PayNow app is designed to support financial wellbeing. This self-service app, available as an extension to the MyView portal, helps your employees to better understand their pay and benefits, manage their budgeting, choose when to get paid (also known as flexible pay), access free guidance, and save for a rainy day. 

Building innovations of tomorrow 

Leveraging Microsoft technology has enabled Zellis to establish a dedicated Zellis AI Lab to build expertise in AI, exploiting the potential of the Zellis Intelligence Platform combined with Microsoft Azure and OpenAI.  

One of the first products developed in the Zellis AI Lab is a Generative AI-powered chat user interface for use by customers’ colleagues. This is designed to support their engagement and drive HR efficiencies by helping employees to perform HR tasks and understand payslips and employment conditions without needing to raise a ticket.  

This frees up time for the HR and Payroll teams to concentrate on more strategic areas, such as strategy planning by using Zellis AI-driven predictive analytics, instead of spending hours on purely reactive work such as answering employee queries.  

Early indications show that by using AI in this way, customers could reduce the time it takes to respond to employee queries by around 75%.  

Unlock the value of the cloud 

AI software published on the Microsoft marketplace forms a powerful mix of innovation, reliability, security and convenience. If you’re looking for solutions to fuel your cloud transformation and grow your business, it’s the place to shop.   

To move at the speed of business today, many companies prefer buying to building cloud apps. This allows them to offload the associated costs and management onto SaaS partners.  You’re able to use private offers to get exactly what you need, including customised terms and conditions, negotiated pricing, prototypes for proof of concept, and tailor-made solutions.  

Better still, transact in a single, accessible place, reducing procurement complexity, saving time and simplifying billing. Apply 100% of the value of eligible purchases to your organisation’s Azure cloud commitment and get faster time-to-value with solutions that work with your current technology. 

All while enjoying the peace of mind that comes from buying and running solutions on a trusted cloud with industry-leading security.   

Boost your HR and payroll solutions with AI power 

Ready to deploy transformational employee experiences across your organisation? 

Visit the Microsoft marketplace to buy Zellis HCM Cloud now, or contact our team at ISVUK@Microsoft.com.

Other blogs in this series

Blog 1: Driving your AI transformation with the Microsoft marketplace 

Blog 2: Safeguarding your business with AI-powered security solutions 

Blog 3: Optimising business operations through AI-powered solutions 

About the author

James joined Microsoft 15 years ago and has held leadership positions across the Consumer, Enterprise, and the Partner teams at Microsoft. James is currently the ISV Ecosystem Lead and has a passion for people and technology coming together to drive customer success. James has been at the forefront of Cloud & Digital transformation for the last 10 years launching new business models and driving transformation through the Microsoft Partner ecosystem resulting in and contributing to exciting new revenue streams and significantly accelerated growth for Microsoft and Partners.

The post Deliver transformational employee experiences through AI-empowering solutions   appeared first on Microsoft Industry Blogs - United Kingdom.

Data from our 2022 Work Trend Index Annual Report confirm the shift. We found that 53 percent of employees were more likely to prioritise health and well-being over work than before the pandemic. In addition, nearly half of respondents (47 percent) were more likely to put family and personal life over work than they were pre-pandemic.

Figure 1. Employee work attitudes post- vs. pre-pandemic. (Source: Microsoft, Work Trend Annual Report, 2022.)

At Microsoft, we believe technology can be a powerful ally in the journey towards better employee well-being. As such we wanted to take the opportunity to raise awareness of mental health issues and promote good practice both in and beyond the workplace.

To help you reclaim the right balance we’ve pulled together eight practical Microsoft 365-based tips to help employees and managers reshape today’s fast-paced work experience in the name of better mental health. 

1. Nurture community and connection at work

Research shows that, in a hybrid world, it’s even more important to forge meaningful networks and relationships at work. Employees who have thriving relationships with team members report better well-being than those without (76% vs. 57%).

To help you reconnect and find belonging at work, Microsoft Viva Engage – an add-on in Outlook – enables you to share work and experience with colleagues. Join digital communities and conversations, find answers to questions, and inspire others with your stories. You can also connect via the announcements, to-dos and check-ins on your personalised Viva Connections dashboard.

