This is the second blog in a two-part series exploring the transformation of Asia’s financial services industry (FSI) and spotlighting the partners at the forefront of the innovation. Read the first blog here.
Asia’s financial services industry is undergoing rapid transformation, driven by increasing regulatory demands and operational complexities. Innovative Microsoft partners—particularly software development companies, formerly known as independent software vendors—are at the forefront of this transformation, leveraging advanced agentic AI to help financial institutions meet their challenges head-on. This blog explores how these collaborations are helping financial institutions achieve compliance, operational excellence, and future-ready innovation.
The ever-evolving financial landscape
- Regulatory pressures: Financial institutions face intensifying compliance requirements and the challenge of managing vast volumes of unstructured data, particularly from client interactions and voice records. According to a study by LexisNexis® Risk Solutions conducted by Forrester Consulting, financial crime compliance costs increased for 98% of financial institutions in 2023, with the total cost of financial crime compliance in APAC reaching $45 billion.1
- Limitations of traditional approaches: Manual sampling and analysis are increasingly unsustainable due to time, cost, and the risk of human error. According to Accenture, AI-based remediation can deliver 50–70% in cost savings compared to traditional compliance methods, underscoring the inefficiencies of manual processes and the value of automation.
How Microsoft partners are driving transformation
- Advanced technology adoption: Partners are implementing solutions built on the Microsoft Cloud and AI to automate compliance, offer real-time insights, and reduce risks across operations. According to the World Economic Forum, around 70% of financial services executives believe AI will be a direct driver of revenue growth, not just operational efficiency.
- Intelligent data management: Tools such as speech-to-text processing and secure cloud storage allow for holistic analysis of client interactions and seamless data integration.
- Efficiency and productivity: Automation minimizes manual effort, freeing teams to focus on high-value tasks and boosting overall productivity.
How partners are unlocking value from unstructured data
- Innovative data solutions: Partners are transforming document and information management by automating data collection and turning scattered data into actionable insights.
- Enhanced connectivity: These advancements create a more agile and competitive financial ecosystem, where organizations can confidently address regulatory complexities and drive growth.
This powerful combination of technology and strategic partnerships is reshaping the financial services industry in Asia, setting the stage for the partner innovations explored below.
FinTalkr, developed by Syndey-based Fifth Logic, addresses critical challenges in financial services, including compliance risks and inefficiencies in managing unstructured voice data. FinTalkr tackles these challenges by leveraging AI to capture and analyze meeting data in real time, offering guidance and automating compliance documentation. The platform can help financial advisers double their client book, equating to more than $20–$100 million annually for firms with 500 advisers. Additionally, FinTalkr mitigates risks with an AI-driven approach to compliance, helping to avoid regulatory fines and reputational risks. Supported by Microsoft and third-party partners, FinTalkr is poised for regional expansion, particularly across Asia, and marketplace integration.
AND Solutions, Mongolia's largest fintech company, addresses major challenges in the Asia region, such as fragmented workflows, disconnected data, and inefficient manual processes. Their AI-powered platform, Mindox AI, revolutionizes intelligent document processing by automating data collection, streamlining management, and converting unstructured information into actionable insights. The solution has achieved a 70% reduction in costs, processing that is 300 times faster, and an 80% decrease in human errors. For example, when TR Bank in the Philippines adopted Mindox AI, they saw document processing times plummet from four hours to a single minute, vividly illustrating the solution’s real-world effectiveness.
Key components of the platform include omnichannel data ingestion, processing orchestration via Azure Kubernetes Service, and event-driven workflow automation powered by Azure Service Bus. The solution also uses Azure Machine Learning to automate the lifecycle of object detection, layout analysis, and key information extraction models. Committed to innovation and strategic partnerships, AND Solutions enhances Mindox AI’s capabilities through cutting-edge technologies, such as Azure OpenAI Service, delivering an intuitive, user-friendly platform that transforms business operations. This solution is now accessible through the Microsoft marketplace.
By embracing advanced technology adoption, intelligent data management, and the power of strategic partnerships, financial services organizations in Asia are not just meeting today’s regulatory and operational challenges, they’re positioning themselves for future growth and resilience. With the help of Microsoft and its network of innovative partners, institutions can navigate a rapidly evolving landscape, drive operational excellence, and deliver lasting value to their clients.
1Throughout this document, $ refers to US dollar (USD).