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HCL FSI solutions now to be offered on Microsoft Cloud for Financial Services

HCL FSI solutions now to be offered on Microsoft Cloud for Financial Services
Photo Credit: Reuters
26 Jul, 2021

Noida-based IT major HCL Technologies has been selected as a launch partner for Microsoft’s recently announced industry cloud – Microsoft Cloud for Financial Services. 

With the partnership, HCL’s own banking platform, PowerBanking product, will be hosted on the Microsoft Cloud for Financial Services.  

The Microsoft offering looks to tackle three key elements of the cloud puzzle: one is better security through multi-layered security, second is tackling regulations through a comprehensive compliance coverage and third to provide scalability for fast expansion.

HCL’s PowerBanking product will allow retail banks to access better customer engagement and will also provide different customisations based on the preferences of the clients.  

Additionally, HCL’s own Microsoft Wing, the HCL Microsoft Ecosystem Unit, will work with a set of clients in private to utilise the components of the system in future scenarios, the company said.

 “We have partnered with Microsoft in this key initiative because they will enable our HCL Financial Services Ideapreneurs (FSI) to incorporate their decades of domain expertise into a futuristic hyperscale foundation,” Rahul Singh, president, HCL Financial Services, said. 

The cloud has historically been an area where BFSI CIOs had been a little skeptical, owing to the privacy concerns around the cloud, especially the public cloud. Microsoft announced the launch of its Cloud for Financial services in February this year, looking to tap into a growing digital transformation market accelerated by the pandemic and led by the BFSI sector.

 “Banking customers working with HCL can take advantage of a tailored cloud solution built on Microsoft’s trusted platform with robust security and compliance,” Bill Borden, corporate vice president of Worldwide Financial Services, Microsoft, said.  

HCL and Microsoft have had a long standing 15-year partnership in the industry. A key cog in the wheel of the partnership is the HCL Infrastructure Services Division, offered through Microsoft Azure.  

The partnership also offers software as a service and infrastructure as a service hosting solutions to its customers.