National Australia Bank (NAB) has reached a multimillion-dollar agreement with Amazon Web Services (AWS) to advance its cloud-first technology strategy.

The long-term deal between the two entities will see the bank migrate its critical workloads to AWS.

As part of the renewed partnership, NAB will also leverage AWS’s offerings such as the AWS Graviton processors, which are designed to offer the ‘best’ price-to-performance for cloud applications.

AWS’ solutions are anticipated to help NAB in enhancing cloud productivity and sustainability.

NAB group executive technology and enterprise operations Patrick Wright said: “Our Simple Home Loans, internet banking, NAB Connect online business platform, and recently launched NAB Now Pay Later product are just some of our customer services being enabled by the cloud.

“The cloud is powering our ability to deliver new and improved services to market more quickly for our customers, with added reliability.”

NAB started accelerating its cloud strategy in 2018, and as of now, 70% of its apps are hosted in the cloud. Recently, the lender moved its business banking online platform to the cloud.

AWS managing director in Australia and New Zealand Rianne Van Veldhuizen said: “One of the key benefits of NAB’s transformation is the ability for the bank to become data-driven, which allows their data scientists, engineers, marketers, and other roles to make better-informed decisions, faster.

“We are proud to help NAB continue to leverage the scale, resilience, and security of AWS to accelerate product development, operate more efficiently and more cost-effectively while exceeding customer expectations and meeting the necessary compliance requirements.”

In May this year, NAB forayed into the buy-now-pay-later (BNPL) space by launching a new offering.