Standard Chartered Bank partners with Microsoft to become a cloud-first bank
On August 11, 2020, Standard Chartered Bank and Microsoft announced a three-year partnership aimed at advancing the bank's digital transformation through a cloud-first strategy. This collaboration will leverage Microsoft Azure to transition key banking applications to the cloud by 2025, enhancing operational efficiency, agility, and customer service. The initiative includes adopting AI and data analytics to personalize client experiences and improve banking processes. Additionally, Microsoft 365 and Teams will facilitate workplace productivity for over 84,000 employees across 60 markets.
- Strategic partnership with Microsoft enhances Standard Chartered's digital transformation.
- Transition to Microsoft Azure cloud by 2025 aimed at improving banking operations.
- Utilization of AI and data analytics for hyper-personalization of banking services.
- Improved productivity and collaboration with Microsoft 365 and Teams for employees.
- None.
SINGAPORE and REDMOND, Wash., Aug. 11, 2020 /PRNewswire/ -- Standard Chartered Bank and Microsoft Corp. on Tuesday announced a three-year strategic partnership to accelerate the bank's digital transformation through a cloud-first strategy. This partnership marks a significant milestone for Standard Chartered in making its vision for virtual banking, next-generation payments, open banking and banking-as-a-service a reality. Leveraging Azure as a preferred cloud platform, the companies will also co-innovate in open banking and real-time payments to help the bank unlock new banking experiences for clients.
Embarking on a cloud-first strategy
As part of its digital transformation, Standard Chartered will adopt a multicloud 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, subject to regulatory approvals. The bank will also adopt a cloud-first principle for all new software developments and major enhancements.
As technology reshapes the banking industry, Standard Chartered recognizes that a cloud-first strategy is critical to the bank's ambition to make banking simpler, faster and more convenient. By being digital-first, the bank will be able to meet the demand for seamless banking virtually anytime, anywhere, and make banking more accessible to people across its network.
Michael Gorriz, Group Chief Information Officer of Standard Chartered, said, "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."
Bhupendra Warathe, Chief Technology Officer, Cloud Transformation at Standard Chartered, added, "The pandemic has shone a spotlight on the need for businesses and banks to be resilient from a risk mitigation, cost and security perspective. With the increasing trend of an always-on digital economy, commercial and consumer clients are looking for applications and services that empower them to do online banking from anywhere, flexibly and efficiently. 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."
Standard Chartered will adopt Microsoft Azure as a preferred 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 first set of capabilities to move to Microsoft Azure will be Standard Chartered's trade finance systems, allowing for seamless cross-border trade for the bank's corporate and institutional clients.
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.
Co-innovating the future of banking
Standard Chartered will also use Microsoft Azure artificial intelligence (AI) and data analytics capabilities to enhance and automate banking processes as well as deliver hyper- 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. Bill Borden, Corporate Vice President of Worldwide Financial Services at Microsoft, said, "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."
Addressing the social needs of communities in the emerging markets
Standard Chartered strives to understand the evolving needs of its communities and be an enabler for change. As a part of the strategic partnership, the bank and Microsoft will explore sustainable finance and business initiatives to expand sustainability across the industry.
About Standard Chartered Bank
We are a leading international banking group, with a presence in 60 of the world's most dynamic markets, and serving clients in a further 85. Our purpose is to drive commerce and prosperity through our unique diversity, and our heritage and values are expressed in our brand promise, Here for good.
Standard Chartered PLC is listed on the London and Hong Kong Stock Exchanges.
For more stories and expert opinions please visit Insights at sc.com. Follow Standard Chartered on Twitter, LinkedIn and Facebook.
About Microsoft
Microsoft (Nasdaq "MSFT" @microsoft) enables digital transformation for the era of an intelligent cloud and an intelligent edge. Its mission is to empower every person and every organization on the planet to achieve more.
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