Charith Mendis
Amazon Web Services
Head of Worldwide Banking Market Development
'Banking on the cloud' is the title of the brand new ebook by Amazon Web Services (AWS). In this report, they share their views on how cloud capabilities are helping banks transform and address the key trends they are facing globally. "We wrote this report in response to our customers' needs and requests to help them transform banking experiences for their consumers", said Charith Mendis, Head of Worldwide Banking Market Development at Amazon Web Services.
"In looking at the trends published by analyst firms and global consultancies, and reflecting on our interactions with customers throughout 2022, we identified seven trends, outlined on the next page. These trends can be both transversal (i.e., cross-cutting, not specific to a product or line of business) and business-unit related (i.e., those focused on a set of products or business line).”
“As we look across these seven trends, it’s clear to see that innovation is happening across the banking value chain, from personalized approaches to retail banking to the methods adopted by technology teams in response to an evolving attack plane,” said Mendis.
While there is no single approach for transformation, Mendis shares three actions that leaders can take to drive substantial progress:
1) Defining the company’s growth agenda
2) Capitalizing on the cloud as an enabler
3) Aligning technical and business leaders on digital transformation
"Many banks are choosing to act quickly and respond to market dynamics, experiment with new ideas, and fail fast as they respond to customer needs. You no longer need to develop a 5 to 10-year business case and a $500M capital investment to try new ideas. Rather, by leveraging the cloud, you can experiment in days to months and scale up once you prove initial capabilities and customer needs.”
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