2. Book focus time each week

If meetings are dominating your days or weeks, it can be stressful to keep on top of incoming emails, messages and resulting actions. It’s also hard to focus on challenging work when you only have small chunks of time between meetings.

Blocking out time every day or week to focus without interruption can help. The Wellbeing tab in Microsoft Viva insights contains a section called “Take action to improve your wellbeing”, in which you can create a daily focus plan.

To help you stay in control and also step away from work, other available well-being features include:

• Make time for messages
• Schedule emails for later
• Take a break or two
• Make time for lunch

To help you concentrate, your status in Microsoft Teams will auto-switch to Focus during booked focus time. You’ll only get notifications for messages that are urgent or from contacts with priority access.

3. Schedule times to manage email

Most office workers check their email regularly throughout the day. But it’s a battle to get work done if you spend most of your time responding to tactical requests from other people.

Try limiting when you check emails to two or three slots per day. Disabling email notifications will help reduce the temptation. This can easily be done in Microsoft Outlook – go to the File tab, select Options, select Mail, and in the Message arrival section, uncheck Play a sound, Show an envelope icon in the taskbar and Display a Desktop Alert:

4. Stay on top of your to-do lists

A helpful way to get something off your mind is to write it down. But how many to-do lists do you have? Perhaps a grocery list on the back of an envelope, a list of things to do in notes or a phone app, maybe some tasks in Outlook?

You might also have flagged emails to get back to, not to mention a task someone has assigned you in Planner.

You can organise this avalanche with an app like Microsoft To Do. It’s free and syncs across Windows 10 and 11, iPhone, Android and the web. It’s also integrated with Outlook.com, making it easier to manage all your tasks in one place.

Planner tasks assigned to you also appear in To Do under the Assigned to you list:

5. Set limits to your working day

Outside the typical pre-pandemic 9am-5pm work spikes, a third productivity peak sometimes occurs – especially through after-hours emails. While working remotely can make this habit more tempting, it’s crucial to set boundaries to your working day and give yourself a break.

To do so, select the Wellbeing tab in Viva Insights and use the “Disconnect with quiet time” card, which allows you to set your quiet time.

As a manager or leader, you can also use Viva insights to help ensure your team properly disconnects after work. View their total weekly after-hours collaboration time and, if needed, recommend changes.

Taking a well-earned holiday? Set your Out of Office and stop syncing Outlook on your phone to remove temptation. You might even want to remove work apps from your phone to avoid peeking at emails.

6. Be aware of your after-hours impact on others

This follows from the previous point. While minimising after-work hours is an ideal, we recognise that work schedules must flex for many reasons. Some people are night-owls; others may choose to work late to prepare for a busy day ahead.

Whatever the case, we need to be aware of the impact our habits may have on others. For example, after-hours working in a hybrid setting can cause remote colleagues to feel under pressure to always be available online.

To help avoid this, Viva Insights can show you the after-hours impact you impose on co-workers. Its coaching tools can also help you build smarter habits.

If you must work late, minimise any unwanted impact by saving emails to your Drafts folder until business hours, or schedule the delivery of your email using Options > Delay Delivery:

7. Work the way that works for you

A key strength of technology is its potential to support inclusiveness, empowering everyone to access tools the way that suits them best. Microsoft 365 apps come with built-in accessibility features for a more comfortable experience at work. For example, Microsoft Teams supports inclusive collaboration in hybrid meetings with captions and live transcripts, which can help people who are deaf or hard of hearing.

To enable a personal and human touch in virtual meetings, Teams also incorporates live React controls (at the top of the meeting view).

8. Pay attention to the present moment

Mindfulness is about being aware of your body, mind and feelings in the moment. Practising it can improve your sense of well-being and how you approach challenges.

In Viva Insights, you’ll find guided meditations and focus music, including content from Headspace. Take a break to support your mental health.

Seizing the opportunity

We hope our commitment to well-being has a positive ripple effect in today’s workplace. However, while technology can help promote a healthier work-life integration, only we ourselves – workers and leaders together – can deliver it.

