Oracle and HSBC have announced a strategic collaboration to boost the bank’s digital offerings and accelerate its digital transformation.
Under the multi-year agreement, the multi-national bank will upgrade and migrate select database systems to Exadata Cloud@Customer, Oracle’s cloud platform.
The platform will be delivered as a managed infrastructure service in HSBC’s own data centers. The deployment will help support and scale the bank’s mission-critical systems and services.
According to Oracle, the platform will also enable HSBC to more easily bring cloud automation to manage legacy applications, and easily scale services according to customer and local-market demands.
The partnership, which was announced in conjunction with the Oracle CloudWorld being held in Las Vegas, contributes to HSBC’s multi-year initiative to transform its technology infrastructure to speed up the development, delivery and scaling of new products and services.
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“Our strategy is to digitise 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 Frank McGrath, Chief Technology Officer, HSBC.
“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.”
Cloud spending by banks is forecast to grow more than 16 percent a year through 2024, to $77 billion, according to IDC.
“Financial organisations are rapidly adopting new technologies and transforming their operations as they tap into new market opportunities while meeting more demanding data locality and privacy requirements,” said Richard Smith, executive vice president, Technology, EMEA, Oracle.
“Our partnership with HSBC is based on achieving this balance, enabling it to consolidate critical systems on a secure, scalable on-premises cloud platform and develop cloud-based services faster. We look forward to our collaboration with HSBC as we help deliver the next generation of financial services.”
