Embracing cloud and artificial intelligence technologies helped the big-four bank to increase digital transactions by 28%, it says.
Investment in AI and cloud computing are part of Standard Bank ’s broader strategy to drive digital transformation .acceleration of Standard Bank ’s digital transformation strategy has seen it gain a return on investment, with a 28% increase in digital transactions, while containing cost growth at 2%.
This has led to growth in the number of customers using digital channels to transact and make payments at retail stores.The bank says it decisions and future strategies have been driven by several key factors, including regulatory compliance and security, customer expectations and cost-efficiencies. Jorg Fischer, CIO of Standard Bank, comments: “Our focus on digital and cloud-based solutions has allowed us to reduce investment in on-premises infrastructure and lower capital expenditure. This transition is crucial for us to remain competitive and meet the evolving needs of our customers.”
According to the bank, these collaborations aim to offer faster innovation, flexible resources and economies of scale, helping it to improve its operational efficiency, enhance data management and accelerate the deployment of new services.
Digital Transformation Digital Adoption Jörg Fischer Amazon Web Services Microsoft Azure Artificial Intelligence Cloud Computing
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