The Financial services market is a highly saturated one, and a highly competitive one. Financial services industry expects customer-centric, personalized experiences.
To meet industry expectations, financial services companies must manage data and risk when leveraging advanced technology onboarded to gain new insights and deliver truly personalized experiences for end-customers.
From the other hand, they also need to keep business compliant and cost-efficient when scaling at new markets and growing new business streams.
What is Happening?
- Cloud Enablement
- Augmented analytic
- Digital transformation
- Customers Retention
- Regulations
- Internal optimization
- Open banking
Why it is Happening?
- Evolving new revenue streams
- Highly saturated market
- Strict Regulatory Compliance
- Attracting next wave of customers (Millennials, GZ)
- Established market distribution
- Hight volume to be delivered in short time frame
- Talent growth and engagement
What are the objectives?
- Leverage data to gain insights
- Future proof the business
- Be innovation driven
- Enhance customer experiences
- Stay compliant and secure
Areas of FS Focus
Banking and Asset Management
Most bankers see personal loans (64%) and personal finance (50%) most at risk in moving to a FinTech company. This means that both personal loans and personal finance are two segments that are most likely to be first in a row to be overtaken by FinTech companies, and Banks as classical legacy financial institutions will lose their monopoly in these areas, passing this part of the business to disruptors (whom FinTechs are).
Transactions and Payments Services
Payment companies have carefully monitored the rise of FinTech and the implications to their industry, and are also heavily invested in cloud technology, with 90% planning to adopt it as part of their production system by 2021.
AWS Services for FS Include
amazon EMR
amazon CODEFORMATION
amazon RDS
amazon REDSHIFT
ELASTICSEARCH SERVICE
amazon Dynamo DB
amazon Cognito
amazon SAGEMAKER
amazon S3
amazon EC2
Amazon EKS
amazon ECS
amazon LAMBDA
amazon API Gateway
amazon WAF
amazon CODEBUILD
amazon CODECOMMIT
amazon CODEDEPLOY
amazon CODEPIPELINE
AWS Cloud Formation
amazon CONFIG
amazon OPSWORKS
AWS Tech for Financial Services Offerings
The Challenge
Inaccurate executive reporting based on the cross geo and business streams financial data
SoftServe Offer
Dashboard solution for generating ad-hoc executive reports based on multiple business streams and transitional data sources—near-real time
AWS Tech
- Amazon S3
- Amazon RDS
- Amazon
Elasticsearch - Amazon EMR
- Amazon Redshift
- Amazon Cognito
- Amazon API Gateway
- Amazon Lambda
- Amazon EKS
- Amazon ECS
The Challenge
High costs for storing redundant and dark data which are used by risk management function at banks
SoftServe Offer
Machine learning (ML) solution for detecting redundant and outdated files based on the file's meta-data as fundamental for cross-organization and business units data governance
AWS Tech
- Amazon Forecast
- Amazon SageMaker
- AWS SDK
The Challenge
Extremely time consuming and human factor risk associated with manual data extraction from diverse-origin digital documents for sales and compliance functions
SoftServe Offer
Solution for on-demand access to customizable reports with up-to-date and accurate sales and compliance data extracted and aggregated from divers-origin scanned and digital documents for decisions making
AWS Tech
- Amazon S3
- Amazon RDS
- Amazon
Elasticsearch - Amazon EMR
- Amazon Redshift
- Amazon Cognito
- Amazon API Gateway
- Amazon Lambda
- Amazon EKS
- Amazon ECS
The Challenge
Non-standardized CICD process for third-party, developed back-office applications, decreasing deployment time from months to days
SoftServe Offer
Design cloud-based infrastructure to enable agile CICD environment to migrate existing back-office applications to cloud for deployment time decrease and scaling
AWS Tech
- AWS CodeBuild
- AWS CodeCommit
- AWS CodeDeploy
- AWS CodePipeline
- AWS OpsWorks
- AWS CloudFormation
The Challenge
High load on customer support services which result in low NPS and banking compliance issues
SoftServe Offer
Leveraging smart algorithms and NLP for chatbots and helpdesk support for data-driven insights and compliance to enable real-time decision-making and risk mitigation
AWS Tech
- Amazon Comprehend
- AWS Chatbot
- Amazon SageMaker
- AWS SDK
AWS Case Studies
Billing Service
Using AWS and a multi-account strategy, the goTransverse and SoftServe teams implemented a multi-tenant SaaS solution with the ability to quickly develop and regularly update customers’ services and components without significant issues.
Secure Payment
Different payment services providers (PSPs) integrate with the AWS hosted solution using our client's created PSP integrations. Starting from a prepared landing zone, SoftServe designed and delivered the AWS infrastructure.
Cash Flow Management
Nufin Data on SoftServe chose AWS Lambda because it enabled code to run without provisioning or managing servers, which eventually presented a code storage issue. SoftServe then re-configured Lambda layers according to best practices.
Investment Data Management
An architecture assessment of existing systems identified process bottlenecks in the current cloud-architecture. During the initial phase, SoftServe defined AWS+Data architecture and implemented MVP.
