June 1, 2020

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Macquarie’s bank business to go 100 percent cloud for IT infrastructure – Finance – Cloud

Macquarie Group’s banking and financial services (BFS) division has set a aim to have all its...

Macquarie Group’s banking and financial services (BFS) division has set a aim to have all its IT infrastructure in the cloud over the up coming two-and-a-50 % decades.

The money team is recognised to be re-architecting hundreds of programs to run in containers hosted on both AWS or Google cloud underneath a multi-cloud migration project.

It uncovered mid previous 12 months some of the guiding-the-scenes get the job done to run the cloud migration at scale, including preserving a lid on expenses and assets desired to push greater figures of programs into the cloud.

In an operational briefing for the 1st 50 % of FY20, Macquarie Group’s BFS division – which contains Macquarie’s retail banking and financial services organizations – reported it experienced “all consumer engagements, information, analytics and regulatory information workload on the cloud”.

Further, it reported that it now experienced “50 per cent of IT infrastructure on the cloud” and that it is “aiming for a hundred per cent in FY22”.

The team reported that it is “unlocking technological constraints with [its] cloud agnostic strategy”, suggesting the group’s modern go into Google cloud is paying off.

On the other hand, it was unclear how considerably of the group’s software portfolio is ultimately cloud-sure.

Greg Ward, team head of BFS, lauded the cloud technology stack in a money presentation, but did not go into detail.

“We have a outstanding tech team and product or service team, and we seriously do have some primary technology below,” Ward reported.

“[For] a ton of it, the 1st time it’s been seen in financial services has been at Macquarie, and I believe we are incredibly sophisticated in conditions of our cloud method as very well – considerably much more innovative than what you are going to see in the field.”

By contrast, NAB reported previous week that it has an close aim to be a hundred per cent in the cloud, however this is most very likely a reference to both equally IT infrastructure and programs, presented the bank is already pursuing a aim of migrating 35 per cent of its software portfolio.

Ward reported that decades of simplifications and the pursuit of performance in BFS experienced enabled the division to proceed to expend on technology.

“Costs over the previous five decades or so [are] fundamentally flat,” he reported.

“What that usually means is that we have been able to commit much more funds proportionately in technology, while preserving expenses flat, and that technology financial investment is making it possible for us to improve at scale.”