Tag: banking

Ransomware, a malicious software that is designed to disrupt, damage, and/or gain unauthorized access to a computer system and its data, has been on the rise. As per Sophos, 34% of financial services organizations that were surveyed indicated that they had been hit by ransomware in 2020. Moreover, 51% of those attacks succeeded in encrypting […]

Banks must continually innovate to gain a competitive edge in protecting customer transactions and data. For decades now, modern banking has relied on the TLS (formerly known as SSL) protocol to encrypt and provide confidentiality for online transactions. In turn, the security of TLS relies on the assumption that it’s extremely difficult for even the […]

Over the past year the industry has accelerated in an ecosystem approach to banking, and more broadly with financial services. Accenture estimates $416b in banking revenues is at stake as we shift to an open data economy. Although banks embarked on this journey with Open Banking as a catalyst, many have embraced the augmentation of […]

Customer habits have been changing over the last decade, with customers expecting frictionless and instant access to their banking needs. Banking customers have prioritized digital self-service via mobile and web over branch or phone banking, with the COVID-19 pandemic only accelerating this trend. Although digital channels are rising in importance, the ability to converge channels […]

Background on core banking systems Banks around the world rely on core banking systems as their system of record (SoR). A core banking system includes a ledger for all money movement transactions, organized into accounts with computed balances, along with the relevant business logic and workflows for each product. The transactions in the ledger are […]

Celebrating its 10th year, AWS re:Invent 2021 is gearing up to deliver a week of inspiring content, educational workshops and bootcamps, and plenty of peer-to-peer networking opportunities. This year’s conference will take place in Las Vegas from November 29th through December 3rd, and will have an engaging virtual component for those who cannot join us […]

Digital banking growth has accelerated The global banking landscape has experienced significant change over recent years. Customers increasingly expect an always-on, fully digital and personalized experience in their daily life, triggering changing expectations around their banking services. A confluence of industry drivers—heightened customer expectations, new regulations (such PSD2 in EU/UK, and new digital only banking licenses […]

This blog post is co-authored in partnership with the Chime Engineering team. Mike Barrett, VP of Engineering Services at Chime remembers when he first heard the term “undifferentiated heavy lifting“. The term was coined by Jeff Bezos, CEO of Amazon.com, in a presentation he gave in 2006 at MIT to describe all the hard IT […]

In our last blog, How Cloud-based Data Mesh Technology Can Enable Financial Regulatory Data Collection, we set out an approach whereby financial institutions can share data with regulators in a manner that enables ongoing operational flexibility and the evolution of regulators’ data requirements. By building a regulatory data mesh from AWS Data Exchange nodes, participants […]

Innovation leaders regularly get asked: How will the banking industry change in the next three to five years? This question is more relevant than ever as banks, and the rest of the world, cope with multiple, unprecedented crises that will have profound, long-term societal and corporate impacts—yet to be determined. The through line intersecting most […]