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Standard Bank embraces cloud computing to drive growth

By , ITWeb
Africa , 22 Jan 2025
Jörg Fischer, Standard Bank Group CIO.
Jörg Fischer, Standard Bank Group CIO.

Standard Bank Group, Africa's largest lender by assets, has turned to cloud computing to drive innovation and growth.

According to Standard Bank, cloud computing provides scalability, flexibility, and cost efficiency, all of which are important strategic advantages for the bank.

This comes as cloud computing in Africa is rapidly expanding, according to industry experts, who say the continent has an ecosystem that supports cloud innovation and will continue to grow in the future.

Standard Bank, an Africa-focused, client-led, and digitally enabled financial services business, shared its cloud strategy with Jörg Fischer, Standard Bank Group CIO, saying: "The scalability of cloud computing allows us to expand our operations fast and efficiently.

“This is particularly important in a dynamic market where customer demands, and regulatory requirements are constantly changing. The flexibility of the cloud enables us to adapt to these changes without significant disruptions to our operations."

The Bank also cites cost reductions as a reason for its adoption of cloud services.

“By moving to the cloud, Standard Bank can reduce its infrastructure costs significantly. This allows the group to allocate more resources to other strategic initiatives, such as enhancing its client service and developing new products," says Standard Bank.

It adds: “However, it's important to note that cost efficiency is not the only benefit of cloud computing. The cloud also provides the bank with the agility to innovate and respond to market changes more quickly.”

Fischer went on to underscore the significance of a strategic approach to cloud adoption.

He explains: "We are very deliberate about our cloud strategy. It's not just about moving everything to the cloud for the sake of it. We carefully evaluate each application and workload to determine whether it makes sense to move it to the cloud. This ensures that we are leveraging the cloud's full potential while minimising risks."

Fischer also believes that a purposeful and considered cloud deployment approach should be thoroughly evaluated, taking into account the benefits and drawbacks of any cloud migration plan.

"While there are many benefits to cloud computing, it's important to be cautious. We need to ensure that our data is secure and that we comply with all regulatory requirements. This requires careful planning and execution. We have strict policies and procedures in place to ensure that our cloud adoption is secure and compliant,” says Fischer.

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