UBS is launching a new IT initiative that will more than 50 percent of applications to move to the cloud. The bank is continuing to work together with Microsoft.
Swiss bank UBS is deepening its cooperation with Microsoft with the goal that within five years, more than half of its applications will be run in Microsoft's Azure cloud architecture, according to a statement Thursday.
The partnership is intended to help the bank offer innovative products and services to customers and support employees, while promoting sustainability, increasing operational efficiency, and maintaining compliance and security standards.
Transformative Move
The two companies will jointly develop products and solutions to meet the digital needs of the banking and financial services industry, in what the partners describe as a transformative step with applications including critical workloads. Microsoft's Azure Cloud service will become UBS' primary data cloud.
«Our cloud strategy has fundamentally changed the way we operate, allowing us to reinvigorate our technology estate and reimagine how we build applications for our clients,» says Mike Dargan, UBS Group chief digital and information officer.
Microsoft Financial Industry Unit
UBS announced a cloud strategy as far back as 2018, leveraging its partnership with Microsoft, with the goal at the time of moving a third of its applications to the public cloud within four years. This was achieved in early 2021, it added.
Just days ago, Microsoft Switzerland formed a separate business unit for the financial industry as finews.com reported, appointing Christian Thier to head the unit.
