AWS provides financial services organisations such as banks, insurances, e-money institutions and payments providers with secure, resilient, fully-scalable global cloud infrastructure and complementary services that help them thrive today and tomorrow.
These organisations require reliable and resilient infrastructure to ensure that their services are available 24/7, and sensitive customer data is secure. AWS cloud infrastructure provides the financial services sector with the necessary tools to achieve these objectives.
Innovation is the order of the day in the AWS ecosystem, with new services and improvements to existing services being released on a regular basis. AWS offers both great breadth and depth of services including ones that can greatly benefit the financial services sector.
Cloud infrastructure can help organisations modernise their infrastructure, drive business growth and very importantly meet the rapidly changing customer behaviours. The AWS Cloud Adoption Framework, also known as AWS CAP, helps businesses leverage the AWS experience to achieve digital transformation and accelerate business outcomes (…by harnessing the use of AWS). AWS CAF has best practices in six pillars or perspectives namely, business, people, governance, platform, security and operations. Each of these with its stakeholders that would own or manage the cloud transformation journey. Adhering to this model, financial services organisations will initially identify and subsequently prioritise transformation opportunities, all the way to the transformation, in iterative and incremental fashion.
Banking: Traditional banks of all sizes are under pressure to become more agile and innovative due to the unparalleled pace of change driven by regulatory bodies and customer needs that are increasingly being refined through offerings by neo banks. In addition to helping businesses meet strict security, compliance, and regulatory requirements, AWS enables banks to bring new ideas to market quickly and deliver more elegant consumer experiences.
Payments Gateways and Providers: By processing worldwide digital payments, boosting agility, and scaling to meet erratic demand, payments gateways and providers using AWS redefine the payments sector. They do this by making real-time business decisions, innovating, and reacting to client expectations. The Payment Card Industry (PCI) Data Security Standard (DSS) compliance is one of the most demanding security criteria that the AWS core infrastructure is built to meet. By cooperating with AWS, payment organisations can build (business applications) with confidence on the most secure and robust cloud.
EMIs: E-Wallets and E-Money institutions are utilising AWS to find new opportunities, reconsider and redesign operational models, and put into place cost-cutting strategies that boost productivity. Accelerated go-to-market, enhanced security, improved customer experiences, and better data-driven decision-making are some of the outcomes.
Insurance: The weight of outdated IT must be balanced with lucrative expansion for today’s insurance companies. In response, many insurers are using a two-pronged strategy to foster innovation. First, they are modernising their data centres by migrating applications to AWS and paying off technical debt, freeing up IT budgets for change and expansion. Second, they are providing small teams of architects and developers with access to cloud services, enabling them to provide innovative solutions to the business more quickly. AWS services enable insurance companies to create innovative digital client experiences more quickly, modernise or implement more adaptable core systems, use data to develop novel methods for assessing risk and delivering customised insurance policies, and swiftly react to legislative changes.
When these organisations are international, AWS can be harnessed, so that core business applications are available to client-bases in multiple geographic locations. AWS’ global infrastructure footprint ensures that customers can achieve high levels of availability and performance, with minimal latency, and reduced risk of downtime. AWS provides customers, in the financial services field, with a wide range of security and compliance certifications, including SOC 1, SOC 2, SOC 3, PCI DSS, HIPAA, to mention but a few. This enables institutions to deploy their applications in compliance with the relevant regulatory frameworks, ensuring that customer data is secure and protected, at all times.
AWS provides customers with the ability to leverage services such as AWS Auto Scaling, AWS Trusted Advisor, and AWS Cost Explorer, enabling customers to optimise their infrastructure costs and achieve cost savings.
Advantages of AWS CAF
In a nutshell the main benefits of AWS CAF are the improved reliability and therefore enhanced performance, the increased transparency and governance performance, the growth in revenue (and revenue streams) due to the facilitated ease of entering new market segments and the reduction of operational costs.
This is achievable via the process of envisioning (identification), prioritisation, alignment, launch and, scaling (ongoing). 56Bit partners with clients throughout the experience of cloud transformation from realisation of the business / technical leaders through to the deployment and scaling of the environment and applications. Discover more. Start minimising costs and maximising performance –
