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 big 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 also will co-innovate in open banking and real-time payments to assist the bank unlock new banking experiences for clients.

Standard Chartered Bank to become a cloud-first bank
Standard Chartered Bank to become a cloud-first bank

Commencing cloud-first strategy

As a 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 like virtual banking and banking-as-a-service, are going to be cloud-based by 2025, subject to regulatory approvals. The bank also will adopt a cloud-first principle for all new software developments and major enhancements.

As technology reshapes the banking system , Standard Chartered recognizes that a cloud-first strategy is critical to the bank’s ambition to create 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 going to be a cornerstone of standard Chartered’s strategy to fulfill the current 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 concentrate on client benefits by deploying our solutions quicker and allowing faster integration of latest business models and partners. to comprehend our digital ambitions, Standard Chartered has chosen Microsoft as a strategic partner and this partnership marks a significant 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 searching 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 most recent AI services to fulfill 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 fulfill 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 seamless cross-border trade for the bank’s corporate and institutional clients.

The partnership also will 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 also will use Microsoft Azure AI (AI) and data analytics capabilities to boost 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 also will help the bank unlock new banking experiences for clients.

New future of banking

Bill Borden, Corporate VP of Worldwide Financial Services at Microsoft, said, “Cloud computing is an enabler for financial institutions to modernize their infrastructure and systems, to achieve 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 because it strives to address evolving customer needs and build subsequent generation of banking experiences.”