Microsoft Cloud for Financial Services & VeriPark | Better together

Would it be a threat - or rather an opportunity?

Microsoft Cloud for Financial Services - available since November 2021 for retail banking - is a cloud-based platform powered by an industry data model, designed to be used as a foundation to build new solutions on top.

Being one of Microsoft's strategic launch partners, VeriPark was one of the very first partners to launch new apps extending this industry cloud.  Offering a unified front end for tellers, sellers and other agents dealing with service requests, these brand-new applications are designed to turn client engagement from a reactive to a proactive task.

Özkan Erener, VeriPark's CEO, explains why the launch of Microsoft Cloud for FSI is a real opportunity for solution providers willing to innovate, like VeriPark:

"As a software company working on the Microsoft platform, we always had the daunting challenge to come up with the correct data model, portable platform services and intuitive user interface controls for the banking industry. Many times we found ourselves doing all that plumbing work rather than applying new technology to almost decades-old banking processes.

The Power platform and Azure cloud definitely are an amazing environment to solve modern day problems but the absence of a banking specific platform was slowing us down and consuming a lot of our energy.  Now that this banking platform is out there, its common data model will help simplify integration between products, services and partners.

Our vision on client engagement is simple. The single view of the customer should not be a place to only view but actually it should be a place to serve, solve and sell. We started applying this vision to MS Cloud for FSI also, and we are very excited to launch three applications on this platform - and more to come."

The customer 360 app will bring our well known financial indicators and traffic light system so that users can proactively respond to situations that deserve attention. It’s our most important step in turning client engagement from a reactive to a proactive task. The transactions app will enable users to perform many banking operations allowing them to serve in real time. The complaints management app will allow the users to capture and resolve customer complaints in the fastest way."

In addition to these 3 new apps, VeriPark has integrated its loan origination solution VeriLoan to Microsoft's Collaboration Manager for Loans, also part of Microsoft Cloud for Financial Services. Collaboration Manager for Loans is a Microsoft Teams app that allows users to work on loan applications and collaborate with other team members within Teams as part of their daily activities. VeriLoan integrates with the Collaboration Manager to provide the end-to-end process, from initiation and automated decisioning to facilitating chats, meetings, and exchange of information amongst team members in an efficient and streamlined manner.

As VeriPark, we will continue to release apps on this platform and migrate all modules of VeriTouch and VeriLoan to Microsoft Cloud for FSI. This will allow us to enable you to become your clients' primary financial institution (or PFI).