The major African bank will utilise AWS services, including data analytics and ML, to automate financial operations and enhance customer-facing web and mobile applications.
“Our vision is to be Africa’s leading financial services organisation and to achieve this we have chosen to work with the world’s leading cloud,” said Sim Tshabalala, Group CEO of Standard Bank. “For Standard Bank Group to remain a leader in African financial services, we recognise we need to adopt a cloud-first approach to our business. 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. 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.”
Why do banking institutions no longer fear the cloud?
Subject to approvals from local regulators, Standard Bank is aiming to role out AWS solutions across all business units, including personal banking, wealth, corporate investment banking, and insurance.
“The cloud is transforming the financial services industry as organisations look for new ways to enhance customer experiences, and power their entire enterprise operations more efficiently and effectively on the world’s leading cloud,” said Andy Jassy, CEO of AWS. “Standard Bank Group has been a trusted financial institution for more than 150 years. We look forward to working closely with them as they become Africa’s first bank in the cloud, leveraging AWS to innovate new services at a faster clip, maintain operational excellence, and provide secure banking services to customers around the world.”
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Developing new consolidated banking apps that let a customer manage multiple, different financial accounts in one app could be a tool for traditional banks to fight back against challenger banks, according to a new study