Identify APN Partners with Expertise in Financial Services on AWS
“Dad endorsed my learning to fly so he would have a live-in pilot, one he could get in touch with at any time.” –Ross Perot Jr.
Every industry is unique, and most executives that I speak to want to work with organizations that deeply understand their industry-specific needs and challenges. Financial services is no different, and today we are happy to announce the launch of the AWS Financial Services Competency to help our financial services customers find partners that are fluent in their industry.
Today, we launched the AWS Financial Services Competency with 10 AWS Partner Network (APN) Consulting Partners and 11 Technology Partners.
Our financial services customers live in a time of great opportunity. We find that CEOs are looking to increase their adoption of the cloud as they transform their organizations to be more agile, leverage data to gain insights on customer behavior, become more digitally native, and become more customer-centric.
The AWS Cloud helps enable scalable, flexible, and cost-effective solutions for banking and payments, capital markets, and insurance organizations of all sizes, from startups to global enterprises. To support the seamless integration and deployment of these solutions, we’ve launched the AWS Financial Services Partner Competency to help customers identify APN Consulting and Technology Partners with deep industry experience and expertise who can help our customers in this journey.
Similar Needs, Different Strategies
There are a number of common objectives our financial services customers look to achieve as they migrate workloads to AWS, and take advantage of the benefits of the AWS Cloud. These include an increased security and compliance posture, the ability to implement DevOps best practices within their organizations, a quicker time to market, and the ability to more easily reach a global customer base.
Some of the common questions we hear from financial services organizations as they put together a long-term strategy for cloud adoption include:
1. Which business applications can I run on AWS?
2. How do I secure workloads with customer PII on AWS?
3. How do I attain compliance with industry regulations?
4. How much investment is needed to migrate to AWS? What’s the total cost of ownership?
5. What am I going to gain? What’s the long-term ROI?
6. How will my business be impacted? What groups will be impacted within my organization, and how?
7. How should I approach this migration? Which workloads should I migrate, and when?
AWS Financial Services Competency Partners have demonstrated industry expertise and a proven track record of helping customers answer these questions and take advantage of all the AWS Cloud has to offer.
Identify AWS Financial Services Partners Who Can Help You Accelerate Your AWS Adoption
So how can you identify the right APN Partner to help your organization implement a strong AWS-based strategy?
The AWS Financial Services Competency recognizes Consulting and Technology Partners offering solutions for customers in banking and payments, capital markets, and insurance. These APN Partners help organizations manage critical needs pertaining to areas such as risk management, core systems implementations, data management, navigation of compliance requirements, and establishment of governance models. AWS Financial Services Competency Partners have deployed innovative solutions to manage risk, optimize operations, and extract insights from data.
AWS Financial Services Competency Partners have demonstrated industry expertise, and have readily implemented solutions that align with AWS architectural best practices.
We’ve aligned AWS Financial Services Competency Partner categories to a number of use cases we see in the financial services space on AWS, to make it as easy as possible for you to identify APN Partners to help you meet your specific business needs.
AWS Technology Partner Categories and Launch Partners:
Core Systems — In my opinion, core systems form the heart of any FSI. As FSIs shift their mindset to ‘digital first’, they need their core systems to be architected for flexibility and speed.
In the banking world, it is the back-end application for processing all transactions that have occurred during the day and posting updated data on account balances to the mainframe. Core systems typically include deposit account and CD account processing, loan and credit processing, interfaces to the general ledger, and reporting tools.
In insurance, it is the systems that manage billing, policy, and claims management. In capital markets, these systems manage trade processing, clearing, and settlement.
Launch AWS Technology Partners in this category are:
· EIS Group
Risk Management — Risk IT spending continues to increase as part of overall IT budgets for financial services customers. The risk management landscape is complex and involves consuming and analyzing large volumes of data to assess many risk types, including credit risk, market risk, operational risk, and compliance risk. As more entities go online and new sources of data become available, there is significant opportunity to enhance risk models, reduce computation times, and make risk management more proactive.
AWS Partners in this category help financial services customers identify, model, and assess risk, help to ensure monitoring and compliance with the industry regulations, or help in surveillance or fraud monitoring. Examples include companies in the market risk, credit risk, regulatory risk, compliance risk, fraud & cybersecurity, and operational risk. Our launch AWS Technology Partners are:
· FIS Prophet
· NICE Systems
Data Management — Improving the quality of reference data can help reduce the cost and time for data reconciliation and exception management in the post trade processing step. AWS Partners in this category can help customers with market and reference data or data processing, pricing or financial analytics solutions. Our launch AWS Technology Partner is:
· IHS Markit
In addition to our Financial Services Technology Partners, several consulting companies with strong financial services practices are launch AWS Financial Services Competency Partners. These consulting firms can help you navigate the path of AWS adoption, specifically addressing the security and compliance needs to migrate financial services workloads. In addition, many of these consulting firms have developed solutions specific to core banking, core insurance, trade reconciliation, and telematics to help you accelerate your transformation efforts.
Financial Services Consulting Partners:
· 2nd Watch
· Cloud Technology Partners
· REAN Cloud
· Sopra Steria
To learn more about the perspective of some of our AWS Financial Services Technology Competency Partners, take a look at these videos featuring EIS Group and IHS Markit:
EIS Group: https://youtu.be/2odhjg1HeuQ
IHS Markit: https://youtu.be/5xXaFvxkmx8
To learn more about AWS Partner Network solutions for financial services, visit our webpage.
Are you a financial services organization looking to run workloads or migrating to AWS? What is the biggest business need you have when you think about moving to AWS? What do you hope our Competency Partners can help you achieve? Give us your thoughts in the comments section.