Discover Microsoft AI for leaders in finance AI-3017 | Episode 5 — Transcript

Full transcript

1. 0:00[MUSIC]
2. 0:06Financial organizations thrive on precision, speed, and trust.
3. 0:11This module explores how AI
4. 0:13strengthens each, automating reporting and
5. 0:16documentation, improving risk
6. 0:17assessment, enhancing client engagement, and
7. 0:20ensuring security and compliance
8. 0:22with Microsoft's AI and cloud tools.
9. 0:25In financial services, the goals
10. 0:27are clear and so are the challenges.
11. 0:30So first, the goals.
12. 0:32Every organization is focused on
13. 0:34protecting data, staying compliant, and
14. 0:36automating routine processes.
15. 0:38AI helps strengthen all three, securing the information,
16. 0:41monitoring compliance automatically, and
17. 0:44streamlining these complex workflows so
18. 0:46that teams can focus on higher value work.
19. 0:49But there are some challenges.
20. 0:52Many institutions still run on
21. 0:55legacy systems that don't easily connect
22. 0:57with modern AI tools or data protection frameworks.
23. 1:01And even newer systems often carry years of technical debt,
24. 1:06outdated code and patches that can slow
25. 1:10down innovation and are a bit riskier.
26. 1:13So that's why modernization and
27. 1:14AI adoption have to move together, building a smarter and
28. 1:19more secure foundation for the steps forward.
29. 1:22So I want to take a look at some of
30. 1:24the four big opportunities where AI and
31. 1:27things like Microsoft Copilot
32. 1:28are transforming financial services.
33. 1:32First, increased productivity.
34. 1:35Copilots in tools like Microsoft 365, Dynamics 365, and
35. 1:40Power BI help financial teams work faster.
36. 1:43They can draft compliance documents, summarize regulations, and
37. 1:47even prep financial reports so advisors and
38. 1:50analysts can focus on insights and
39. 1:52not get so buried in the paperwork.
40. 1:55Let me think of contextual interactions.
41. 1:58AI brings personalization to every touch point.
42. 2:02So this could be things like tailored product recommendations,
43. 2:06intelligent onboarding for new agents.
44. 2:09And with better virtual assistance, customers get faster and
45. 2:12more accurate answers anytime and anywhere they need them.
46. 2:17When we look to amplify automation,
47. 2:20well, AI automates what used to be tedious.
48. 2:24Processing financial data, predicting customer trends, and
49. 2:27even generating full financial reports automatically.
50. 2:31So this means more time for strategy and
51. 2:33client relationships and less time in
52. 2:36the details of these tiny documents.
53. 2:39And then finally, intuitive discovery.
54. 2:43AI powered analytics reveal insights hidden in the data.
55. 2:47Whether it's detecting fraud, speeding up insurance claims,
56. 2:51improving underwriting, or
57. 2:52spotting market trends before they emerge.
58. 2:55In all of these areas, Microsoft's
59. 2:58AI ecosystem from Azure Open AI to
60. 3:01Power Platform delivers secure,
61. 3:03responsible innovation that helps
62. 3:06financial organizations stay
63. 3:07compliant, competitive, and connected.
64. 3:11We have a couple of customers in the
65. 3:13finance sector who have sat down with us
66. 3:15and we've performed a couple of case studies.
67. 3:18I'd like to share some of them with you now.
68. 3:21Swift, the society for
69. 3:22worldwide interbank financial telecommunication, has enabled
70. 3:25communications between banks and
71. 3:27financial institutions since it was
72. 3:29founded in Belgium in 1973.
73. 3:32The sector demands a solution to
74. 3:34fight financial crime effectively.
75. 3:37Only a network as large as Swift's
76. 3:39can carry out such a demanding project.
77. 3:42Swift decided to build a highly accurate model for
78. 3:45anomaly detection to stop fraud.
79. 3:48The solution is built in Azure
80. 3:49Machine Learning, the Microsoft platform for
81. 3:51managing AI systems, and uses Azure Confidential Computing and
82. 3:55Microsoft Purview to ensure data privacy.
83. 3:59Swift is succeeding in building the
84. 4:00most accurate anomaly detection model for
85. 4:03financial services ever created.
86. 4:06This AI will help protect payments around the world.
87. 4:09The solution is already reducing costs in fraud remediation and
88. 4:13fund recovery.
89. 4:15Johann Brissnick is the AI and
90. 4:17Machine Learning Product and
91. 4:18Program Management Lead for Swift, and
92. 4:20he has this to share.
