REDMOND, Wash. and NEW YORK – Microsoft and Morgan Stanley form strategic cloud partnership to “accelerate” the “digital transformation” of the financial company and advance the cloud provider’s offerings for the financial services industry.
Morgan Stanley and Microsoft plan to “unlock the opportunities” offered by Microsoft Azure, examining challenges in the financial industry and allowing Morgan Stanley to further modernize its IT environment to improve experiences for customers, employees and developers, according to the reports. companies last month.
The partnership aims to help Morgan Stanley meet customer needs, a complex regulatory landscape and increasing cyber threats.
Microsoft will provide scalable solutions that âenableâ the business to manage data-related tasks, growing risks and the demand for information in real time.
The companies plan to bring together the “engineering power” of their joint Azure and Morgan Stanley technical teams to “solve the challenges within the highly regulated financial services industry.”
Microsoft provides Morgan Stanley with a secure and compliant platform with data privacy at the center. The platform will âpower the cloud transformation of the enterpriseâ and extend to natively integrated platforms.
âAs we co-develop to shape the future of the cloud, Morgan Stanley will share its in-depth domain knowledge and engineering expertise to address the complexities of a globally regulated financial industry and help Microsoft improve its business. cloud offering to stay at the forefront of customers. innovation-centric, âsaid Rob Rooney, Chief Technology, Operations and Business Resilience Officer, Morgan Stanley.
As part of the cloud partnership, companies will focus on the following three areas:
- Application infrastructure: develop and co-design to meet key financial services requirements; bringing together common data models, inter-cloud connectors, workflows, APIs, and financial industry-specific components and standards.
- Digital transformation: aligned with Morgan Stanley’s cloud-first and multicloud strategy; resulting in the transition of workloads to Azure as well as Microsoft 365 and collaboration tools; and better service, information and connectivity to customers.
- Improve the customer, employee and developer experience: collaborate on requirements and capabilities across the latest technology to drive client and business-centric innovation in financial services by leveraging Morgan Stanley’s engineering and field expertise.
Morgan Stanley believes its customers, employees and businesses will benefit from the agreement in several ways: a wider range of services based on cloud native offerings; developer tools and resources that enable faster delivery of applications and enhancements, especially for clients and its more than 15,000 financial advisers in wealth management; and data sharing with institutional clients with offerings such as the Morgan Stanley API portal, providing direct connectivity in the cloud.
âAs one of the most regulated industries in the world, the journey of financial services organizations to the cloud is extremely complex and nuanced,â said Scott Guthrie, executive vice president of cloud and artificial intelligence ( IA), Microsoft.
“The partnership” will enhance innovation for the industry, while ensuring adherence to strict compliance and regulatory guidelines. “
The scope of the partnership extends beyond the cloud.
The deal will also shape Microsoft’s broader portfolio and create additional âcollaboration opportunitiesâ in financial services focused on the modern workplace and developer experience.
For example, the partners will work to improve the subsequent adoption of Microsoft GitHub, enabling Morgan Stanley to use a complete and fully integrated development environment based on Software as a Service (SaaS) and a chain of DevOps tools.
âThis partnership is a natural extension of our long-standing engineering relationship and our strong collaborative bond forged in the corporate space over the past decades,â said Microsoft. Rooney said.