The financial services industry touches our lives almost on a daily basis. As a result, the industry has various requirements to be taken into consideration. It is one of the most regulated industries globally. It presents a unique set of challenges in all spheres of their work, including the technological requirements.
Microsoft Dynamics 365 Business Central has been a success in this industry as it has a thorough understanding of the business processes. Let us look at the benefits it offers to the businesses operating in the financial services sector.
Data crunching and analysis is the heart of the financial services industry. A lot of financial services companies do not have a single platform to store data. Hence, the data is stored in different locations or is available across multiple spreadsheets. It becomes cumbersome and time-consuming to collate data from these separate files and places. Also, there are high chances that some data may get lost.
Microsoft Dynamics 365 Business Central provides a single unified platform that captures business-wide data under one roof. Also, there are user access and role-based mechanisms to ensure security and maintain the confidentiality of data. It prevents data loss significantly. It also saves a lot of time and resources, which otherwise the company would have spent on finding the missing data or compiling it from multiple places.
In addition to preventing data loss, Business Central also ensures data access at all times. It is due to the fact that it is a cloud-based platform. It makes data available from anywhere, at any time, and from any device. There are features in place to ensure that the data is secured and is not compromised.
Also, Business Central guarantees 99.9% uptime which means that your data is virtually available to you round the clock.
As we know, the financial services industry has to adhere to various complex compliances and guidelines. If you are using a solution that is manual and not integrated, it can be tedious. Also, since a lot of manual processes are involved, it may result in human error.
Microsoft Dynamics 365 Business Central provides capabilities to automate multiple processes, thereby reducing the chances of a human error. Also, it is an integrated platform, and as a result, the amount of time spent on ensuring adherence to various legislations and compliances reduces considerably.
In a financial service business, there are multiple processes and workflows. Business Central has taken that into consideration and provides multiple capabilities straight out of the box. However, if some additional features are required, Business Central provides the flexibility to customise them as per the requirements.
Microsoft provides AppSource, a repository of popular third-party applications that can easily integrate with Business Central. It will help create a customised solution as per your business requirements. Also, Business Central can easily integrate with other Microsoft applications like Power BI, Microsoft Office Suite, Microsoft Outlook and others. So, if you have data in multiple Excel sheets, it can be easily made available in the Business Central interface.
An employee may need to store a lot of client data to enable them to serve them better. Also, they should be able to access the data as and when requested by the client. Business Central allows the users to share data with other team members. It also has features to define role-based access to data. It makes it easy for the employees to access the data in a few clicks.
Also, users can automate various processes that they might be doing manually. It frees up their time from mundane tasks, and they can use it to focus on other critical strategic tasks.
Also, since the Business Central interface is similar to other popular Microsoft products, user need not spend a lot of time learning the platform. It saves time and resources that a company might spend on training the employees on a platform. All these features help employees improve their efficiency and boost employee productivity.
The financial industry is volatile in nature and changes rapidly. It is essential to know about the current happenings, historical records, and possible future trends.
Business Central provides real-time data access to relevant stakeholders to allow them to make informed decisions. The users can generate reports quickly and easily without any technical assistance and analyse them to gain essential business insights.
It helps them to stay on top of the situation and react quickly to the evolving industry trends. The ability to make quick decisions can prove to be valuable for the company.
The financial services industry is heavily dependent on the credibility and reputation of the business. The customers’ trust is critical as there are monies involved. Hence, they have to focus on delivering a great customer experience and earn the customer’s trust. For this, they should be able to delight the customers every step of the way and satisfy them. It requires them to know everything about the customer.
Business Central has a CRM integrated that allows you to store all the customer data within it. It provides a 360-degree view of the customer interactions with your business. All this data is readily available to the customer service team as well as the sales team. It helps them understand the customer requirements better and resolve any queries, issues, or grievances the customer might have at the earliest.
As we can see, Microsoft Dynamics 365 Business Central offers numerous benefits for a financial services company. If you are interested to know more about Microsoft Dynamics 365 Business Central for your business, you may connect to us at CocoonIT Services Pvt Ltd. We are a leading Microsoft Business Central ERP and Microsoft Dynamics 365 partner located in Mumbai.
We are a trusted Microsoft Gold partner offering intuitive Enterprise Technology Consulting and Automation implementation. We also provide ongoing support as per your business requirement.
We help businesses in their digital transformation journey by delivering Microsoft Business Automation tools, Power Apps, Microsoft Dynamics 365 Business Central, Microsoft Azure, Microsoft Power BI, and other technology solutions services and support.