Having a common data model is an asset for Financial Services Organisations, and with Microsoft Dynamics 365 offering data model support for banking and finance – the benefits are easier than ever to obtain.
Microsoft’s Dynamics 365 Common Data Model gives Financial Service Organisations a holistic view of their customer information across all business units and enables business processing in real-time. This means data is up-to-date, reliable, and accessible whenever and wherever it is needed. These kinds of advantages help Financial Service Organisations remain confident in maintaining their market differentiator, while also minimising their applications and reducing manual processes with little up-front development cost.
Common Data Models Explained
Microsoft explains the Common Data Model (CDM) as “the shared data language used by business and analytical applications.” It consists of a set of a standardised and extensible data schemas, enabling consistency of data and its meaning across applications and business processes.”
Simply, a Common Data Model helps businesses do more with their data by unifying it across all business processes and enabling information exchange among apps. The benefits include:
- Building a single source of truth to help Financial Service Organisations make better business decisions based on a shared understanding of data and its insights. Easily integrated with Dynamics 365, PowerApps, Power BI, and Azure, the Microsoft Common Data Model unifies data across all aspects of a business.
- Tailored service that can easily adapt and extend using metadata systems. With open-source standard definitions, companies can customise their schema to their unique business needs.
- Single metadata definitions that can be customised, allowing for easier building, reporting, and creation. Business entities like marketing, sales, service, and accounts can all operate from the same insights and perspective, unifying operations and streamlining success.
Dynamics 365 for Finance
With Microsoft’s Common Data Model elevating how businesses perform, the Dynamics 365 Banking Accelerator helps them go further. The platform allows Financial Service Institutions to develop solutions based on the entities and attributes they constantly leverage – such as those used for customer experiences and business processes.
With Dynamics 365 and Microsoft’s Common Data Model, Financial Service operations can explore:
- Model-driven apps to explore how Dynamics 365 and the Common Data Model can be used in their business, such as for gaining insight into customer engagement, improving internal processes, and onboarding.
- Power BI dashboards for analytics and insight across unified visual dashboards.
- The implementation of banking data models in Azure for analytics, AI, and Machine Learning.
- Relationship manager for improved administration, including appointment and referral visualisation on a dashboard, as well as agile app development via the PowerApp platform.
Common Data Models and the Power of Microsoft
When it comes to making the most of your digital investments, Microsoft can help. Many Financial Service Institutions are still using paper-based internal processes and are unsure of how to appropriately digitise their operations. Microsoft Dynamics 365 and PowerApps solutions replace these processes, allowing companies to maintain their market differentiator, modernise, and drive efficiency with little up-front cost.
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