Oct 15, 2020

AWS: a key component of modern enterprise success

Elmo Cloud HR & Payroll
AWS
Cloud Computing
financial services
William Girling
2 min
Amazon Web Services (AWS) has established itself as one of the foremost options for enterprise cloud computing currently available
Amazon Web Services (AWS) has established itself as one of the foremost options for enterprise cloud computing currently available...

Amazon Web Services (AWS) has established itself as one of the foremost options for enterprise cloud computing currently available.

Recognised by Elmo Cloud HR & Payroll in our recent article, James Haslam, CFO, described the two companies’ partnership as essential:

“AWS provides the platform to host our customers’ data, which can be accessed by our customers anytime and anywhere. The reliability of AWS’ platform is a key component not only to ELMO’s success but to our customers as well.”

Flexible and comprehensive

Launched in 2006, AWS is a subsidiary of Amazon focused exclusively on developing cloud platforms and Application Programming Interfaces (APIs). 

Billing its customers on a pay-as-you-go subscription basis - dependant on the services, products, software and hardware that are desired - AWS provides a flexible and comprehensive platform, with available options including:

  • Analytics
  • Blockchain
  • Customer engagement
  • Internet of things
  • Machine learning
  • Migration and transfer
  • Quantum technologies 

This multiplicity of services makes AWS highly adaptable and applicable across a wide spectrum of industries; the company also offers complete solutions for financial services, advertising & marketing, telecoms and more.

AWS for the finance industry

Focusing specifically on finance, AWS has an established track-record partnering with banks, payment companies, capital markets and insurers to provide fast, easily scalable and cutting-edge IT infrastructure to enable customers to reach their full potential.

“Through continuous innovation, AWS delivers the most stringent security requirements in the world, the greatest breadth and depth of services, deep industry expertise, and an expansive partner network,” said the company on its website. 

“Building on AWS empowers organisations to modernise their infrastructure, meet rapidly changing customer behaviors and expectations, and drive business growth.”

Allowing financial service providers to keep pace with evolving customer needs, modernise legacy IT infrastructure, and drive both growth and innovation, the company also ensures that it operates within the industry’s specific regulatory framework.

“From infrastructure to automation, financial services institutions have all the tools and resources they need to create a compliant and secure environment on AWS.”

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Jun 19, 2021

AI and the future of global trade

AI
Tradeteq
trade
Finance
Michael Boguslavsky, Head of A...
3 min
Boguslavsky explores AI's potential in trade finance; could it overcome traditional barriers and usher in a new era of financial transformation?

Artificial intelligence (AI) is becoming entrenched in our daily lives, but the technology is still surrounded by misconceptions and skepticism. Ask the public and they may jump to dystopian scenarios where robots have taken over the world. 

While this makes for a good sci-fi blockbuster plot, the reality is different and more benign. Those products that Amazon suggested you buy? AI. That TV series you were recommended to watch on Netflix? AI. That self-driving Tesla car you crave to take for a spin? You guessed it: AI.

There is no single industry that is not being re-shaped by technology. Until recently, however, there was one noteworthy exception: global trade. Fortunately, that is slowly changing.

The mechanism that underpins global trade – trade finance – is an industry that remains largely paper-based and reliant on manual processes. This US$18tn a year industry is now being influenced by a new wave of technological innovation, including AI.

Exploring the potential of AI in Trade Finance

AI refers to the use of computer-aided systems to help people make decisions or make decisions for them. It relies on large volumes of data and models to make sense of information and draw intelligence. 

In trade finance, AI is helpful in analysing quantitative data, and the repetitive nature of trade finance means that there is a lot of non-traditional data at our disposal. 

This means that when trade finance providers need to assess the risks of funding a transaction, AI models can be a very efficient tool for data analysis and reveal intelligence and risks relating to small companies.

AI helps the industry move beyond traditional credit scoring processes, which are often outdated and remain reliant on historical accounting entries – a barrier that prevents small companies from accessing trade finance and has resulted in a $1.5tn global shortfall. 

Overcoming the barriers

AI can tackle this shortfall by creating accurate credit scoring models. This can include a company’s payment history, measure the risks of funding a transaction, identify supply chain risks, and benchmark them against their peer group.

Trade finance providers can use this information to communicate effectively with their SME clients, ultimately helping establish better business relationships.

Towards a technological utopia?

The adoption of AI has the potential to do a lot of good in the industry, and the industry is in the early stages of radical transformation.

Advances are driven by fintechs as well as a willingness to change. The industry is working together to create new infrastructure for distributing trade finance assets to other investors in a transparent, standardised format. 

The creation of infrastructure is possible due to improvements in technology and integrated across the trade ecosystem in cooperation with banks, insurers, and other industry participants. 

It’s collaboration at its best: together, the industry is using technology to re-shape global trade as we know it.

This article was contributed by Michael Boguslavsky, Head of AI at Tradeteq

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