Driving Digital Transformation In Financial Services With AWS

1. Driving Digital Transformation In Financial Services With AWS

2. Financial services are one of the most highly regulated sectors in the world. It’s also one that’s been hugely disrupted over the last decade by new entrants with innovative ways of doing business. In fact, a report by Accenture predicts that as much as 80% of existing banking revenues will have felt the impact of different business models by 2020. • For organizations across capital markets, banking, payments, insurance and fintech, pressing ahead with the next phase of their digital transformations is essential if they’re to remain competitive. • Read on to discover: • Digital transformation across fintech industries • Why cloud-style capabilities are key • Constraints financial services face • Moving cloud services closer to the end user with AWS

3. Digital transformation across the fintech industries In capital markets, digital transformation can drive enhancements such as the re-engineering of operating models to accelerate go-to-market, enrich customer experiences and support better data-driven decision-making. For banks, digital transformation can unlock crucial abilities to respond ever-faster to customer needs and refine personalization, in part by removing the shackles of legacy technology. Payments providers are looking to digital transformation to support aims including increasingly intelligent real-time decision-making, and the ability to better scale to support unpredictable levels of demand worldwide. In insurance, legacy modernization is again at the heart of transformation, underpinning goals such as improving risk-identification approaches and delivering truly personalized products. Fintech businesses and ISVs, meanwhile, are seeking to offer their solutions as a service, competitively priced and delivered on-demand to financial customers of all sizes. And of course, across the whole sector, the need to meet strict security, compliance and regulatory requirements is ever-present.

4. Why Cloud-style capabilities are key With financial services organizations looking to bring new products and services to market quickly, enable more personalized customer experiences, unlock better use of data, combat fraud and cybercrime, while continuing to meet stringent security requirements, cloud computing provides a powerful platform for innovation. Cloud computing gives flexible access to proven infrastructure, services and tools to help businesses across the financial sector test new capabilities quickly, then scale them into production. Constraints financial services face While such on-demand infrastructure and services are available in abundance in the public cloud, not every financial workload is able to use them. Applications may be part of latency-sensitive on-premises setups, where lifting elements to the cloud would risk disrupting critical parts of the business. Equally, where large amounts of data need to be processed, moving to and from the cloud may result in unacceptable networking and storage costs. The third challenge can be data residency requirements, where local laws, regulations or contractual restrictions stipulate that data must be stored or processed in a specific place. To add to this, there may not be a public cloud region available in that location.

5. Moving cloud services closer to users with AWS Outposts AWS Outposts is a fully managed service that extends familiar AWS infrastructure, services, tools and APIs that bring familiar cloud-style capabilities closer to users and endpoints, into virtually any data center, colocation or on premises facility. This empowers financial services businesses to meet low-latency, local data processing or data residency requirements, while still tapping into the capabilities of the hybrid cloud to drive next-stage digital transformation. Financial services organizations can run applications on Outposts using a range of Intel-powered Amazon EC2 compute instances and run containerized workloads with Amazon Elastic Container Service (ECS) and Amazon Elastic Kubernetes Service (EKS). Additionally, data can be stored locally using Amazon Elastic Block Store (EBS), Amazon Simple Storage (Amazon S3), Amazon Relational Database (Amazon RDS) while leveraging Amazon EMR for analytics. This blend of AWS services, delivered as close as necessary to end users, provides the foundations financial services organizations need to push ahead with the next phases of their digital transformations.

6. Getting started with AWS Outposts  AWS Edge services can unlock the next steps in financial services digital transformation. Using Outposts, organizations of all sizes can experience all the advantages of the hybrid cloud, while meeting their low-latency, local data processing and data residency requirements. Discover more about AWS Outposts for financial services in our full eBook here. AWS Infrastructure Solutions AWS infrastructure solutions allow enterprises across all industries the opportunity to bring AWS services closer to where it’s needed, such as on-premises with AWS Outposts, in large metro areas with AWS Local Zones, or at the edge of 5G networks with AWS Wavelength. These solutions offer enterprises the capability to deliver innovative applications and immersive next-generation experiences using AWS cloud services where they need it. Millions of customers—including the fastest-growing startups, largest enterprises, and leading government agencies—are using AWS to lower costs, speed time to market, and become more dynamic. To learn more about AWS infrastructure solutions, visit aws.amazon.com. This Article Source is From : https://www.forbes.com/sites/awsinfrastructuresolutions/2020/12/11/driving-digital-transformation-in-financial-services-with-aws/?sh=673d623c6b82

7. Grow Up Your Business With Digital Transformation