Santander achieves significant shift in its evolution by transferring its Corporate and Investment Banking platform to the cloud infrastructure
Santander, the first major bank in the world with in-house software that digitizes core banking, has embarked on a significant digital journey. The bank is migrating its Corporate & Investment Banking (Santander CIB) business to its new digital banking platform, Gravity.
The Gravity platform, along with Google Cloud's Dual Run, is now available globally to other companies in all industries. This cloud-native core banking platform is built upon the knowledge transfer of a large team of IT professionals and enables deployment on both private and public clouds.
Santander plans to have migrated the vast majority of its core banking worldwide to the Gravity platform by the end of 2024, mostly in its private cloud. The successful deployment of Gravity has been recognised by various industry publications, including being named the Most Innovative Bank in the world by Financial Times' The Banker.
The transition is well advanced in Brazil, apart from the UK, Chile, and Santander CIB. The migration of Santander CIB to the cloud is a new milestone in the bank's transformation towards a simpler, more integrated model, contributing to enhanced profitability.
The Santander CIB migration to the cloud is helping the bank improve greatly its customer experience, products, and services. It is making possible to deliver new capabilities for customers in hours, instead of weeks, and more frequent app updates. This change is also bringing significant efficiencies through cutting-edge end-to-end automation and other savings.
The transition is allowing easier and faster access to data, more simplicity, and faster time-to market. At the completion of the program, more than one trillion technical executions will be managed every year by the Gravity platform within Santander's systems.
Santander CIB has used the Gravity platform to manage more than a million accounting operations and half a million treasury operations per day. The parallel processing feature of the Gravity software allows simultaneous workloads on the existing core banking mainframe and in the cloud.
Google Cloud has developed Dual Run, a mainframe migration service based on Santander's Gravity technology, to optimize for Google Cloud. This service aims to help other companies in their digital transformation journey, as Santander has demonstrated with its successful migration.
Moreover, Santander has reduced its energy consumption from its IT infrastructure by 70%. This transformation is a testament to Santander's commitment to sustainability and efficient use of resources.
While the name of the Chief Operating and Technology Officer at Banco Santander who leads the migration of Santander CIB to the new Digital Banking platform Gravity is not found in the provided search results, their efforts have undoubtedly played a crucial role in this massive and ambitious project.
In conclusion, Santander's successful cloud-native core banking platform is a significant step forward in the bank's digital transformation. It is set to revolutionize the way banking services are delivered, providing faster, more efficient, and more sustainable solutions for its customers.
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