/cloud

News and resources on cloud strategy, selection, build, migration and operation for banks and fintechs.
The Cloud Series in association with AWS

How the cloud adds value to open banking business models and strategy

13 November 2020

While open banking was initially regarded by many as a typical compliance exercise, following the implementation of the Second Payments Services Directive (PSD2), banks are now shifting gears and going beyond the regulatory requirements by leveraging the benefits of open APIs to cater to customer needs and innovate open banking business models.

Personalisation-as-a-Service: Harnessing Data in the Banking and Payments Industry

30 October 2020

A Finextra Research Impact Study in Association with FICO and Amazon Web Services (AWS). As customers increasingly experience more consistent, personalised treatment from companies across a wide variety of industries, it is natural for them to expect—and require—the same of financial services providers. Consumers do not want disjointed experiences across auto loans, credit cards, and HELOCs any more than they want them when shopping for different categories within the same online retailer. Aside from consistency, 84% of customers revealed that being treated like a person, not a number, is important when winning and retaining business. That’s according to Accenture Global Consumer Pulse Research, which also found that 73% of consumers expect specialised treatment for loyalty and anticipate rewards for past interactions, as well as for sharing their preferences or personal information. However, only 22% believe that customer experiences are tailored effectively by organisations, and 50% fewer consumers perceive their bank as a trusted partner today than in 2018. Thus, there is a significant opportunity for savvy financial services companies who can meet consumer expectations. At the same time, financial institutions that fail to satisfy those standards are in jeopardy, as customers are re-evaluating their choice of financial providers given an increasingly diverse and non-traditional range of alternatives. Ultimately, consumers want financial providers to offer personalised services and integrated offers that address their most relevant needs at the right time, such as when they are buying a car, getting married, purchasing a home, continuing their education, etc. The financial institutions that can anticipate customer needs and deliver service that is personalised and consistent across channels will be well positioned to thrive in the digital age. Download your copy of the Impact Study below to learn more.

Personalisation and customisation with data in the banking and payments industry

30 October 2020

As customers increasingly experience more consistent, personalised treatment from companies across a wide variety of industries, it is natural for them to expect—and require—the same of financial services providers.

All roads lead to the cloud for risk management in capital markets

09 October 2020

Capital markets firms are acknowledging that the cloud is a catalyst for establishing competitive advantage and the financial services sector has been taking steps to prioritise digital transformation.

The Tipping Point of Cloud and Risk Management in Capital Markets

05 October 2020

A Finextra Research Impact Study in Association with Numerix and Amazon Web Services (AWS). Capital markets firms are acknowledging that the cloud is a catalyst for establishing competitive advantage and the financial services sector has been taking steps to prioritise digital transformation. To meet customer requirements and remain competitive, financial services organisations must increase their agility, reduce time to market for new products and services, and address the spiralling total cost of ownership (TCO) of their IT infrastructures. Today, it is evident that all roads lead to the cloud. Download your copy of the Impact Study below to learn more.

On-Demand Webinar - Optimising cloud governance with increased automation

24 September 2020

In the highly regulated financial services industry, cloud governance has taken centre stage as expectations for enhanced controls for security, data privacy and resiliency continue to increase.

Migrating Capital Markets Applications and Data to Cloud in Uncertain Times

25 September 2020

Operating under volatile conditions has taught sell-side firms how to manage risk, but in order to do so efficiently, they require the right technological capabilities for their risk infrastructure. Business-as-usual is not enough and this is where the cloud can lower operational costs, free up valuable internal resources and improve flexibility when attempting to run additional risk exposures and calculations on an intraday basis. Adopting technology and scaling rapidly from on-premises infrastructure to the cloud is typically too expensive for capital markets firms, but support from cloud solution providers can help simplify and speed up this migration. As the industry moves from large and disparate departments for business, technology and IT to smaller teams of technologists delivering tangible value, firms are leveraging the lack of need for a large IT function for databases, servers, patching and maintenance to size up the organization’s computing power, scale up and downgrade when needed. SMBC Capital Markets, Inc., a market maker for swaps, including interest rate, currency, and commodity swaps and related derivative products, made the decision to migrate its deployed IHS Markit Front-Office XVA Solution, which runs on Amazon Web Services, to support growth, reduce costs and free up internal resources. Download your copy below to learn more.

What will drive capital markets firms to migrate to cloud in 2020 and beyond?

25 September 2020

Legacy infrastructure cannot keep pace with the continuous automation, changing regulatory demands, dynamic market conditions and growing customer expectations in the financial services industry today, particularly in capital markets. Firms have started to realise the opportunities that come with cloud, redesigning operating models and implementing cost-saving measures to increase efficiency.

How to combat payments fraud with machine learning in the cloud

11 September 2020

Financial services customers are operating with faster speed and greater agility in the payments space, now more than ever with the incremental volume of card-not-present transactions, accelerated adoption of contactless payments, and new financing options at the point-of-sale, among other key trends.

Machine Learning Best Practices in Financial Services

11 September 2020

Adoption of artificial intelligence and machine learning (AI/ML) accelerated in recent years. This is due to the availability of cost-effective, virtually unlimited data-storage capacity and compute power from cloud services. Cloud has removed many of the barriers for financial institutions to experiment and innovate with AI/ML. Financial institutions today increasingly build ML models to transform their businesses and prevent fraud. They are also implementing ML workflows to enhance customer experiences, personalize offerings, and optimize trade execution and portfolios. However, in doing so, they face stringent, complex regulatory guidelines. Based on feedback from customers running workloads in highly regulated environments, our whitepaper outlines security and model governance considerations for financial institutions using AI/ML applications. It illustrates how financial institutions can create a secure machine learning environment on AWS and use best practices in model governance, based on a firm’s risk tolerance, integration with existing governance, and regulatory expectations. Download this whitepaper and discover how Amazon SageMaker and other AWS services can help multiple stakeholders in your firm build and deploy well-governed and secure ML workloads.

How the cloud transforms customer experience in financial services

26 June 2020

The bar to meet customer expectations across industries has continued to rise. Digital innovation is changing how companies engage their customers in every interaction, particularly how they deliver information as well as products and services.

Contact Center Optimization for Financial Services

09 June 2020

The Financial Services industry has relied on contact centers for decades—but traditional solutions aren’t keeping up with customer expectations for instant, personal engagement, nor are they able to support greater workforce flexibility. In addition to confronting changing customer demands and agent needs, financial institutions face significant expenditures for traditional contact centers, which often involve multiple third-party vendors with complex licensing models. With Amazon Connect, financial institutions can improve their customer engagement while reducing costs and simplifying their contact center technology stack. Download this eBook and discover how AWS helps financial institutions securely improve customer experiences by transforming transactional channels into growth channels, building brand loyalty, enabling real-time event processing, as well as capturing and identifying signals to generate greater customer intimacy.