20th August 2020, Kathmandu
Standard Chartered Bank announces a three-year partnership with Microsoft Corp and adapts a cloud-first strategy!
Standard Chartered considers this as a milestone as its vision for virtual banking, open banking, and banking as-a-service comes to reality. This partnership will help both the companies to co-innovate open banking and real-time payments which unlocks new banking experience for customers!
Impact of Cloud-first Strategy!
This is a big step for the bank and a serious commitment as well. Standard Chartered visions to become cloud-based by 2025 as a part of its digital transformation.
This means the bank will shift its significant applications into the cloud. This includes its core banking and trading systems and its new ventures such as virtual banking and banking as-a-service.
The bank is convinced that cloud adaptation is not just an option but a necessity of this time. Due to the worldwide impact of COVID-19, the demand for seamless banking anytime and anywhere is growing! With the cloud-first approach, consumers will have 24/7 access to banking services! The bigger advantage is that there will be zero downtime for maintenance. Also, the bank will be able to quickly develop, test, and roll out new products or features without any disruption to customer experience!
Innovating the future of banking!
Standard Chartered believes that a cloud-first approach will increase the efficiency in performance, provide a much secure and effective banking service, and reduce cost significantly.
Standard Chartered is really looking forward to the digital transformation in a drastic way. Is this the bank’s response to the COVID-19 pandemic?
It is clear that the bank is focused on bringing virtual banking into reality and shaping the future of banking experience!
We wish very best for Standard Chartered Bank and Microsoft on their journey towards shaping new banking experience.