Find out more

• Work Trend Index Annual Report (2022)
• Microsoft 365
• Microsoft Viva
• Microsoft Teams

About the author

David manages Microsoft UK’s Employee Experience business, overseeing a suite of solutions designed to enhance employee engagement and boost business performance.

The post 8 ways Microsoft 365 solutions can empower employees to prioritise well-being appeared first on Microsoft Industry Blogs - United Kingdom.

Yet for many business decision-makers, the biggest question continues to be: “How do I start the journey?”

To help answer this question, I want to outline some practical applications of AI that can help your team achieve more today. I’ll then end with some high-level implementation tips.

First, a few words about preparing for the road ahead.

Nurturing (and protecting) your new “learning culture”

As your organisation implements AI, you’ll embark on a change-management journey in which departmental and data silos tend to disappear. In fact, you’ll get the best out of AI by nurturing:

• Organisation-wide participation, so all staff can contribute new solutions to business problems
• Two-way communication, right across a diverse and inclusive team
• Experimentation, including opportunities to learn from mistakes

Your new AI-powered“learning culture” will increasingly be powered by data, with richer insights and new analytical tools. To support this major shift, we’ve developed an end-to-end analytics solution, Microsoft Fabric, unveiled at Microsoft Build 2023. Infused with the Azure OpenAI Service at every layer, Fabric integrates the most advanced D&A tools – from Data Factory to Power BI and Synapse – in one place. Enabling you to surface business insights faster than ever.

Responsible AI by design

It will also be important to consider the ethical, cultural and compliance aspects of deploying AI technology. You can rest assured that, in designing AI solutions, Microsoft puts people and principle first. Our team of researchers, engineers and policy experts is guided by our AI principles and  Responsible AI Standard, along with decades of research on AI, grounding and privacy-preserving machine learning.

Our design process ensures Microsoft AI systems are scrutinised for potential harms and mitigations. We also make it clear how a system makes decisions by noting its limitations, linking to sources and prompting users to review and adjust content based on their subject-matter expertise.

5 ways to start implementing AI at work

The following scenarios highlight how Microsoft AI can help you work smarter and faster, using natural language to cut through the drudgery of search and manual compilation. Our solutions put technology, AI, data, cybersecurity and advanced usability through natural language at your disposal.

1. Transform workloads with an AI copilot

Imagine next-generation AI embedded into the Microsoft 365 apps you use at work each day – Word, Excel, PowerPoint, Outlook, Teams and more. That’s Copilot in Microsoft 365.

Using Copilot in Word, you can now quickly create a first draft to edit and develop using a language prompt. Want more help? Copilot will shorten, rewrite or give feedback on it.

You’re always in control. You can (and should) review, fact-check and fine-tune content yourself.

Creating a presentation? With Copilot in PowerPoint, you can easily bring in slide content from any previous deck. And Copilot in Excel will help you rapidly analyse trends and create data visualisations.

Create reports in seconds

With our Business Chat AI tool, you can use a natural language prompt (such as “Tell the CEO how we’ve updated the campaign strategy”) to instantly create a status update, based on your relevant meetings, documents, emails and chat threads.

2. Detect cybersecurity threats faster 

For security operations and response teams, constant vigilance against threats can drain resources and exhaust individuals.

Microsoft Security Copilot reduces the burden. It uses AI to integrate insights and data from security tools, detecting vulnerabilities earlier and shutting down cyberattacks.

Microsoft Security Copilot provides intelligent guidance informed by 65 trillion daily signals.

It also puts your people first by improving usability. To understand functions, users can simply ask for step-by-step guidance.

As with all our AI solutions, Security Copilot strictly follows our AI principles and Responsible AI Standard. It also runs on Azure’s hyperscale infrastructure for a fully privacy-compliant experience.

3. Reinvent search with an AI copilot for the web  

Our new AI-powered Bing search engine and Edge browser tools are like a copilot for the web. They give you more complete search answers, a new chat experience, and the ability to generate content.

“We’ve launched Bing and Edge powered by AI copilot and chat, to help people get more from search and the web.”

