AWS Financial Services Symposium – London 2024

This year’s AWS Financial Services Symposium provided valuable insights into the transformative power of AWS across the finance industry. The event, tailored for finance professionals, shed light on the pivotal role of AWS in driving innovation, improving customer experiences, managing data, adapting to regulations, and building the digital banks of the future.

In her keynote address, Melanie McGrory emphasized the importance of leveraging the complementary skills of humans and machines to drive long-term innovation. She stressed that organizational readiness is key to success in this endeavour.

The event’s sessions showcased the diverse ways in which AWS has been leveraged in the finance sector. “Unlocking Gen AI’s potential by improving your tools” highlighted how AWS enabled companies like The Direct Line and The Green Flag to enhance customer experiences by deploying AI-based customer and knowledge tools. This allowed agents to resolve complex queries efficiently, thus transforming every call into an opportunity for exceptional customer care.

Stuart Brown from The London Stock Exchange emphasized the critical nature of real-time data. He explained how AWS facilitated improved data distribution across clients and transformed their business by managing ever-growing market data, which fuels global financial markets and economies. The astounding 68% growth in market data between 2021 and 2023 underlined the demanding nature of this market.

Natwest (Barry Robinson and Jill Beattie) shared their experience of modernizing customer experience with data. Their transition to the Amazon Connect platform, powered by AWS, resulted in reduced call failure rates, decreased call transfers, and optimized customer service. They also streamlined operations by reducing the number of suppliers from 22 to 4 and introducing 66 self-service journeys, showcasing the cost-saving and customer experience benefits of leveraging AWS data.

The collaboration between regulators and tech companies was addressed by Orland Fernandez – Ruiz from the Bank of England and Stella Nunn from PwC. They stressed the need for collaboration to ensure operational resilience and encourage innovation amidst evolving regulations. They emphasized the importance of viewing resilience as a platform for growth rather than a hindrance.

Lastly, Mariam Ogunbambi from Starling Bank and Gabriela Nistor from Salt Bank presented inspirational stories of innovation and determination, demonstrating the potential for AWS to shape the future of digital banks.

The symposium underscored that a ‘Cloud First’ approach is not merely a strategy but a journey toward operational excellence in the financial sector. It showcased how AWS has become an indispensable tool for driving innovation, managing data, enhancing customer experiences, and navigating regulatory landscapes.

In conclusion, the AWS Financial Services Symposium provided finance professionals with valuable learnings, actionable insights, and inspiring success stories, confirming AWS’s pivotal role in shaping the future of finance.