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Article

10 ways that financial institutions can get the most out of Microsoft 365

July 26, 2023
#
Managed cloud and IT Microsoft Managed services Digital transformation Financial institutions Cloud services
IT infrastructure Managed IT services Financial services Microsoft 365

With community banks expecting earnings declines of up to 22% in 2023, many financial institutions will strive to maximize existing investments, mainly in technology. While the technology mix from bank to bank, or credit union to credit union, will vary greatly among cores, lending platforms, CRM and the like, one consistent technology is Microsoft 365. Few financial institutions will reduce their use of this platform.

Financial institutions can improve efficiency and reduce risk by optimizing their use of Microsoft 365 through the following strategies:

#1

Comprehensive planning:

Develop a thorough implementation plan that aligns with the financial institution’s specific requirements and goals. Consider factors such as user adoption, data migration, integration with existing systems, and regulatory compliance.

#2

User training and adoption:

Provide employees with comprehensive training and resources to ensure they are proficient with the Microsoft 365 suite. Encourage the adoption of key productivity tools such as Outlook, Teams, SharePoint and OneDrive to enhance collaboration and communication.

#3

Data security and compliance:

Implement robust security measures to protect sensitive data and ensure compliance with relevant regulatory expectations. Utilize features like data loss prevention (DLP), information rights management, and multifactor authentication  to safeguard data and prevent unauthorized access.

#4

Governance and policy enforcement:

Data security and compliance: Implement robust security measures to protect sensitive data and ensure regulatory compliance. Utilize features like data loss prevention (DLP), information rights management, and multifactor authentication to safeguard data and prevent unauthorized access.

#5

Advanced threat protection:

Activate Microsoft 365's advanced threat protection features to enhance security against cyber threats. Enable features such as Exchange Online Protection, Office 365 Advanced Threat Protection, and Microsoft Defender for Endpoint to detect and mitigate email phishing, malware and other cyberattacks.

#6

Automation and workflows:

Leverage the Microsoft Power Platform (Power Automate, Power Apps, Power Pages, Power Virtual Agents) to automate routine tasks and streamline processes. Build customized workflows and applications to enhance productivity and reduce manual effort.

#7

Collaboration and communication:

Encourage the use of Microsoft Teams as a central hub for communication, collaboration and document sharing. Utilize Teams features like channels, meetings, voice, contact center and document collaboration to enhance teamwork and efficiency.

#8

Data analytics and reporting:

Utilize Power BI to gain insights from data within Microsoft 365. Create custom reports and dashboards to monitor key performance indicators, track user adoption and identify areas for improvement.

#9

Regular updates and maintenance:

Stay plugged into Microsoft 365's updates and new features. Regularly apply patches and security updates to ensure the apps remain secure and benefit from the latest enhancements.

#10

Continuous improvement:

Establish feedback mechanisms to gather input from users and identify areas for improvement. Encourage user engagement and involvement in the ongoing development and optimization of Microsoft 365 solutions.

#1

Comprehensive planning:

Develop a thorough implementation plan that aligns with the financial institution’s specific requirements and goals. Consider factors such as user adoption, data migration, integration with existing systems, and regulatory compliance.

#2

User training and adoption:

Provide employees with comprehensive training and resources to ensure they are proficient with the Microsoft 365 suite. Encourage the adoption of key productivity tools such as Outlook, Teams, SharePoint and OneDrive to enhance collaboration and communication.

#3

Data security and compliance:

Implement robust security measures to protect sensitive data and ensure compliance with relevant regulatory expectations. Utilize features like data loss prevention (DLP), information rights management, and multifactor authentication  to safeguard data and prevent unauthorized access.

#4

Governance and policy enforcement:

Data security and compliance: Implement robust security measures to protect sensitive data and ensure regulatory compliance. Utilize features like data loss prevention (DLP), information rights management, and multifactor authentication to safeguard data and prevent unauthorized access.

#5

Advanced threat protection:

Activate Microsoft 365's advanced threat protection features to enhance security against cyber threats. Enable features such as Exchange Online Protection, Office 365 Advanced Threat Protection, and Microsoft Defender for Endpoint to detect and mitigate email phishing, malware and other cyberattacks.

#6

Automation and workflows:

Leverage the Microsoft Power Platform (Power Automate, Power Apps, Power Pages, Power Virtual Agents) to automate routine tasks and streamline processes. Build customized workflows and applications to enhance productivity and reduce manual effort.

#7

Collaboration and communication:

Encourage the use of Microsoft Teams as a central hub for communication, collaboration and document sharing. Utilize Teams features like channels, meetings, voice, contact center and document collaboration to enhance teamwork and efficiency.

#8

Data analytics and reporting:

Utilize Power BI to gain insights from data within Microsoft 365. Create custom reports and dashboards to monitor key performance indicators, track user adoption and identify areas for improvement.

#9

Regular updates and maintenance:

Stay plugged into Microsoft 365's updates and new features. Regularly apply patches and security updates to ensure the apps remain secure and benefit from the latest enhancements.

#10

Continuous improvement:

Establish feedback mechanisms to gather input from users and identify areas for improvement. Encourage user engagement and involvement in the ongoing development and optimization of Microsoft 365 solutions.

By following these strategies, a financial institution can maximize its investment in Microsoft 365, achieve higher efficiency, enhance collaboration and mitigate risks associated with data security and compliance.

Interested in getting the most out of your Microsoft 365 investment? RSM has developed a Microsoft 365 for financial institutions jump-start solution, which can quickly identify areas of improvement or underutilized features, look at software licence optimization, and create a road map to help you avoid implementation and usage pitfalls.

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