The international banking group is betting on a new cloud-based global strategy for its retail and wealth customers.

In a move to transform its services for an all-digital future, a British international banking group has announced plans to develop its next generation program—a cloud-based proposition for its retail and wealth customers. 

The increased digitalization of everyday transactions has driven banks to provide even more digitally-driven services that are seamlessly woven into consumers’ lifestyles. Competition in the form of neobanks and peer-to-peer fintech services has also upped the ante for the banking, financial services and insurance industries to provide personalized customer experiences as well as address environmental, sustainability and governance concerns.

According to Anshu Sharma, Chief Information Officer for Consumer, Private & Business Banking, Standard Chartered: “Providing cutting-edge, relevant and easy to access services that add value to our customers’ banking experience has always been a top priority for us. We believe this initiative will support our ambition to expand the reach and scale of our digital-first strategy that elevates banking experiences for our Retail and Wealth customers.” 

The initiative involves a collaboration with the South-east Asian office of a global technology consultancy, Thoughtworks.

According to the consultancy’s commercial director, Hormese Tharakan: “We are thrilled to be embarking on this journey with Standard Chartered Bank to build a future ready platform that unlocks new digital services and banking experiences for clients globally. We look forward to playing a key role in this new chapter of (the bank’s) digital evolution.” 

The multi-year collaboration follows other earlier initiatives by the banking group, including a five-year deal with AWS in 2020, the appointment of a former Amazon technologist as its Global Chief Architect; and well as hiring a former Google cloud engineering lead as its global head of cloud engineering and platforms.