Microsoft helps Standard Chartered Bank become cloud-first
In a recent announcement made by , the technology company will collaborate with Standard Chartered Bank as part of a three year strategic partnership. The two organisations will work to accelerate Standard Chartered Bank’s digital transformation via a cloud-first strategy.
The partnership marks a significant milestone for the bank, providing it with the capability to realise its vision for virtual banking, next generation payments, open banking and banking-as-a-service.
The company will leverage Azure as its preferred cloud platform, and will work with Microsoft to co-innovate open banking capabilities and real time payments to unlock new banking experiences.
As part of its transformation strategy, the bank will adopt a multi cloud approach. This approach will see a significant amount of the bank’s applications - including its core banking and trading systems, as well as virtual banking and banking-as-a- service - will be cloud based by 2025.
Recognising that technology is reshaping the banking industry, Standard Chartered Bank will adopt a cloud-first approach for all its new developments and enhancements. Which the bank highlights is critical to its ambition to make banking simpler, faster and more convenient.
“Cloud is a cornerstone of Standard Chartered’s strategy to meet the present and future banking needs of our clients. Cloud providers have invested massively in the reliability and automation of infrastructure and platforms. Using cloud services improves our ability to be agile and innovative, while increasing our operational efficiency and resilience. As disruption in the financial industry continues, we can focus on client benefits by deploying our solutions quicker and allowing for faster integration of new business models and partners. To realize our digital ambitions, Standard Chartered has chosen Microsoft as a strategic partner and this partnership marks a major milestone for the bank in adopting a cloud-first approach,” commented Michael Gorriz, Group Chief Information Officer of Standard Chartered.
Adopting Microsoft Azure will provide the bank with resilient data centres, cloud services, and the capability to address customer security, privacy and compliance requirements.
In addition, the partnership will advance the bank’s digital workplace transformation by harnessing Microsoft 365 and Microsoft Teams. The solutions will provide modern productivity and collaboration tools for its employees.
Co-innovating the future of banking
As part of its ambition to co-innovate, Standard Chartered Bank will use Microsoft Azure artificial intelligence (AI) and data analytics, to enhance and automate the banking process. The bank will also use the technology to deliver hyper-personalisation of its products and experiences.
By harnessing the co-innovation in open banking application programming interface (API) and the internet of things (IoT), the bank will be able to drive new banking experiences via real time payments.
“Cloud computing is an enabler for financial institutions to modernize their infrastructure and systems, to gain the agility they need to respond to competitive pressures, regulatory environments and customer demand. We are committed to helping Standard Chartered Bank in its ongoing digital transformation journey as it strives to address evolving customer needs and build the next generation of banking experiences,” commented Bill Borden, Corporate Vice President of Worldwide Financial Services at Microsoft.
Microsoft: Building a secure foundation to drive NASCAR
Microsoft is a key partner of The National Association for Stock Car Auto Racing (NASCAR) and together they are driving ahead to create an inclusive and immersive new fan experience (FX).
These long-term partners have not only navigated the challenges posed by the COVID-19 pandemic with the use of Microsoft Teams and Microsoft 365, but are now looking to a future packed with virtual events to enhance the FX, well beyond NASCAR’S famous Daytona racetrack.
“Together, we've created a secure environment that's allowed for collaboration, but the future is all about the fans”, said Melinda Cook, General Manager for Microsoft South USA Commercial Business, who cited a culture of transparency, passion, adaptiveness, and a growth mindset as to why this alignment is so successful.”
“We've partnered to create a fluid, immersive experience for the users that is supported by a secure foundation with Microsoft in the background. We are focused on empowering and enabling customers and businesses, like NASCAR, to reach their full potential. We do this with our cloud platform which provides data insights and security.”
“Our cloud environment allows NASCAR to move forward with their digital transformation journey while we are in the background,” said Cook who highlights that Microsoft is helping NASCAR
- Empower employees productivity and collaboration
- Improve fan engagement and experience
- Improve environment security and IT productivity
- Improve racing operations
Microsoft Teams, which is part of the Microsoft 365 suite, enabled employees to work remotely, while staying productive, during the pandemic. “This allowed people to provide the same level of productivity with the use of video conference and instant messaging to collaborate on documents. Increased automation also allows the pit crews, IT, and the business to focus on safety, racing operations, and on the fan experience,” said Cook.
“We have started to innovate to create a more inclusive fanbase, this includes using Xbox to give people the experience of being a virtual racer or even leveraging some of the tools in Microsoft Teams to have a virtual ride along experience.”
“These environments are how we create a more inclusive and immersive experience for the fans. We're working on a virtual fan wall which allows people from new locations to participate in these events,” said Cook, who pointed out Microsoft was also helping bring legacy experiences alive from NASCAR’s archives.
“At Microsoft we can take it one level further by letting fans know what it's like to see the pit crew experience, the data and all the behind-the-scenes action. We will continue to improve automation with machine learning and artificial intelligence, from marketing to IT operations to finance to racing operations,” said Cook.
Christine Stoffel-Moffett, Vice President of Enterprise Technology at NASCAR, said: “Microsoft is one of our key partners. They have been instrumental in helping the NASCAR enterprise technology team re-architect our Microsoft systems to ensure an advanced level of security across our environment, contribute to our business outcomes, and focus on fan experience.”