Microsoft’s new cloud service for financial services companies, set to launch Nov. 1, aims to provide financial institutions with support for automated lending processes.

Microsoft Cloud for Financial Services, which soft-launched in February, will include Collaboration Manager, a tool that supports front- and back-office automations of lending processes, incorporating functions such as e-signatures and collaboration support for underwriters and loan officers, Microsoft spokesperson Daymon Standridge told Bank Automation News.

“The capabilities in customer onboarding and collaboration manager helps digitize processes like mortgage lending,” Standridge said. “Financial services institutions can leverage the capabilities to help unlock value creation unique to its business.”

The cloud solution integrates with lending systems and cores to “extend automation, collaboration and communications,” he noted.

Mortgage loan officers can also monitor the loan process with the service, according to Microsoft.

The $138.6 billion Navy Federal Credit Union and $122.9 billion UK-based Virgin Money UK were among the first FIs to use Microsoft Cloud for Financial Services, the company said. Navy Federal did not respond to a request for comment by BAN’s deadline today.

Microsoft announced the release date for the solution in a blog post written by Bill Borden, corporate vice president of worldwide financial services. Borden revealed new capabilities around cybersecurity and regulatory compliance, specifically:

• A “white-glove service” provided by a team of engineering subject matter experts who will support internal and external risk, audit and compliance teams in addressing financial services regulatory compliance, cybersecurity and privacy issues; and
• Regulatory compliance assessments that help organizations manage compliance requirements, “from taking inventory of data protection risks to managing the complexities of implementing controls, staying current with regulations and certifications and reporting to auditors,” Borden wrote.

The new cloud service also offers self-service tools to support customer onboarding and communication across all channels. The software offers FIs a unified customer profile, which “helps financial services organizations tailor customer experiences through a 360-degree view of the customer by bringing together financial, behavioral, and demographic data,” Borden noted.

Several organizations have partnered with Microsoft to offer integration solutions, including consulting and information technology services firms Accenture, Capgemini and EY; and vendors such as core provider Finastra, integrated mortgage platform Mortgage365 and digital banking platform Backbase.

Shares of Microsoft [NASDAQ: MSFT] were trading at $288.76 as of 4:21 p.m., up 2% as of market open.