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.