Standard Chartered Bank has selected cloud services provider Microsoft for the deployment of Azure as a preferred cloud platform.
The three-year Cloud deal with US-based Microsoft will assist Standard Chartered in making its vision for virtual banking, next-generation payments, open banking and banking-as-a-service a reality.
Cloud infrastructure services passed the $30 billion milestone in Q2 2020, an increase of $7.5 billion from the second quarter of 2019, Synergy Research Group said.
Amazon Web Services (AWS) has around 33 percent market share in the Cloud infrastructure services. Microsoft has 18 percent share in Cloud infrastructure services business. Google has 9 percent share in the Cloud infrastructure services segment.
Cloud strategy of Standard Chartered
Standard Chartered will adopt a multi-cloud approach, where significant applications, including its core banking and trading systems and new digital ventures such as virtual banking and banking as-a-service, will be cloud-based by 2025.
The bank will also adopt a cloud-first principle for all new software developments and major enhancements.
“Cloud providers have invested 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,” Michael Gorriz, chief information officer (CIO) of 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,” Bhupendra Warathe, chief technology officer, Cloud Transformation at Standard Chartered, said.
Standard Chartered will adopt Microsoft Azure as a cloud platform to meet the bank’s need for resilient data centers and cloud services and addressing customers’ security, privacy and compliance requirements across the bank’s global footprint.
The partnership will also advance the bank’s digital workplace transformation with Microsoft 365 and Microsoft Teams providing modern productivity and collaboration tools to Standard Chartered’s 84,000 employees across its 60 markets.
Standard Chartered will use Microsoft Azure artificial intelligence (AI) and data analytics solutions to enhance and automate banking processes as well as deliver personalization of its client products and experiences.
Co-innovation in open banking application programming interface (API) and Internet-of-Things-based, real-time payments will also help the bank unlock new banking experiences for clients, said Bill Borden, corporate vice president of Worldwide Financial Services at Microsoft.