Standard Bank selects AWS in big shift to the cloud

Standard Bank Group said on Wednesday that it has selected Amazon Web Services as its preferred cloud provider as it shifts various production workloads, including its customer-facing platforms, to the cloud.

The banking group will also move “strategic core banking applications” to the cloud, it said in a statement.

It will “leverage AWS services, including data analytics and machine learning, to automate financial operations and enhance customer-facing Web and mobile applications”.

“The migration to AWS will take place across all business units, subject to approvals from local regulators, including personal banking, wealth, corporate and investment banking, and insurance, driving a more personalised banking and investment experience for customers,” it said.

The South African Reserve Bank confirmed Standard Bank Group can make the move to AWS while still meeting all current compliance requirements.

“Standard Bank Group will take advantage of advanced analytics and machine learning services, including Amazon SageMaker, to advance fraud detection and launch new business initiatives, such as machine learning-based advisor capabilities that will help customers make more informed financial decisions,” the group said.

“As part of the move, an AWS Cloud Centre of Excellence will be established within the bank, featuring a dedicated team focused on facilitating the migration to the cloud and building AWS training and certification programmes to up-skill all employees. AWS and Standard Bank Group will also collaborate on building an education and digital skills program, to be launched across Southern Africa, to train the next generation of African cloud experts.”

Cloud-first approach

Standard Bank Group CEO Sim Tshabalala said in the statement to it recognised the need to adopt a cloud-first approach.

“AWS Cloud technology will create a springboard for Standard Bank Group, helping us to rapidly roll out our digitisation and data strategy to better cater to customers whose needs are constantly evolving,” he said. “The combination of AWS’s rapid agility and high levels of security, combined with Standard Bank’s customer obsession and desire to constantly raise the bar, will allow us to build Africa’s financial services organisation of the future and to be positioned as more than a bank.”  — © 2019 NewsCentral Media