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AWS and TSYS Say Financial Services’ Shift to the Cloud Includes Responsible Innovation
- Financial services' shift to cloud infrastructure brings responsible innovation for bringing new products and payments to new markets; ensuring a secure and interoperable complex web between different stakeholders.
- AWS and TSYS partner to help financial institutions to migrate to the cloud using AWS's managed services, as well as automate compliance and tokenise data.
- Innovation in the financial industry requires collaborating on a data framework that meets regulatory requirements using transactional data lakes and open table formats for tracking.
- Tested phased approaches that deliver similar or better output as the original system can be implemented to break down the monolith into microservices while still syncing mainframe data to the cloud.
- Part of responsibily innovating involves breaking away from screen scraping, moving towards standardised APIs to increase interoperability across different industries.
- AWS is helping with both digital payments experiences for B2B and bringing hyper-personalisation, fraud prevention and credit decisioning to end customers.
- The evolution to the cloud is underway as banks mature from paper checks to full digital payments experiences, delivering a seamless and secure relationship with financial customers.
- Interoperability is key as companies bring AI and machine learning models to the cloud using Amazon Sagemaker to accumulate customer data while applications are modernized.
- Integrity of the cloud environment is paramount to maintain customers' trust and compliance with regulatory environment.
- As technology advances in the financial services industry, trust must always be front and centre in delivering seamless experiences to both individual and enterprise clients.
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