UBS recently expanded its partnership with Microsoft Corp to promote the growth of its public cloud footprint over the course of the next five years, according to a press release.
"Our cloud strategy has fundamentally changed the way we operate, allowing us to reinvigorate our technology estate and reimagine how we build applications for our clients," UBS Group chief digital and information officer, Mike Dargan, said. "Closely partnering and collaborating with Microsoft has and will continue to create tremendous value for our clients, our employees, the firm and our shareholders. The developments and learnings that stem from this partnership will benefit the financial services industry and beyond."
Forming part of UBS’s "cloud-first" strategy and the transformation of the technology estate market worldwide, the initiative will allow the company to operate more than half of its applications using its primary cloud platform, Microsoft Azure, which offers a wide range of productivity and collaboration resources.
The partnership will also open access to the cloud platform, which is currently used by over 95% of Fortune 500 companies to increase the speed of its operations, improve overall consumer experiences and aid sustainable goals, such as carbon reduction.
“At the same time, Azure will help advance UBS's sustainability initiatives, drive operational efficiencies and maintain its standards for compliance and security — providing strong foundations on which to scale UBS's rate of cloud adoption,” a recent press release states.
UBS’s cloud strategy was initially introduced in 2018, producing the company’s plans to transition one-third of its applications to public cloud within four years through its strategic collaboration with Microsoft. UBS fulfilled its goal in February 2021.
"UBS is a forward-thinking leader in the financial services industry, and Microsoft has been fortunate to co-develop innovative applications that meet complex, regulatory requirements with their engineering teams over the past several years," said Scott Guthrie, executive vice president, Cloud + AI, Microsoft. "Our expanded partnership will continue to accelerate the organization's ambitious digital transformation plans, applying the power of the Microsoft Cloud to equip UBS with the agility and reliability to deliver for their clients."