Satya Nadella, Chairman and CEO, Microsoft

With the chat experience, you can easily fine-tune your search by asking for more details and clarity. You’ll get relevant links to follow up, too.

Merging search, browser and chat opens up exciting possibilities. Need the highlights of a long annual report? Just ask for it using the Edge Sidebar. Want to compare it to a competitor and see them side-by-side in a table? Just use the chat function.

Even as AI transforms search, the privacy policies of Bing and Edge AI ensure your user identity and behaviour are safe and protected.

4. Improve services and solve problems with AI

Rapidly improve your customer service and data insights by tapping into the power of generative AI models, including GPT-4, Codex, and DALL-E 2. All are available through the Azure OpenAI Service, backed by built-in Microsoft Azure security, compliance and data privacy and the Responsible AI Standard.

Solve your business problem in seconds

Looking to speed up clinical communications or automate an accounting process? Any team member can now do it using AI and low-code. We’ve added Copilot to Microsoft Power Platform, so you can create apps, flows and bots in seconds through natural language. And whatever you build, you can easily query the data for instant, actionable insights.

You can develop Power Automate workflows in 50% less time with Copilot.

5. Unite teams, communicate and collaborate in one place

We’ve also improved usability. Instead of having to keep an eye on your chat while presenting in Teams, you can use Copilot to auto-answer any questions – and save time to collaborate.

Copilot finds Teams notifications, messages and information rapidly and helps you manage work with personalised suggestions. Asking Copilot for a summary can help reduce that Monday morning weekly-status stress by putting you one step ahead.

Implementing AI at scale: 4 practical steps

Scaling your AI journey can be confusing with so many technical, business, cultural and ethical considerations. To move smoothly from experimenting to implementing, follow these steps.  

1. Think business transformation

Approach AI as a business change programme, with tech as a key component. AI will transform your culture, so this might help you think big. It will also stop you seeing AI as belonging solely to IT. 

2. Get your people onboard

Take the time to explain to stakeholders the reasons for change. Highlight the benefits they can expect. No-one should feel they’re having AI “done to them”.   

3. Identify a problem to solve

Scope a business problem, then plan how AI can help solve it. That way, your solution can create measurable value. Don’t use a new business problem – start with one you know and understand.

4. Build an organisation-wide strategy

Create a strategy that allows AI to scale organically. Businesses that focus on scale do better than those hoping multiple, smaller projects will automatically lead to scale.

Over to you

Integrating AI into your business shouldn’t be a daunting process. We’ve designed our AI solutions to fit in with the way you work, not the other way round. This includes applying robust ethical AI principles at every step, and it’s why Copilot automatically adopts your organisation’s security, compliance, and privacy policies and processes. It also protects your tenant, group and individual data.

As Microsoft AI creates a new workplace interaction between humans and computers, I hope this blog has inspired you to take the first step. I look forward with excitement to seeing how AI helps you unleash innovation, unlock productivity and expand skills across the team.

Find out more

Visit the Microsoft AI hub

Accelerate competitive advantage with AI

Build an AI strategy with our Digital Transformation Playbook

Microsoft Responsible AI principles

About the author

As National Technology Officer, I lead Microsoft’s technology vision and model its culture of learning, while developing strategies to protect and extend Microsoft Cloud into complex regulated markets. My goal is to inspire leaders of state and enterprise, as well as regulators and customers, on how best to leverage innovation to drive digital transformation.

The post AI starter pack: 5 ways to implement AI into your business appeared first on Microsoft Industry Blogs - United Kingdom.

In the current economic environment, banks and other financial services firms recognise the need to embrace digital transformation to get maximum value from their technology investments and do more with less. Leveraging technology also helps businesses to navigate emerging risks while driving sustainable and responsible business outcomes internally and with their customers. But how are they approaching these challenges? Last week I attended Sibos 2022 in Amsterdam, where business leaders, policy makers and technologists came together for deep dive debates and big picture outlooks on the future of the corporate banking market, including lending, trade and treasury solutions, and the related capital markets instruments. The energy and excitement on the pace of innovation was clear and I saw many themes that resonate with where we aim to lead the market in our Microsoft UK Financial Services business.  

