At an unprecedented pace, technology is moving into future space and driving innovations. Among the many transformative services at the edge of financial services, low-code solutions stand out with their powerful impact in enhancing productivity and customer services.
In this blog, we will discuss the role of Microsoft Power Platform in the financial services sector and how it can prove to be beneficial to the sector.
Understanding Low-code Solutions
Low-code solutions are application development methods designed to shift coding from textual to visual. Instead of developing code technically with the age-old method, low-code solutions offer a drag-and-drop interface. This functionality proves to be a boon, particularly for novice end-users who are not well adapted to custom software development. Since they are swift and easier alternatives to conventional software development, low-code platforms are emerging and gaining popularity rapidly.
In this low-code arena, Microsoft is the leading player. Microsoft offers low-code services to financial organizations to harness their data and integrate innovative AI (Artificial intelligence) into their operations. Power Platform is built by Microsoft to cater to the needs of financial organizations.
Power Platform Products in Summary
Here is a summary of the core Power Platform products:
- Power Apps: Power Apps allow users to design custom applications for their specific business needs. These apps can be built for web and mobile platforms, enabling businesses to streamline processes, gather data, and improve productivity.
- Power Automate: It simplifies complex processes, such as approvals, notifications, and data synchronization, to enhance efficiency and reduce manual work.
- Power BI. It enables users to connect to various data sources, create interactive reports and dashboards, and gain valuable insights from their data.
- Power Virtual Agents: Power Virtual Agents allows businesses to build AI-powered chatbots and virtual agents without extensive coding. These chatbots can handle common customer inquiries, provide support, and improve customer engagement.
- Power Pages: Power Pages is an innovative website-building tool within Microsoft Power Platform, simplifying the creation of dynamic and data-driven web pages with minimal coding.
- Dataverse: Dataverse, formerly identified as Common Data Service, is a data storage and management platform that supports the Power Platform. It provides a unified data schema, making it easier to create and share data across Power Apps, Power Automate, Power Pages, and Power BI.
- AI Builder: AI Builder is an extension of Power Platform that brings artificial intelligence capabilities to applications. Users can easily incorporate AI models for tasks like form processing, sentiment analysis, and prediction into their Power Apps and Power Automate workflows.
Empowerment of Business Users with Power Platform
Microsoft’s Power Platform has put individual users on the front as the code development is in their hands. It has been observed that the financial sector is often grappled with a ‘swivel chair problem’. When employees must hop between multiple systems to piece together the information they need, it is identified as a ‘swivel chair problem’. With the Power Platform, business users can seamlessly create applications or derive data from diverse sources.
Applications such as Power Platform enable financial firms to better understand customer behavior and purchasing habits. Based on this information, organizations can trigger a proactive approach. With client action detection, firms can engage customers on the topic of interest which fosters a sense of personalized service.
Streamline Processes to Enhance Customer Experiences
Power Platform products can help businesses at different intervals. All products have distinct functionalities and users can swiftly deploy custom solutions to address their business needs with such applications. One such Power Platform product is Power Automate.
Power Automate is a cloud-based service that empowers businesses to streamline and automate recurring tasks and procedures efficiently. With this versatile tool, it automates a variety of processes, including data input, approval workflows, and notifications. For example, firms can establish a workflow that instantly alerts their team whenever a new lead is incorporated into their Customer Relationship Management (CRM) system. This automation serves the dual purpose of conserving valuable time and diminishing the potential for errors.
Power Platform is a game-changer for process efficiency, reducing end-user effort, and enhancing customer experiences. Whether streamlining onboarding, account setup, or other routine processes, Power Platform adds efficiency to the equation. The impact of streamlined processes extends from the middle and back office to the front office. As customer interactions become more efficient and frictionless, it results in happier clients.
How can Power Platform Overcome Legacy Systems?
- Power Platform’s ability to extend and connect information plays a crucial role in accelerating routine processes while lessening the cost expenditure.
- Be it account management, credit-related tasks, or investment policy modifications, all operations can be improvised with Power Platform.
- The flexibility of this low-code module is unparalleled, which allows financial organizations to apply a modern edge to business improvement, particularly where legacy systems require replacement or modernization.
Managing Regulatory Adversities
Power Platform’s speed and responsiveness can be invaluable in addressing regulatory pressures.
For instance, in the rapidly evolving world of cryptocurrency, firms can use Power Platform to quickly identify clients involved in crypto and proactively engage them. It provides visibility and transparency, helping firms make informed decisions and mitigate regulatory changes efficiently.
To aggregate and report data for aligning with regulatory requirements across various investments can be managed competently with Power Platform. Organizations can be assured of compliance and simplify reporting, ultimately enhancing the organization’s ability to respond to regulatory changes.
Power Platform’s Role in Governance and Security
Security and governance are the utmost priority for any organization. Any kind of data breach can lead to fatal results which can affect companies tremendously. It becomes crucial for low-code solutions like Power Platform to maintain robust security during and after deployment.
Industry experts highly emphasize the need to embed data governance, security, and privacy considerations into every project. The goal is to strike a balance between empowering users and ensuring compliance, all while maintaining flexibility to adapt to changing regulatory landscapes.
Importance of Governance
- Allows organizations to set security and compliance parameters.
- Allows to establish a fence for end users to mitigate risk
- Ensures that innovation is balanced with an ideal risk management system.
Enhancing Customer Services
Power Platform reduces efforts and friction within the organization with its process efficiency. This efficiency does not just benefit the organization internally; it also leads to improved customer experiences.
Streamlining processes, whether for onboarding or account setup, can significantly enhance customer satisfaction. Power Platform products bridge information gaps and accelerate routine processes, benefiting both middle and back-office operations. This streamlined approach also translates to a more efficient front office that ultimately results in superior customer service.
What can Businesses Attain with Power Platform Deployment?
- Efficiency: Power Platform automates tasks, boosting productivity.
- Customization: Tailor applications to unique business needs.
- Data Insights: Gain valuable data-driven insights with Power BI.
- Low-Code Development: Create apps without extensive coding.
- Integration: Seamlessly connect with various applications and services.
- Cost Savings: Reduce manual work, saving time and resources.
- Accessibility: User-friendly interface for diverse skill levels.
- Scalability: Adapts to growth, from small projects to enterprise solutions.
- AI Integration: Incorporate AI for smarter decision-making.
- Unified Data: Consistent data management with Dataverse.
- Rapid Deployment: Quick app and workflow development.
- Improved Customer Engagement: Enhance support with chatbots and agents.
Ready to Embrace Power Platform into Your Organization?
Eager to tap into the potential of Microsoft’s Power Platform? Connect with DynaTech today! Our team of dedicated Power Platform experts is ready to assist you in determining the most suitable scenarios for low code and optimizing your low-code investments. Let DynaTech be your Power Platform partner in the transformative journey!
Microsoft Dynamics365 solution partner USA
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