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SOUTH AFRICA: Standard Bank Group Migrates Data To AWS Cloud Computing

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Amazon Web Services, Inc. (AWS), an Amazon.com company (NASDAQ: AMZN), on March 27th 2019, announced that a leading Pan-African Bank; Standard Bank Group has selected AWS as its preferred cloud provider.

The Bank is making the migration to the cloud computing with the full intentions on enhancing the commercial bank’s digital performance as it will be migrating its production workloads, including its customer-facing platforms and strategic core banking applications to the cloud.

As stated on the bank’s website, “Standard Bank Group 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 Investment Banking, and Insurance, driving a more personalized banking and investment experience for customers,”.

While stating reasons why the bank preferred the AWS cloud services to its competitors, the bank pointed out that AWS was selected because of and deep portfolio of cloud services, overall commitment to security excellence, and strong financial services experience. It also stated that moving to the cloud services with AWS will still allow the Bank to meet all current compliance requirements.

It further stated that “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,”.

According to the Group CEO of the Bank, Sim Tshabalala, “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,”

“For Standard Bank Group to remain a leader in African financial services, we recognize 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.”

Speaking on the development, Andy Jassy, CEO, Amazon Web Services [TBC] stated that, “The cloud is transforming the financial services industry as organizations look for new ways to enhance customer experiences, and power their entire enterprise operations more efficiently and effectively on the world’s leading cloud,”

Andy Jassy further added that “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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