Microsoft names launch partner for financial services cloud

29 July 2021 | Melanie Mingas

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Microsoft has named Indian multi-national HCL Technologies as the launch partner for its Microsoft Cloud for Financial Services.

Back in January, HCL Technologies launched a dedicated HCL Microsoft Business Unit focused on Microsoft technologies, and integrating one of the largest Microsoft Dynamics practices in the world with PowerObjects, a HCL company.

PowerObjects went on to launch PowerBanking, built to leverage all available capabilities of the Microsoft Cloud for Financial Services. PowerBanking enables comprehensive scenarios for retail bank customer engagement and will now be offered as part of the Microsoft Cloud for Financial Services.

“We partnered with Microsoft in this key initiative because they will enable our HCL Financial Services Ideapreneurs to incorporate their decades of domain expertise into a futuristic hyperscale foundation,” said Rahul Singh, president, HCL Financial Services. “What our clients gain is a synergistic co-innovation effect: Microsoft surfacing new capabilities and HCL building differentiating solutions with our clients and partners.”

Bill Borden, corporate VP of worldwide financial services, Microsoft, added: "Our strategic partners like HCL Technologies play a critical role in enabling the Microsoft Cloud for Financial Services and elevating the digital transformation journey for our customers.

“Banking customers working with HCL’s deep expertise in retail banking can take advantage of a tailored cloud solution built on Microsoft’s trusted platform with robust security and compliance to speed time to value while unlocking innovation for sustainable growth.”

Meanwhile at IBM, its dedicated cloud service for the finance industry has added a new partner.

Supported by a growing ecosystem of more than 100 partners and fintechs, IBM has now partnered with SAP so its cloud clients can adopt onboarded SAP offerings, while addressing their regulatory and compliance standards.

IBM Cloud for Financial Services launched last year and is designed for banks, insurers and other institutions to transact with their technology partners and fintechs.

"As we continue to add partners, such as SAP, to our growing ecosystem, we're one step closer to driving a true change in cloud adoption for the industry to ultimately help reduce risk throughout the supply chain," said Joel Spieth, GM, IBM Cloud for Industries. "We're helping financial institutions modernize with SAP solutions on IBM Cloud for Financial Services, driving innovation, and creating operational efficiencies."

Cloud has become a major earner for the tech majors in their latest financial reports.

Yesterday, Alphabet and Microsoft reported record-setting quarterly results.

Google Cloud saw revenue increase 54% year on year to reach $4.6 billion, and Google Cloud cut its operating losses to $591 million, down from $1.4 billion this time last year.

At Microsoft, where total revenue increased 21% to reach $46.2 billion, Azure was the standout winner. Server products and cloud services revenue increased 34% – or 29% in constant currency – driven by Azure, which saw its revenue grow 51% (45% in constant currency). Total revenue in Intelligent Cloud was $17.4 billion an increase of 30%.