Being a prominent business application suite, the Microsoft Power Platform lets businesses influence low-code tools for the implementation of end-to-end business solutions without traditional programming methods. Power Platform consists of four prime categories including Power BI, Power Apps, Power Automate, and Power Virtual Agents. Power Automate acts as the automation engine behind PowerApps.
Moreover, Power Automate is beneficial for modern financial service providers. Banks and Fintech businesses evolve through acquisition, and many of the establishments still depend on legacy systems. Indeed, financial businesses need the ability to acquire multiple different data resources through simple clicks to observe financial markets and execute research. Power Platform supports these businesses to quickly develop applications to swap manual practices and integrate over various systems.
In short, associating with the best Microsoft Power Automate consulting services provider introduces many new potentials for financial businesses and enriches the user experience by streamlining common user functions.
To know how, here are some of the ways that financial services firms can experiment to make their processes easier with Power Automate:
Process Automation
Despite the explosion of digital transformation, most financial businesses still require their users to complete paperwork manually such as Excel sheets, for data entry and management. With Power Automate processes like book-keeping, bank reconciliation, and expense management can be streamlined with the least human intervention.
Also, businesses can use PowerApps to generate digital forms for clients to produce information via iPad or mobile device to save time and manual efforts. The Power Automate can automatically upload the collective client data into a centralized database, so that businesses can securely store, access, and utilize it as per the requirements. This also enables finance industries to overcome challenges related to heavy legacy systems. Let’s say, if a client recently replaced their paper-based customer profile form and financial preferences system with PowerApps, then the client is capable of completely accessing a user’s live data and updating it when a customer specifies a change in details.
Process tracking & management
There are various manual practices that take place inside a financial business. For instance, a bank teller’s responsibility includes engaging with customers who’re looking for mortgage services. Then, the tellers have to manually send the loanee details to a loan approver. From there, the loan approver would have to use one system to sanction the loan, and then another system to monitor that application till it gets processed.
Whereas, Finance businesses can use Power Automate to automatically monitor this procedure. Also, PowerApps help businesses to build an all-inclusive interface to know user progress updates, thereby supporting internal workforces to manage every process from a single space and save time and effort.
Hierarchical authorization
Power Automate provides a robust, smart, and programmed approval system. Let’s say that a financial business’s new client onboarding process involves legal approval necessity. Through Microsoft Power Automate solutions, developers could design an approval system that spontaneously triggers when a user raises an approval request in Dynamics. Soon after the process triggers, the staff liable for sanctioning the request will get an email. The approver can also outlook all of their received requests and either sanction or reject directly from their phone.
After the approval, the Power Automate flow will report the Dynamics record to specify that the new user has been approved for specific services, as well as direct for further actions. Also, Power Automate triggers a response to the requestor, informing them that the claim/service has been approved.
User engagement transformation
As mentioned before, financial businesses can use the Microsoft Power Platform to improve their customer engagement experience through Power Virtual Agents deployment. These Virtual Agents make it savvy for financial institutions to produce AI-powered Chatbots that can integrate with any range of services, starting from online banking networks to mobile banking apps.
Power Virtual Agents is built on Microsoft’s Bot Framework. This framework allows developers to easily customize Chatbots with low-code requirements. These Chatbots can also validate user interests and direct customer disputes to a live agent through Omnichannel for Client Service suite.
Workforce cooperation
A finance business consists of different business units, such as retail banking, loan services, IT, risk management, and others. These units are typically much siloed. However, Power Automate can break down these barriers by offering a common core data platform and giving each business unit the unique assistance it needs.
Final words
Data in several core systems made it very tough for the finance industry to get a complete customer view. The legacy systems also had no provision for routing issues and opportunities to various departments. These drawbacks create a negative effect on the user experience and make it challenging for bankers and other teams to execute their processes. Finance service providers and banks can choose the right Microsoft Power Automate consulting company to leverage a streamlined user experience, improve user adoption, and gain higher ROI with reduced complexity.
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