Business Day Spotlight
PODCAST | How Absa uses cloud computing to improve its business and operations
In this edition of Business Day Spotlight, we talk about how one of the country’s largest banking groups is making use of cloud computing to improve its business and operations.
Our host Mudiwa Gavaza is joined by Andrew Baker, Absa’s group chief technology officer, to discuss the issues.
Baker starts by detailing how Absa’s technology has evolved over the years to now include cloud computing.
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Cloud computing has been growing over the past decade. It refers to the on-demand availability of computer system resources, especially data storage and computing power, without direct active management by the user.
Like many other businesses in SA and around the world, Absa has decided on a hybrid model where part of its computing is done on its premises with the rest being provided by large specialist firms such as Amazon Web Services (AWS).
Baker says that arrangement has given the bank flexibility to quickly grow and scale new banking platforms without the need to buy new physical equipment for its facilities. Instead, the company can simply increase the amount of computing power it needs from AWS, accessed online, which helps to save time and costs for the group.
Data from market research company Allied Market Research estimates the global hybrid cloud market size was valued at $36.1bn in 2017, and is projected to reach $171.9bn by 2025, growing at a compound annual growth rate of 21.7% from 2018 to 2025.
The discussion focuses on how Absa has made use of cloud computing to improve its offering to clients, cut costs, develop new technology faster, while at the same working to make sure that staff have the skills to use and develop new banking platforms.
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• Business Day Spotlight is a MultimediaLIVE production.
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