Improving Financial Services’ Efficiency with Copilot for Microsoft 365

Recently, Protiviti worked with Microsoft to author a whitepaper titled Microsoft Copilot for Microsoft 365: Maximizing its Potential for Financial Services Industry. In this whitepaper, Microsoft and Protiviti provide detailed information on the benefits, use cases and considerations for Copilot for Microsoft 365 in Financial Services. We’ve summarized the whitepaper below; download the full version here.

In an era of rapid technological advancement, businesses are increasingly turning to artificial intelligence (AI) to enhance productivity, streamline processes and improve decision-making. One such tool making waves in the financial services sector is Copilot for Microsoft 365. This generative AI (GenAI) solution seamlessly integrates with Microsoft 365 applications, offering a range of capabilities that can revolutionize how knowledge workers operate.

What is Microsoft Copilot?

Microsoft Copilot for Microsoft 365 is a GenAI tool that helps knowledge workers enhance productivity, create new content, summarize existing information, and perform in-app tasks. It integrates directly with Microsoft Teams and Microsoft 365, including Word, Excel, PowerPoint, Outlook, Loop, Whiteboard and OneNote so that Copilot is embedded into day-to-day collaboration tools. Key features include:

  • Content generation: Copilot can create written content, summaries and responses based on user prompts. Whether drafting emails, composing reports or summarizing lengthy documents, Copilot provides efficient solutions.
  • Data-driven insights: Leveraging data from Microsoft Graph, Copilot offers tailored responses. It understands context, user preferences and organizational data access permissions.
  • Responsible AI framework: Copilot adheres to a responsible AI framework, helping organizations comply with regulatory standards, data privacy and security regulations.

Use cases in financial services

Copilot for Microsoft 365 can help FSI information workers, managers and executives work more efficiently and get positive outcomes faster by focusing on common financial services use cases that may be repetitive or labor intensive. For example:

  • Compliance and document scanning
    • Copilot can scan compliance documents, flagging potential issues and ensuring adherence to regulations. It can help identify anomalies, reduce manual review time and minimize errors.
  • Operational efficiency
    • In day-to-day operations, Copilot can automate routine tasks and assist in data entry. This efficiency boost allows financial institutions to focus on strategic initiatives.
  • Investment analysis
    • Copilot can analyze market trends, summarize research reports and provide insights for investment decisions. Its ability to process vast amounts of data quickly is invaluable for analysts.
  • Financial advisors
    • Wealth managers and financial advisors can better prepare for customer meetings by summarizing information into engaging presentations or pitch books, driving better conversations and outcomes.

Business benefits

Copilot for Microsoft 365 is a technology investment and measuring its ROI requires first assessing the organization’s pain points and identifying where Copilot can make a significant impact. A key benefit to consider is the time savings that can be gained by simplifying repetitive or complex tasks which can result in workers spending more time on tasks that might require deeper human review and engagement.

  • Enhanced productivity: Copilot accelerates content creation, freeing up time for critical tasks.
  • Cost savings: By automating repetitive processes, organizations reduce operational costs.
  • Improved customer experiences: Faster responses and accurate information enhance customer interactions.

Challenges and considerations

As the regulatory environment continues to evolve, Microsoft has committed to continually adapt to fulfill future regulatory requirements. Copilot is built on top of Microsoft’s current commitments to data security and privacy in the enterprise. Copilot is integrated into Microsoft 365 and adheres to all existing privacy, security and compliance commitments to Microsoft 365 commercial customers, including.

  • Bias mitigation: Copilot’s responses are influenced by training data. Organizations must monitor and address any biases.
  • Data security: Protecting sensitive information is crucial. Copilot should adhere to data access controls.
  • Human oversight: While AI is powerful, human judgment remains essential.

Managing and governing a generative AI solution

The importance of establishing a robust governance framework for GenAI solutions, like Microsoft Copilot for Microsoft 365, cannot be overstated. Unlike traditional AI technologies, generative AI presents unique challenges that require policies to address each organization’s objectives for implementing GenAI. These governance frameworks should prioritize scalability, flexibility and ethical application while mitigating issues of bias in AI technologies. Key considerations include understanding the business value delivered, ensuring data security and privacy, managing solution training and acknowledging solution accuracy limitations.

Data processing, storage, flow and isolation are critical aspects of a comprehensive governance framework. It is imperative for financial institutions to grasp how Copilot operates within Microsoft 365, ensuring effective protection of sensitive data while facilitating productive user interactions. By delineating the steps involved in data handling and enforcing stringent security controls, organizations can instill confidence within the organization in Copilot’s ability to safeguard both user and organizational data.

Microsoft’s commitment to compliance with global privacy laws and industry standards, such as GDPR and ISO/IEC 27001, reinforces its dedication to maintaining data integrity and security. Rigorous audits and encryption protocols further underscore Microsoft’s commitment to protecting customer data, both at rest and in transit.

While Microsoft currently does not provide data residency commitments beyond the EU data boundary for Copilot, plans are underway to extend data residency commitments to facilitate compliance with regulatory requirements worldwide. By adhering to stringent data protection standards and continuously improving its security infrastructure, Microsoft aims to provide FSI customers with peace of mind while leveraging the transformative potential of GenAI technologies like Copilot.

Preparing for Copilot deployment

Microsoft Copilot for Microsoft 365 provides tremendous promise for transforming business and operations in financial services. There are real opportunities for achieving a competitive edge by using Copilot to optimize business processes, improve productivity and enable better customer experiences. FSIs are also very aware of the associated risks to both their data and organization that GenAI presents as well as the need to prepare for it. To address these risks, Microsoft has provided these approaches, tools and capabilities to help protect sensitive corporate data:

  • Prerequisites: Ensure Microsoft 365 technical prerequisites, adoption programs, communications and user training are in place.
  • Governance: Establish guidelines for Copilot usage, including monitoring and feedback loops.
  • Pilot testing: Test Copilot in controlled environments before full deployment.

Microsoft Copilot represents a leap forward in AI-driven productivity. Financial institutions embracing this technology stand to gain efficiency, accuracy, and competitive advantage. As the FSI landscape evolves, Copilot will continue to shape how financial institutions work, one prompt at a time.

To learn more about Copilot for Microsoft 365 or other Microsoft solutions, contact us.

Antonio Maio

Managing Director
Technology Consulting - Microsoft

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