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Why Amazon Web Services Is Closely Linked To Finance: 'Access To Infinite Computing Power'

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Why Amazon Web Services Is Closely Linked To Finance: 'Access To Infinite Computing Power'
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As Amazon.com, Inc. (NASDAQ: AMZN) evolved from online bookstore to the dominant force in e-commerce, the company had to break up its “monolithic” software, Amazon Web Services' Stephen Orban told the 2018 Benzinga Global Fintech Awards on Wednesday.

The effort led to what is now AWS — a cloud division that introduced more than 1,400 features last year based on customer feedback and is capable of making approximately 50 million deployments annually, said Orban, the general manager of new initiatives at AWS.

“Today’s large, modern organization needs to be able to evolve and change their culture as their customer needs change if they want to remain competitive in the marketplace,” Orban said.

The Amazon executive said his role is to assist large client companies in transitioning to the cloud, and he named reasons why corporations make the change:

  • Financial services customers have seen “constant downward pressure on costs” in recent years.
  • More and more data is being generated in the sector.
  • The regulatory and compliance environment.
  • Security: “A number of customers tell us they’re able to better achieve security in the cloud.”
  • Competition.
  • The ability to scale up websites. “Think about how it would change your world if you could have access to infinite computing power,” Orban said.

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Photo courtesy of Amazon.

Posted-In: Amazon Web Services AWS Benzinga Global Fintech Awards cloud cloud computingFintech Top Stories Tech Best of Benzinga

 

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