Geopolitical tensions, the economic environment, evolving cyber threats, the race to Net Zero, the competitive landscape and ongoing reimagination of business models, modernising policy and regulation, and the continuous innovation of what is possible with people, process and digital technology are driving rapid change in the industry. When managed correctly, this change can unlock new opportunity. 

The industry is leading in many areas of technology, product and operating-model innovation, but a responsible business purpose and sustainable societal outcomes are now firmly embedded as objectives that banks are expected to deliver. “We should not seek innovation for innovation’s sake,” noted HM Queen Máxima of the Netherlands in the opening plenary. “With each new technology, we must always ask ‘What problems are we trying to solve?’” At the same time, we need to ensure any innovation is done securely and collaboratively while being additive to interoperability of data and platforms. The IMF predicts technological fragmentation can cut a country’s GDP by five percent; the benefit of collaborative industry approaches and ecosystem business models is clear. 

Through all the customer, partner, and colleague conversations at Sibos 2022, and while contributing and learning as much as we could about new ideas and technologies, the Microsoft UK Financial Services team took away four main action points: 

1.      Transform securely  

One of the key things that was highlighted by industry leaders was the importance of getting cyber security basics right to enable secure transformation. “The human firewall is the first line of defence,” said Nicolas Trimbour, Head of Fraud Prevention and Chief Data Officer for Cash Management at BNP Paribas. It’s important to educate employees and customers to recognise phishing, scams and ransomware attempts especially while the attach surface grows with increased digitisation and growing ecosystem business models. 

AI/ML solutions can work at high performance across large amounts of data to spot fraud or suspicious activity in transactions and endpoints. An industry-specific cloud solution that uses a completely private data model, while offering full data portability can help organisations as they shift from on-premise to hybrid or cloud-native architectures. At the same time, organisations can benefit from built-in security and compliance offerings that infuse healthy cyber hygiene. 

Our security experts have pulled together resources, training and more to help your teams empower and educate your employees and customers to be cyber aware. This is the right time to focus on this with October being Cyber Security Month. Check out our Cyber Security Awareness Month resources. 

2.      Build a talent and collaboration model that supports your digital ambitions   

Banks need access to the right engineering and digital skills at scale to drive industry digitisation and innovation. This is not just about attracting the talent, but re-skilling and up-skilling current resources and creating an empathetic, flexible culture. I’ve often heard it said that the number one headwind on many banks’ ability to execute on their digital transformation strategies is access to the right talent and skills. “We need to make sure we invest in our people and support them in their growth,” says Erika Irish Brown, Chief Diversity, Equity and Inclusion Officer and Global Head of Talent at Citi.  

At Microsoft, we’re helping financial services institutions give their employees the digital skills they need. Whether that’s showing how decentralised teams can work collaboratively while working remotely, using tools to securely automate processes and workflows, or empowering pro dev, citizen dev and fusion dev teams to develop new apps, processes and reporting to make their work simpler in their domains. With 53 percent of employees more likely to prioritise health and wellbeing over work, leaders must take an empathetic approach to building a hybrid workplace. A culture that embraces flexibility and prioritises wellbeing will build a thriving organisation and drive long-term sustainable growth. This webinar with my colleague Craig Wellman goes into the importance of planning, leadership and culture in transforming financial services. 

3.      Align your ESG objectives to your business value 

The banking industry has a societal obligation to direct funding, capital, investment and lending to businesses in the real economy that will move the needle positively on ESG measures and on carbon reduction. And not only do customers, stakeholders, investors, regulators and governments expect it, but it’s also good for business. “$97 trillion needs to be invested to get to net zero. That’s a massive opportunity. It’s the most strategic and important thing we can do as an industry,” says Marisa Drew, CSO at Standard Chartered. 

The best way to start building effective ESG strategies is to tie it into your business value. Some institutions are already including their sustainability results in their financial statements. However, the industry faces challenges. A lack of global standard around climate reporting, mixed with slow manual processes and siloed data can affect how quickly you can build an effective strategy. “We don’t have perfect data, but we have actionable data,” says Gill Lofts, Global Financial Services Sustainable Finance Leader at EY. 

