Standard Chartered signs deal with Microsoft to become "cloud-first bank"
The banking and financial services company Standard Chartered aims to become cloud-based by 2025 and they have just signed a three year deal with Microsoft to help them achieve their digital goal.
The banking and financial services company Standard Chartered has announced it aim to become cloud-based by 2025. In an indication of its commitment to do so, it has been reported that they have signed a three-year deal with Microsoft to help them achieve their digital goal.
Like many other companies, Standard Chartered is looking at a more virtual approach to offer a seamless experience to their customers, clients and employees.
Michael Gorriz, Group CIO, says: "MOX, our digital bank in Hong Kong, has all of its systems born in cloud only. Another example is, our new Global Payments system, scPay which is fully cloud-native and handles high-value as well as micropayments for the e-commerce world. By having our applications on cloud, we are also able to develop new business models and offer a broader portfolio of services by integrating with Fintech partners, our clients and marketplaces, like e-commerce platforms, ride-hailing ecosystems or super apps. New apps can be piloted in one market and scaled up rapidly across others which is especially important for a bank with a footprint as diverse as ours."
By signing with Microsoft, Azure will be Standard Chartered's cloud platform, aligning with its global customers' privacy, security and compliance needs.
First to move to Azure will be the company's trade finance systems and the bank's digital workplace will get a transformation with O365 and Microsoft teams, helping the company collaborate and connect with their 84,000 employees.
Bhupendra Warathe, chief technology officer, cloud transformation at Standard Chartered, said: “The speed and scale of continuous innovation offered by Azure allows us to innovate with the latest AI services to meet evolving client needs. We can pilot new apps in one market and scale them rapidly across others. This is especially important for a bank with a footprint as broad and diverse as ours.”
If you're looking to introduce cloud-based technologies into your business, or if you'd like to conduct an assessment of your communication needs, get in touch with Jonathan Phillips for a no-obligation conversation about how we may be able to help.