SAP's Falk Rieker and Standard Chartered's Tom Pfaff on Driving Digital Transformation | Cloud Wars Live

Cloud Tech in Banking

The Big Themes:

• Principles and people-centered transformation: Core principles such as standardizing processes and ensuring data integrity drove Standard Chartered's transformation. The transformation was not merely about technology but about enabling its people to perform their jobs more effectively. This people-centered approach ensured that technological changes translated into real, practical improvements in daily operations.
• Strategic partnership: SAP provided a robust platform that supported Standard Chartered's data strategy and operational needs across diverse markets. Falk Rieker noted the significance of programs like RISE with SAP and GROW with SAP in facilitating the bank's transition to the cloud, addressing regulatory requirements, and enhancing process efficiencies.
• Leveraging data and AI for future innovations: With a unified data environment, Standard Chartered can leverage advanced technologies like artificial intelligence to drive better business insights, efficiency, and sustainability efforts. This strategic approach positions the bank to quickly implement new tools and capabilities.

The Big Quote: "When we embarked on our transformation, it was not to transform the technology, it was to transform our finance and treasury functions that supported the bank . . . we picked the best platform that would support that target operating model and support that transformation . . . So, we went into this with SAP."