AWS provides financial services institutions across banking, payments, capital markets, and insurance the secure, resilient global cloud infrastructure and services they need to differentiate themselves today and adapt to the needs of tomorrow. Through continuous innovation, AWS delivers the most stringent security requirements in the world, the greatest breadth and depth of services, deep industry expertise, and an expansive partner network. Building on AWS empowers organizations to modernize their infrastructure, meet rapidly changing customer behaviors and expectations, and drive business growth.
The AWS Cloud Adoption Framework (AWS CAF) leverages AWS experience and best practices to helps digitally transform and accelerate your business outcomes through innovative use of AWS. AWS CAF identifies specific organizational capabilities that underpin successful cloud transformations. These capabilities provide best practice guidance that helps you improve your cloud readiness. AWS CAF groups its capabilities in six perspectives: Business, People, Governance, Platform, Security, and Operations. Each perspective comprises a set of capabilities that functionally related stakeholders own or manage in the cloud transformation journey. Use the AWS CAF to identify and prioritize transformation opportunities, evaluate and improve your cloud readiness, and iteratively evolve your transformation roadmap.
Banking: The unprecedented pace of change is pressuring banks of all sizes to increase agility and accelerate innovation. AWS helps them to structurally lower their cost base, bring new ideas to market at breakneck pace, and create more elegant customer experiences – all while meeting stringent security, compliance, and regulatory requirements.
Payments: Customers working with AWS transform the payments industry by making real-time business decisions, innovating, and adapting to client expectations, processing global digital payments, increasing agility, and scaling to meet unpredictable demands. The AWS core infrastructure is designed to meet the most stringent security requirements in the world, including Payment Card Industry (PCI) Data Security Standard (DSS) compliance. By working with AWS, payment companies can build with confidence on the most secure and resilient cloud.
Capital Markets: Capital Markets firms are adopting AWS in order to discover new opportunities, re-think and re-design operating models, and implement cost-saving measures that increase efficiency. The results include accelerated go-to-market, strengthened security, enriched customer experiences, and better data-driven decision-making.
Insurance: Today’s insurance companies must balance profitable growth against the burden of legacy IT. In response, many insurers are taking a two-pronged approach to drive innovation: they’re transforming their data centers by moving applications to AWS and retiring technical debt, thus freeing IT budgets for transformation and growth; and, they’re making cloud services available to small teams of architects and developers, enabling them to deliver innovative solutions more quickly to the business. Using AWS services, insurers can more quickly launch new digital customer experiences; modernize or put in place more agile core systems; leverage data to take new approaches to identifying risk and deliver personalized insurance products; and nimbly respond to regulatory changes.
Benefits of AWS CAF
Reduce business risk: Lower your risk profile through improved reliability, increased performance, and enhanced security.
Improve environmental, social, and governance performance: Leverage insights to improve sustainability and corporate transparency.
Grow revenue: Create new products and services, reach new customers, and enter new market segments.
Increase operational efficiency: Reduce operating costs, increase productivity, and improve employee and customer experience.
How it works?
Envision: Identify and prioritize transformation opportunities in line with your strategic objectives. Associating your transformation initiatives with key stakeholders and measurable business outcomes will help you demonstrate value as you progress through your transformation journey.
Align: Identify capability gaps and cross-organizational dependencies. Doing so will help you create strategies for improving your cloud readiness, ensure stakeholder alignment, and facilitate relevant organizational change management activities.
Launch: Deliver pilots in production and demonstrate incremental business value. Pilots should be highly impactful and when successful they will influence future direction. Learning from pilots will help you adjust your approach before scaling to full production.
Scale: Expand pilots and business value to desired scale and ensure that the business benefits associated with your cloud investments are realized and sustained.
Capabilities and perspectives
AWS CAF capabilities provide best practice guidance that helps you improve your cloud readiness. AWS CAF perspectives comprise capabilities that functionally related stakeholders own or manage in your cloud transformation journey.
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- Source: https://www.finextra.com/blogposting/23547/aws-cloud-adoption-framework-aws-caf-in-financial-services?utm_medium=rssfinextra&utm_source=finextrablogs