South Africa-based Standard Bank Group has tapped Amazon Web Services (AWS) to move its production workloads to the cloud.
The move includes the migration of the bank’s customer facing platforms and strategic core banking apps.
The migration is pending regulatory approval.
Under the agreement, the bank will leverage analytics and machine learning services of AWS to detect fraud and introduce new business initiatives.
AWS will be used across various divisions of the bank.
They are personal banking, wealth, corporate investment banking, and insurance units.
Moreover, Standard Bank will set up an AWS Cloud Center of Excellence within its premises.
The centre will house a team, who will support the cloud migration.
The team at the centre will also be tasked with building AWS training and certification programmes for staff.
Additionally, the two parties will work on an education and digital skills programme in Southern Africa.
The aim of the programme is to offer training to cloud experts.
Standard Bank CEO Sim Tshabalala said: “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.”
Standard Bank has presence across 20 countries of Africa.
It has nearly 1,200 branches and a staff headcount of over 53,000.
The bank managed total assets of around $148bn in 2018.