Westpac turns to AWS for hybrid cloud strategy

Thursday 2 March 2023 09:31 CET | News

Westpac, an Australia-based banking group, has turned to Amazon Web Services (AWS) to support its hybrid cloud strategy.

Westpac initially started collaborating with AWS in 2015. Westpac will use Amazon' machine learning, computing, and data analytics capabilities under the new five-year partnership.

Westpac, an Australia-based banking group, turns to Amazon Web Services (AWS) to support its hybrid cloud strategy.

The collaboration is expected to accelerate the lender's digital transformation, decrease expenses, and customise its banking applications. Westpac will benefit from the collaboration as it expands its use of the cloud across the business in order to provide new and improved digital-first experiences for customers and employees, particularly through technologies such as Conversational AI, Banking-as-a-Service, and the new transaction platform for institutional customers.

Westpac employees will also get access to the AWS Industry Quest for Financial Services, a game-like training experience that teaches staff how to design cloud solutions for the financial services industry.

Westpac originally revealed its new cloud approach, dubbed 'hybrid-platform-as-a-service', in 2018. The concept called for a hybrid of public and private cloud systems hosted by IBM.

Westpac’s recent developments

Earlier in 2023, Westpac introduced PartPay, a new credit card option that allows consumers to divide their payments into four instalments. The choice to accept credit cards rather than provide the service through merchants was taken in response to consumer requirements rather than to maximise revenues.

In July 2022, Westpac stated it will give credit card clients travel insurance coverage for diseases and pandemics including COVID-19. If a Westpac credit card customer is diagnosed with COVID-19, they will be entitled to free supplementary coverage for epidemics and pandemics under the new banking policy. The insurance covers international emergency medical help, medical evacuation, cancellations, and additional fees.

Westpac announced the following stages towards becoming a digital-first bank and altering the goods and services supplied to clients one month later, in July 2023. Changes include a digital mortgage with unconditional approval in as little as ten minutes, new capabilities in the Westpac app, and a digital strategy for branches to allow consumers to bank whenever and wherever they choose.

Cloud banking

With the advent of cloud-based products, banks now have the option of replacing their infrastructure entirely or partially with complementary technologies. The so-called multicore paradigm is a hotly debated topic right now. It combines the best of the primary and maybe extra specialised platforms with cutting-edge digital cloud-based applications.

Cloud computing for banking allows banks to maintain direct contact with their customers. With the help of cloud-based services, you may solve a variety of complex challenges regardless of location. Due to the preservation of vast volumes of data, traditional storage systems might be wasteful and difficult to utilise. Whereas the cloud does not suffer from this. Because cloud computing makes operations more productive, you may effortlessly plan and control your services.

Banks can also improve their efficiency using cloud computing, allowing for new advances. Unrestricted access to a single source always stimulates and aids in the generation of new ideas. Customers and bankers may also easily mix current technology with ease.

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Keywords: partnership, cloud, banks, machine learning, data
Categories: Banking & Fintech
Companies: Amazon Web Services, Westpac
Countries: Australia
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