93. 4:22Our first ambition at Swift is to build a foundation model for
94. 4:26anomaly detection that underpins
95. 4:28the detection and prevention of fraud.
96. 4:30Our ultimate goal is collaborating with Microsoft and
97. 4:33our community to start thinking about how
98. 4:35we can stop fraud occurring in payments.
99. 4:38We're exploring the federated
100. 4:40learning aspects of Azure Machine Learning,
101. 4:42where we take a model developed by Swift and further train and
102. 4:46enrich it with additional customers
103. 4:48data through Azure Confidential Computing.
104. 4:51Using Azure Machine Learning,
105. 4:53we can train a model on multiple distributed data sets.
106. 4:57Rather than bringing the data to a
107. 4:59central point, we do the opposite.
108. 5:01We send the model for training to the participants,
109. 5:05the local compute and data sets at the edge and
110. 5:08fuse the result in a foundation model.
111. 5:13Tom Sizak is the Chief Innovation Officer for Swift.
112. 5:17He added this, working together with Microsoft and
113. 5:20with our banking customers, we can
114. 5:22build a model that's much more accurate and
115. 5:24much more performant than I think has
116. 5:26ever been seen in financial services.
117. 5:29Microsoft is a very important and
118. 5:31productive strategic partner for us.
119. 5:34There's a strong alignment in
120. 5:35core values like trust and security.
121. 5:37They're able to bring the capability
122. 5:39and the expertise to help us solve some of
123. 5:41the toughest problems in finance.
124. 5:45Manulife is an international insurance company.
125. 5:48It was founded in Toronto in, get this, 1887.
126. 5:53And it now provides financial
127. 5:54services to over 34 million customers.
128. 5:58They realized they had to fully
129. 5:59exploit the potential of their data and
130. 6:01use the Azure platform.
131. 6:03The natural next step was an in-depth AI adoption.
132. 6:07Manulife is using Azure Machine Learning and
133. 6:09Azure AI Document Intelligence to fight fraud.
134. 6:12These tools find patterns in the data
135. 6:15that help identify fraudulent claims.
136. 6:18Their development time is now 30% lower, and
137. 6:21they've reduced data related costs by get this 50%.
138. 6:26Their performance has boosted, and so
139. 6:28they're running more than 50% more services than before.
140. 6:34Aaron Mikovich is the Chief
141. 6:35Technology Officer for Manulife, and
142. 6:38he shared this quote with us.
143. 6:40With Azure, we can deploy and
144. 6:42maintain and upgrade in true DevOps fashion,
145. 6:45so we can be less expensive, get to market faster, and
146. 6:48respond to customer demands more readily.
147. 6:52Operating in 14 different countries,
148. 6:54we have a lot of different regulations.
149. 6:56The global presence of Azure helps us achieve this balance and
150. 7:00stay compliant in every region.
151. 7:03Just securing an environment for
152. 7:05new developments used to take upwards of six months.
153. 7:09But our data scientists can now set up
154. 7:11an environment, get data into it, and
155. 7:14start iterating in only a few days.
156. 7:17Insurance companies can lose
157. 7:18hundreds of millions a year to fraud.
158. 7:21And our ability to use Azure Machine
159. 7:23Learning to identify correlations in
160. 7:26the data and proactively tackle fraud has massive potential.
161. 7:30Our development time is 30% lower now, and
162. 7:33our cost savings are in the 50% range with
163. 7:36our Azure Kubernetes service environment.
164. 7:39With the combination of Azure Kubernetes service,
165. 7:42Azure Synapse Analytics, and Azure
166. 7:44Machine Learning, we can take full advantage
167. 7:47of the innovation that Microsoft
168. 7:49already has in place to deliver value for
169. 7:52our customers.
170. 7:54In finance, AI helps teams operate faster and
171. 7:58smarter while safeguarding integrity and compliance.
172. 8:01So whether you're streamlining
173. 8:03operations, improving analytics, or
174. 8:05deepening relationships with clients,
175. 8:07these tools enable stronger decisions and
176. 8:10greater transparency.
177. 8:12With this, you've completed the
178. 8:14Microsoft AI for Business Leaders course, and
179. 8:17you should be equipped now to lead AI
180. 8:19transformation with confidence, clarity,
181. 8:21and responsibility.
182. 8:23We encourage you to learn more about this course and
183. 8:25search out your next favorite topic
184. 8:27on Microsoft Learn at aka.ms/learn