Category: Financial Services

Credit unions play a crucial role in communities by providing a diverse range of financial services driven by their members’ needs. These services, supported by core banking applications, form the backbone of credit union operations. Traditionally, credit unions use legacy systems for their core banking applications, such as lending, payments, and deposits. But these systems are monolithic, expensive, and lack open architecture, impacting credit unions’ abilities to deploy changes based on market demands. In this digital age, cloud computing offers a transformative solution, and as we will explain in this post, Amazon Web Services (AWS) stands at the forefront.

On February 22, 2024, Amazon Web Services (AWS) hosted its first Federal Financial Services Artificial Intelligence (AI) Forum at Amazon HQ2 in Arlington, Virginia, convening leaders from the public sector and financial services industry. Read this blog post for a recap of the event, which covered the tremendous opportunities and challenges around AI with experts across public and private sector organizations.

Credit unions face unique security, regulatory, and compliance obligations. These requirements mean that a sound cybersecurity posture is essential for credit unions across both cloud workloads and on-premises technology. Read this blog post to learn how Amazon Web Services (AWS) can help credit unions prepare for audits, assess security posture, and produce documentation for state or federal regulators.

At this year’s re:Invent conference, AWS is introducing Innovation Talks, which are deep dives hosted by AWS thought leaders. Dave Levy, vice president of AWS worldwide public sector, is hosting the session, “Empowering citizens through digital innovation” and will be joined by speakers from the Federal Reserve Bank of Boston, Covered California, and Singapore’s Smart Nation and Digital Government Group (SNDGG). Read this blog post to learn more about these featured customers.

What if there was a transformative solution for managing pension funds? AWS offers personalized investment solutions for investment firms using cutting-edge machine learning (ML) technologies. By utilizing cloud-based services, pension managers can harness advanced data analytics, gaining valuable insights that inform investment strategies. This empowers leaders to make well-informed decisions that align with the needs of stakeholders.

Public sector regulatory agencies are at an inflection point as digital assets have emerged in the private sector in the form of cryptocurrencies, stablecoins, non-fungible tokens (NFTs), and central bank digital currencies (CBDCs). To inform this process, AWS has collaborated with industry analyst firm, Constellation Research, to write a new research report available to the public. “The CIO Imperative for Digital Assets in the Public Sector” presents an exploration of the requisite topics to get CIOs and their teams up-to-speed and ready for this journey.

Today, AWS announced the addition of new nonprofit solutions in the AWS Solutions Library and AWS Marketplace. These solutions are tailored to the unique requirements of credit unions and nonprofit research organizations. They range from architectural guidance to ready-to-deploy solutions, and also include offerings developed by AWS Partners. Learn the solution categories that collect these new solutions into important mission areas, as well as some of the specific solutions that can help credit unions or research organizations get started with AWS.

To understand how a regional institution approaches cloud migration as a catalyst to deliver more agility and value from IT, AWS invited Mark Michaels, chief information officer (CIO), and Jeff McLauchlin, vice president of DevOps, from Columbia Credit Union to share their experiences embracing cloud technology.

Many central banks globally are researching the possibility of launching a central bank digital currency (CBDC). AWS has worked with customers in the financial industry as they design secure, resilient, and scalable critical financial infrastructure networks. In this post, we share best practices for central banks to consider as they move through the CBDC development lifecycle.

An Aadhaar number is a 12-digit unique identification number issued by the Unique Identification Authority of India (UIDAI) to every individual in India. Considering the sensitivity of the Aadhaar number and the potential implication of having one’s Aadhaar number compromised, UIDAI mandated the need for all Aadhaar and Aadhaar-related data to be encrypted and stored separately in a secure, access-controlled data repository known as an Aadhaar Data Vault. This blog post explains how government and private entities that collect, process, and store Aadhaar data for various use cases can use AWS CloudHSM from AWS to create an Aadhaar data storage solution that can meet guidelines provided by UIDAI.