HSBC will look to accelerate its digital transformation through a cloud tie-up with US tech firm Oracle.
HSBC has partnered with Oracle for strategic collaboration based on a multi-year agreement to accelerate the bank’s digital transformation, according to a statement.
Under the agreement, HSBC will upgrade and migrate select database systems to Oracle Exadata Cloud@Customer – a cloud platform delivered as a managed infrastructure service in the bank's own data centers.
The deployment is expected to support and scale HSBC’s mission-critical systems and services while retaining control of data governance and meeting data locality and security regulations. It will also enable cloud automation to manage legacy applications.
Transformation Gap
Currently, 39 percent of financial institutions are still lagging in their tech transformation and only in the incremental stage, according to a recent report by EY. Within the region, meeting customer demands (44 percent), cutting costs (percent) and reducing market and operating risk (32 percent) were the primary objectives for organizations.
«Our strategy is to digitize the bank at scale, so that we can innovate faster for customers, and our collaboration with Oracle is important in advancing this transformation agenda,» said HSBC chief technology officer Frank McGrath.
«We chose Exadata Cloud@Customer primarily for its ability to offer well-known databases, with the benefit of a database-as-a-service platform, giving us the performance and operational agility we need as we continue to grow and diversify our business.»
