Microsoft Power Apps for Banking & Finance

Power Apps helps financial institutions shift from an account-centric to a customer-centric model by enabling them to build apps that can connect to over 300 different data sources. This will enable them to gain a 360-degree view of the customer. Armed with this data — including household information, service history, products owned, major milestones, and customer preferences — banks and credit unions can focus on the individual and deliver personalized marketing, customer service, and more to enhance the customer or member experience.

Power Apps can create digital forms customers and members can fill out via mobile devices. With Power Automate one can automatically upload your data to a centralised database, where it can be securely stored, accessed, and updated as needed. This enables financial institutions to eliminate clunky legacy systems.

Banks can use Power Apps to modernise and simplify your onboarding process. Power Apps can be used to onboard new customer using the digital forms to fill out electronically with basic information such as their name, date of birth, address, contact information and general preferences. Power Automate can upload that information to a centralised database and automatically start to build out a customer profile based on the details provided. Power Automate simultaneously uploads the new customer information to its core customer relationship management system, that data is also pushed to other solutions within its software ecosystem and customer data records are automatically updated.

Banks can use Power Apps to save time for their employees and increase customer experience through automating your manual processes using Power Automate. For example, a bank teller might talk to a customer who’s interested in a mortgage and then must manually route that information to a loan originator. From there, the loan originator would have to use one system to originate the loan application, and then another to track that application as it is processed. Banks can use Power Automate to automatically track this process and a Power App to build an interface to view progress updates, thereby enabling them to manage everything from a single system and save time and clicks.

Banks can use Power Apps to create mobile apps and experiences that enable financial advisors and other employees to securely service their clients even when they aren’t in the main office. Power Automate can enable employees to collaborate in real time without the need for face-to-face interaction.

Banks can use Power Apps to automate complex, multi-stage approvals for larger deals. Excel-based approval processes, that creates a significant amount of work not only for the individual’s requesting approval, but also for the approvers can lead to a lack of diligence and slow, inefficient processes holding the client’s business back. Power Apps can transform your business by creating a flow in Power Automate that enables you to automatically trigger an approval request any time a deal reaches the approval stage. Essentially this can reduce your approval process from one to three weeks to one to three days, saving valuable time and automatically preserve the client’s approval history ensuring traceability.

Power Apps can be used to modernise the customer and member engagement experience, starting with Power Virtual Agents. Power Virtual Agents makes it easy for financial institutions to create artificially intelligent chatbots that can integrate with any number of services, from their online banking platform to their mobile banking solution.

Banks can use Power Apps to build easy-to-use portals on their online banking platforms that enable customers and members to submit requests, securely look up account information, ask questions or submit customer support tickets.

Power Apps can provide banks and their multiple different departments with a common underlying data platform while still giving each group the unique experience it needs. This will improve collaboration between the typical siloed departments.