A unified and resilient cloud infrastructure like Microsoft Cloud for Sustainability can help you gain visibility across your data, drive efficiency, track and minimise your environmental impact and create sustainable value chains. We also need to drive more cross-industry collaboration.

“This is a planet-scale problem that needs planet-scale innovation and collaboration,” says Bill Borden, Corporate Vice President of Worldwide Financial Services at Microsoft.

When we made our sustainability commitment in 2020, we also decided to share our learnings, results and practices, and increase our focus on supporting our customers drive their own ESG agendas. 

4.      Lead on innovation that can open new sources of value  

Recent innovations are increasingly moving from POC to production adoption across digital assets such as Central Bank Digital Currencies (CBDCs), Non-Fungible Tokens (NFTs), Artificial Intelligence (AI) and Distributed Ledger Technology (DLT). 

While AI has been leveraged in organisations for a long time to reduce risk and streamline operations, organisations need to take a novel approach to AI to create new avenues of growth. “People don’t think of AI as a way to get to a new digital business,” says Sameena Shah Managing Director, AI Research Executive, and Chief Transformation Officer for Client Onboarding at JP Morgan Chase. “You need to bring people with a business mindset together with people with AI knowledge.” These groups, known as fusion teams, can help organisations deploy solutions up to two and a half times faster than siloed teams. 

“Cash as a form of payment has been declining, but cash in circulation is growing. We have also seen over the past 10 years the rise of digital assets, including cryptocurrencies and CBDCs,” says Marion Laboure, Senior Economist at Deutsche Bank. 

One thing digitisation can do is help with financial inclusion. The 1.7 billion people who don’t have access to financial services can potentially use CBDC to start using financial services without a bank account. 

NFTs are currently used to tie ownership to a digital asset. However, as they evolve, it could allow the construction of the end asset to be more sophisticated. “That’s when it becomes more interesting to us in Finance. We can look at a new type of securitised asset, a new type of yield profile that may or may not be totally uncorrelated with traditional markets and assets,” said John Egan, CEO of L’Atelier at BNP Paribas. In fact, the US Securities and Exchange Commission are already looking into NFTs as a security. With no intermediaries, Decentralised Finance (DeFi) is less complex and more agile than the traditional central counterparty model. However, it is probably riskier. Experts suggest a hybrid model for DeFi, with the right regulatory guiderails to manage AML, fraud, conduct risk, and cybercrime. 

“Web3 and blockchain technologies are unique because they create a different, efficient way of executing processes. They can be best served to decrease complexity, increase security and transparency,” says Willayna Banner, Microsoft’s Head of Web3/Blockchain in Financial Services. Learn how organisations are using blockchain to transform functions such as trade finance and commercial specialty insurance. 

Collaborating for industry growth and responsible innovation 

As we shared these thoughts and ideas on the future of banking at Sibos 2022, a recurring theme was industry collaboration across the widest perimeter of stakeholders. To drive growth while being resilient, secure and compliant in our changing industry, our key priorities must be removing friction, increasing interoperability and improving the service experience for our customers, empowering our teams, and driving inclusive, sustainable innovation. 

Find out more 

Microsoft Cloud for Financial Services 

Microsoft Dynamics Customer Service Webinar for Financial Services: The changing role of the Digital Contact Centre

Rethinking the Customer Experience | Microsoft

About the author 

Niall is responsible for defining and leading Microsoft’s strategy for Financial Services in the UK. His focus is on helping Microsoft’s customers’ address industry-wide challenges, adapt to new regulatory frameworks and achieve business transformation through the adoption of Microsoft technology and partner solutions. He works to deliver on the cost, growth, risk and regulatory agenda front-to-back through the enterprise. 

Niall has experience in consulting, partner ecosystems, and large programme delivery in Financial Services. Niall has focused on operating model transformation and technology solutions for business challenges in Banking and Capital Markets, often in the regulatory change context. He has worked mostly with international banking groups and has lived in Hong Kong and London. 

The post The future of banking: How to stay innovative, collaborative and secure appeared first on Microsoft Industry Blogs - United Kingdom.