DURBAN - Amazon Web Services,an Amazon.com company has announced that Standard Bank Group has selected AWS as its preferred cloud provider with the intention of migrating its production workloads, including its customer facing platforms and strategic core banking applications to the cloud.
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.
Standard Bank Group chose AWS because of its broad and deep portfolio of cloud services, overall commitment to security excellence, and strong financial services experience. The South African Reserve Bank also confirmed Standard Bank Group can make the move to AWS while still meeting all current compliance requirements.
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.