Microsoft Standard Chartered Bank Partnership has braced up a new Era for Cloud Banking Services. On Tuesday, Standard Chartered Bank and Microsoft Corporation negotiated and entered into a three-year partnership. This is geared towards the acceleration of the bank’s digital transformation through a cloud-first strategy.
Obviously, the partnership will not only be a significant milestone for Standard Chartered, it will accomplish their vision for making banking experience completely online a reality. Taking advantage of Azure as a preferred cloud platform, both companies will also co-innovate in open banking and real-time payments. This will undoubtedly unlock new banking experiences for their customers.
The Journey to Cloud-first Strategy – The Partnership
In the official Microsoft News Portal, the following was said by Microsoft Corporation as regards the the journey to cloud-first strategy by Standard Chartered:
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.
Why Standard Chartered Bank Partnered with Microsoft? – The Need for New Banking Experience Powered by High End Technology
Technology has indeed reshaped the banking industry and will keep reshaping same. Taking advantage of this, Standard Chartered in realization that a cloud-first strategy is critical to the bank’s ambition to make banking simpler, faster and more convenient, hence the partnership. Microsoft also express that by being digital-first, Standard Chartered bank will be able to meet the demand for seamless virtually banking anytime, anywhere. This will indeed make the banking experience more accessible to people across its network.
According to Michael Gorriz, Group Chief Information Officer of Standard Chartered, “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.”
Furthermore, Bhupendra Warathe, the Chief Technology Officer, Cloud Transformation at Standard Chartered, also opined that “The pandemic has shone a spotlight on the need for businesses and banks to be resilient from a risk mitigation, cost and security perspective. Hence, 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”
He went further to express the view that the speed and scale of continuous innovation provided by Azure will allow them to to advance with the latest and best practice of using AI services to meet evolving client needs.
He was confident that they can handle and introduce new apps in one market and scale them rapidly across others market spaces. To him, the partnership is important for a bank with a footprint as broad and diverse as Standard Chartered Bank.
The Goal of Standard Chartered Bank to Co-innovate the future of banking with Microsoft
The goal of Standard Chartered bank is to leverage on the Microsoft Azure as a preferred cloud platform to meet the bank’s need for resilient data centers and cloud services. Thus, addressing customers’ security, privacy and compliance requirements across the bank’s global footprint.
Microsoft Azure is schedule to first take over the trade finance systems of Standard Chartered Bank first before any other things will be moved on. This will allow for seamless cross-border trade for the bank’s corporate and institutional customers. Part of the Core Microsoft solutions to be used in advancing the bank’s digital workplace transformation includes Microsoft 365 and Microsoft Teams as well Azure etc. Specifically, the Microsoft Azure artificial intelligence (AI) and data analytics capabilities will be used to enhance and automate banking processes as well as deliver hyper- personalization for Standard Chartered.
Bill Borden, who is currently the Corporate Vice President of Worldwide Financial Services of Microsoft corporations, expressed the believe that:
“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.”
Standard Chartered have been committed to addressing the social needs of communities in the emerging markets. This is why she strives to understand the evolving needs of its communities and be an enabler for a revolution in the industry. This is becoming more realistic because of the partnership between the bank and Microsoft Corporation. This partnership will not only focus on Standard Chartered bank, it will explore sustainable finance and business initiatives to expand sustainability across the industry.
What You Need About Standard Chartered Bank
Standard Chartered Bank is the leading international banking group, having strong presence in 60 of the world’s most dynamic markets. The aim of the company is to drive commerce and prosperity with the help of their unique diversity, heritage and values are expressed in their band promise.
Noted further that Standard Chartered PLC is one out of few financial institutions that are listed on the London and Hong Kong Stock Exchanges. This should burst your bobbles and boast your trust in the bank.
Lastly, in case you need additional information, kindly follow Standard Chartered on Twitter, LinkedIn and Facebook. You could as well visit Insights at sc.com for more stories and expert opinions. Thank you.
What You Need to Know About Microsoft Corporation
Microsoft has been advancing the digital transformation for the era of an intelligent cloud and an intelligent edge. Microsoft is committed to the transformation and empowering every person and every organization on the planet to achieve more.
For more information, please contact:
- Microsoft Media Relations, WE Communications for Microsoft, (425) 638-7777, firstname.lastname@example.org
- Julie Gibson, Standard Chartered, email@example.com
- Note to editors: For more information, news and perspectives from Microsoft, please visit the Microsoft News Center at http://news.microsoft.com.
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