German banking group Commerzbank has extended its partnership with American technology giant Microsoft to migrate major chunk of its applications in the cloud over the next five years..
The lender aims to access information technology (IT) resources and functions via cloud computing to create individual solutions for its customers.
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Commerzbank, which has been working with Microsoft on cloud computing since 2018, is relying on a multi-cloud strategy for its digital transformation.
By using Microsoft Azure, the bank can create “complex” applications and boost automation and achieve cost advantages, the tech giant said.
Commerzbank COO Jorg Hessenmuller said: “The strategic partnership with Microsoft strengthens our technical know-how and supports us in migrating our applications to the cloud.
“This is efficient because we are so flexible and only pay for the computing power that we actually need.”
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By GlobalDataCommerzbank will also leverage Microsoft’s data processing capabilities.
Microsoft offers data simulations that provides the bank with detailed insights into data stocks across various systems.
The partners already launched a “CashRadar” liquidity management tool that uses automated data analysis to predict the future liquidity position of a company for up to 120 days.
By using Microsoft’s cloud solutions, Commerzbank will also be able to meet the regulatory requirements on security, data protection and compliance in the banking sector.
Additionally, Microsoft and Commerzbank are also working on the expansion of a digital work environment.
Several bank employees already use the Microsoft 365 and Microsoft Teams solutions.
Microsoft Germany MD Thorsten Herrmann said: “As a partner of Commerzbank, we are jointly taking the German financial market an important step forward.
“People and companies worldwide will benefit from the development of innovative financial products and services – far beyond the boundaries of the industry.”
