US Bank has selected tech giant Microsoft as its primary cloud provider to modernise its technology foundations.
The bank will use Microsoft Azure to modernise workflow, develop the ability to quickly access and analyse data, reduce time to market, and scale products to customers and partners.
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US Bank and Microsoft plan to create new growth opportunities to allow the lender to expand partnerships and offer a better experience via artificial intelligence and machine learning.
The investment in technology is also expected to enhance the security of data, financial assets, and customer privacy while bolstering US Bank’s risk management capabilities.
US Bank chairman, president and CEO Andy Cecere said: “Building on our initial investments in cloud and with the success of our technology and digital modernisation, we gained the competence and confidence to accelerate our efforts to better serve our customers. Our cloud-first approach with Microsoft Azure will help us accomplish just that.”
Microsoft chairman and CEO Satya Nadella said: “More than ever, every financial services organisation will need to build its own digital capability to meet both evolving customer demands and changing employee expectations.
“As US Bank’s primary cloud provider, we will apply the power of Azure to help the company adapt and build new, secure experiences for customers and employees in the era ahead.”
As of 31 December 2021, the Minneapolis-based US Bank had $573bn in assets and a headcount of nearly 70,000.
US Bank global chief information & technology officer Dilip Venkatachari said: “By automating many of our core engineering, security and risk processes, this transformation will greatly improve our developer productivity and experience.”
