The financial services sector (FSI), a vast and intricate ecosystem, encompasses various stakeholders and dynamic components. From fundamental banking to investments, insurance, risk management, fintech and capital markets, he plays a fundamental role in global economies. However, the scenario is evolving rapidly, driven by technological advancements that reshape how financial services operate and how consumers engage with them
This transformation is mainly driven by fintech, the fusion of financial services and technology. A McKinsey projectsthat fintech sector revenues will grow nearly three times faster than those of the traditional banking sector between 2023 and 2028. In fact, as the global financial services market expands, designed to grow to US$ 44925,71 billion in 2028 at a compound annual growth rate (CAGR) of 7,6%companies are leveraging cloud technologies and AI to optimize their services and create new offerings to remain competitive and include more people in the banked population
Discover how leading companies across the Americas are transforming their businesses and helping to reshape the financial services sector with innovative Microsoft solutions for efficiency, scalability, productivity, security and personalization of customer service.
Accelerating operational efficiency
The digital era demands robust infrastructure and companies likeYape(the main Peruvian payment method)Liberty Life Solutions(a popular financial corporation in Mexico)Zenus Bank(a global digital bank based in Puerto Rico), Central Bank of Costa Rica(authority responsible for providing banking services to the Government of Costa Rica and financial institutions) and theDevelopment Bank of Minas Gerais(financial institution based in Brazil) accepted the challenge
No Peru, user base ofYapegrew from half a million to over 12 million in just six years. This exponential growth was supported by a strategic shift to Microsoft Azure, that provided the necessary infrastructure to manage a flood of transactions while launching new services and increasing financial inclusion in the country
To Liberty Life Solutions, financial institution that provides a range of financial services aimed at promoting financial inclusion in Mexico, embarked on a similar journey, modernizing your services with Microsoft Dynamics and Azure. This transformation allowed both in its internal operations and in the way it delivers products and services to the market, reducing the service delivery time from 48 hours to just 30 minutes, a leap in efficiency with a commitment to the customer experience in mind
Based in Puerto Rico,theZenus Banktook advantage of Azure to become a pioneer in the international banking sector. Your growth, focused on scalability and security, allowed them to expand their digital banking services globally, providing your customers access to US banking services and fast, low-cost global payments
The SINPE-TP initiative of theCentral Bank of Costa Rica, also powered by Azure, is revolutionizing public transport payments. Despite the challenges of coordinating various stakeholders, they successfully processed over 14 million transactions, marking a significant step towards a cashless society and modernized infrastructure in Costa Rica
TheMinas Gerais Development Bank (BDMG)also adopted Azure for innovation and enhancement of the customer experience. Your disaster recovery solutions ensure operational continuity even in adverse situations. Furthermore, the adoption of the cloud has positively impacted employee productivity. With your systems running in the cloud, the BDMG team has greater flexibility to work in different locations, allowing secure access to the Bank's systems and increasing efficiency through Azure Virtual Desktop
Empowering the workforce and driving efficiency
In the field of workforce training and productivity enhancement, theBanreservas(largest bank in the Dominican Republic), Itaú Bank(the largest banking institution in Brazil and the 2nd largest in Latin America) and theTD Bank Group(the second largest bank in Canada) leveraged AI to achieve their business goals
The Banreservasturned to Copilot for Microsoft 365 to empower its workforce through cutting-edge tools to succeed and drive its business. AI has unlocked new levels of creativity and productivity in the company, establishing a new standard for customer experience in the financial sector
Itaú bank in Brazil adopted GitHub Copilot and Copilot for Microsoft 365 to enhance its software development and business processes. With Copilot, the bank can generate 1 million lines of code, save time and focus on more strategic tasks. He also uses the Azure OpenAI Service to read, interpret and classify over 70 thousand legal documents per month
In the same way, the TD Bank Grouptook advantage of generative AI to enhance customer experiences in its contact centers and accelerate the coding workflow for its engineers.Your AI virtual assistant provides concise answers using conversational language, including links to relevant TD policies and procedures; and GitHub Copilot is helping TD engineers by analyzing the code they are writing and providing real-time suggestions to complete and test it – saving up to 20 hours of work in two weeks, increasing efficiency and innovation in the company
Transformative service
A Protection(colombian pension fund and investment manager), aDiBanka(colombian company that aims to improve the financial well-being and inclusion of millions of Colombians with limited access to formal credit) and theBrasilprev(brazilian leader in insurance with over 30 years in the market) exemplify the transformative impact of AI
The use of generative AI by Protecciónto automate compensation requests reflects your commitment to leveraging technology for better service delivery, with the aim of transforming your business with AI-driven solutions. Through Microsoft's Azure OpenAI Service, the company successfully processed 22 thousand requests, resulting in a 50% higher productivity in cases where the letters could not be processed automatically by the initial model, and expects to automate 80% of the compensation withdrawal requests by leveraging these solutions
DiBankadeveloped a digital platform that provides support for payroll loans, leveraging Azure and AI to automate and secure the lending process. By reducing costs, the time and the risks of traditional loans, the company has grown to serve 99% of the financial institutions that offer this type of credit in Colombia, with over 300 thousand active users, 7 million transactions and zero counterfeits. DiBanka aims to innovate and expand its services in Latin America to improve the financial well-being and inclusion of its affiliates
Brasilprevleading insurer, took a big step towards digital transformation. Through its innovative platform 'Hub Brasilprev', with Azure OpenAI Service technology, API Management and Azure Cosmos DB, they democratized access to data and transformed user interaction. This resulted in an impressive R$ 9,86 billion in business and a remarkable conversion rate of 28% among its target audience. With the digital journey well underway, Brasilprev is ready for even greater success in the future
Microsoft is uniquely positioned to help institutions solve their most pressing problems and digitally transform their businesses. Throughour secure and compatible cloud, AI platformand a broad ecosystem of partners, financial institutions can better manage risks across the enterprise, optimize compliance operations, modernize real-time payments, essential banking and insurance services and infrastructure, allow a modern workplace and provide differentiated experiences to customers
