[South Africa] Standard Bank moves business to the cloud with Moody’s Analytics
South Africa’s Standard Bank Group Group has selected the Moody’s Analytics CreditLens™ solution to digitize and automate its credit processes.
Built on the latest cloud-based technology, the CreditLens platform helps financial institutions digitally transform their commercial credit processes to make faster and better-informed credit decisions.
With $148 billion in assets, Standard Bank Group is the largest bank in Africa by that measure. It offers banking and financial services across 20 countries in sub-Saharan Africa.
This extensive footprint is part of what led the bank to pursue a cloud-based platform.
“It was becoming less and less efficient to have our systems on premise across so many segments and regions, so the idea that the CreditLens platform will always be up to date with product enhancements pushed through the cloud is extremely appealing to us,” said Gordon Turnbull, Head of Credit for Business Customers at Standard Bank Group.
“It is also critical that our chosen solution gives us the flexibility to use our own in-house models for risk ratings, which the Moody’s Analytics product does.”
The bank will use the CreditLens solution to automate key components of its credit function, including data ingestion and workflow.
Using the solution’s cloud-based functionality, the bank’s vision is ultimately to provide nearly instantaneous credit decisioning from front-line staff, anywhere in the field.
“We are delighted to help Standard Bank Group transform their credit infrastructure with modern architecture and cloud technology,” said Elaine Wong, Head of Credit Assessment and Origination at Moody’s Analytics.
“As Africa’s largest bank and a standard-setter in financial innovation, Standard Bank Group is particularly poised to benefit from the flexibility and configurability of the CreditLens platform in supporting a faster, better decision process.”