Financial Services at AWS re:Invent 2022
Last week, AWS Re:Invent 2022 took over Las Vegas, and I was fortunate enough to attend. This massive event covers everything related to AWS and included many presentations by financial services organizations showing how they are using AWS technologies to solve their problems.
My first impression of the event was being blown away by the caliber and variety of attendees. The first thing that I noticed was the variety of languages being spoken. Upon check-in, we were given the opportunity to select a language badge from at least seven different languages to help connect those in attendance through a common languages. I personally heard Japanese, Korean, Italian, Russian, French, German, Dutch, and Spanish. There were even a few others I wasn’t able to pick out! Cosmopolitan to say the least.
While networking at the various breakout sessions and hosted gatherings, I met people who flew in from all over the world. Everyone I met had a keen technical knowledge coupled with a drive to be the best. And while one might think that being technically savvy equates to an introverted demeanor, AWS re:Invent created a space where every single person I met was engaging and willing to share their experiences and knowledge.
Financial services representation
As Smarsh focuses much of our attention to solving problems for financial services, my aim was to learn more about how enterprise organizations use AWS to address their non-communications archiving needs, and I was not disappointed.
Nasdaq hosted a session where they covered how they moved their mission-critical, low-latency workloads to AWS. With the expectations of 100% uptime and ultra-low latency for enormous volumes of transactions — all under the stringent eye of regulators — building their solution was a challenge. To achieve the ultra-low latency requirement, Nasdaq worked with AWS to bring the cloud back into their datacenters using AWS Outpost racks.
JPMorgan Chase covered how they built an entirely new online bank, Chase International, to serve the European market using AWS. Impressively, after launching in September 2021, they have grown quickly. Now they hold over £10 billion in deposits with over one million customers.
Sanoke Viswanathan, CEO of Chase International said, “There are profits to be made. But if you are subscale or have a high-cost infrastructure, you’re not going to make it work.”
Clearly by building their solution on AWS, they were able to deploy a scalable solution that meets their cost objectives.
NatWest presented on the personalization of banking at scale using machine learning (ML). Using their over 500 data scientists and engineers, NatWest designed their ML solutions with the goals to automate and standardize user patterns, optimize their governance processes, simplify data access and modernize their tech stack – all with the goal of achieving faster time-to-value with their efforts.
NatWest is better able to understand the results of their customer conversations from over 400TB of data that is managed by a centralized platform and team of specialists.
Goldman Sachs hosted a session where they covered how they are accelerating time-to-value in their data analytics program. From the work of over 12,000 engineers, Goldman Sachs built a new solution using AWS that they call GS Financial Cloud.
This is a modular set of cloud-native services that helps their teams curate, manage and analyze their data at scale. What was particularly interesting to me was how they implemented the use of streaming data to implement real-time analytics from their broad and deep data set, which would be difficult to analyze as a static set of data.
New York Stock Exchange
New York Stock Exchange presented a very interesting session that covered how they built a real-time trade surveillance system designed to identify and escalate potential issues as fast as possible. This was a tough challenge, considering the roughly 10TB of compressed binary real-time data that they analyze on a daily basis.
Smarsh and AWS
Here at Smarsh, we also love AWS. The Smarsh Enterprise Platform is deployable on AWS, and takes advantage of the elasticity, scalability and reliability of the network to provide communications archiving, e-discovery, supervision and surveillance solutions.
Recently I wrote a piece where I cover how Smarsh leverages AWS solutions to provide our enterprise solutions.
If your organization is interested in partnering with Smarsh and AWS to create innovative solutions to financial services firms, learn how you join the Smarsh Partner Program!
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