Commonplace Chartered Financial institution companions Microsoft to turn into a cloud-first financial institution
Standard Digitaled Bank is able to meet the demand for seamless banking virtually anytime, anywhere and make banking more accessible to people on their network
Standard Chartered Bank and Microsoft Corp.. announced a three-year strategic partnership to accelerate the bank's digital transformation through a cloud-first strategy. This partnership is an important milestone for Standard Chartered to make its vision for virtual banking, next generation payments, open banking and banking as a service a reality.
Leverage Azure blue As the cloud platform of choice, companies will also innovate in open banking and real-time payments to help the bank bring new banking experiences to customers.
As part of its digital transformation, Standard Chartered will take a multi-cloud approach where key applications, including its core banking and trading systems and new digital companies like virtual banking and banking-as-a-service, will be cloud-based by 2025 , subject to regulatory approvals. The bank will also apply a cloud-first principle for all new software developments and major improvements.
As technology changes the banking industry, Standard Chartered recognizes that a cloud-first strategy is critical to the bank's drive to make banking easier, faster, and more convenient. With digitization, the bank will be able to meet the demand for seamless banking virtually anytime, anywhere, and make banking more accessible to people on its network.
“The cloud is a cornerstone of Standard Chartered's strategy to meet our customers' current and future banking needs. Cloud providers have invested heavily in the reliability and automation of infrastructures and platforms. The use of cloud services improves our ability to be agile and innovative while increasing our operational efficiency and resilience, ”said Michael Gorriz, Group Chief Information Officer, Standard Chartered.
“Given the ongoing disruptions in the financial industry, we can focus on customer value by delivering our solutions faster and enabling faster integration of new business models and partners. In order to realize our digital ambitions, Standard Chartered has selected Microsoft as a strategic partner. This partnership is an important milestone for the bank in introducing a cloud-first approach. "
“The pandemic has made it clear that companies and banks need to be resilient in terms of risk reduction, costs and security. In light of the increasing trend of a constantly active digital economy, commercial and residential customers are looking for applications and services with which they can conduct online banking flexibly and efficiently from anywhere, ”added Bhupendra Warathe, Chief Technology Officer for Cloud Transformation at Standard Chartered .
“The speed and level of continuous innovation Azure offers enables us to innovate with the latest AI services to meet changing customer needs. We can test new apps in one market and quickly scale them to others. This is especially important for a bank with such a broad and diverse presence as ours. "
Standard Chartered will introduce Microsoft Azure as the preferred cloud platform to meet the bank's need for resilient data centers and cloud services and to meet customer security, privacy and compliance requirements across the bank's global presence.
The first features for the move to Microsoft Azure are Standard Chartered's trade finance systems, which enable seamless cross-border trading for the bank's corporate and institutional clients.
The partnership will also drive the bank's digital workplace transformation. Microsoft 365 and Microsoft Teams provide Standard Chartered's 84,000 employees in 60 markets with modern tools for productivity and collaboration.
Standard Chartered will also use artificial intelligence (AI) and data analytics capabilities from Microsoft Azure to improve and automate banking processes and enable hyper-personalization of its customer products and experiences. The joint innovation in the Open Banking Application Programming Interface (API) and Internet-of-Things-based real-time payments will also help the bank to develop new banking experiences for customers.
Bill Borden, Microsoft's corporate vice president of global financial services, said, “Cloud computing enables financial institutions to modernize their infrastructure and systems to have the flexibility they need to respond to competitive pressures, regulatory frameworks and customer demands. We are determined to support Standard Chartered Bank on their digital transformation journey to meet changing client needs and build the next generation of banking experiences. "
