2022 NAFCU Services Innovation Award Winner
In 2006, Amazon Web Services (AWS) began offering IT infrastructure services to businesses in the form of web services -- now commonly known as cloud computing. One of the key benefits of cloud computing is the opportunity to replace up-front capital infrastructure expenses with low variable costs that scale with your business. With the Cloud, businesses no longer need to plan for and procure servers and other IT infrastructure weeks or months in advance. Instead, they can instantly spin up hundreds or thousands of servers in minutes and deliver results faster.
Today, AWS provides a highly reliable, scalable, low-cost infrastructure platform in the cloud that powers hundreds of thousands of businesses in 190 countries around the world. With data center locations in the U.S., Europe, Brazil, Singapore, Japan, and Australia, customers across all industries are taking advantage of a host of benefits offered by the AWS Cloud.
How does cloud computing benefit credit unions?
Amazon's mission is to be earth's most customer-centric company. Credit unions' missions are to provide high-quality financial services to their members. In order to achieve those missions, both organizations focus on delivering innovative products and services to their customers and members.
AWS, one of Amazon's service offerings, is the technology infrastructure that powers Amazon's e-commerce business and enables it to scale to support a rapidly growing member base and unpredictable spikes in usage. Through AWS, credit unions will have access to a sophisticated set of services designed to identify and adapt to the ever-changing needs of their members.
Products and Services
With over 125 services that include machine learning, data analytics, and customer contact centers, AWS is uniquely positioned to help credit unions deliver the best possible services for their members through the efficiencies provided by cloud computing.
Financial Services customers like Capital One, FINRA, and Pacific Life are moving critical workloads to AWS and realizing benefits such as lower IT costs, higher performance computing, data analytics, digital transformation, security and compliance, and disaster recovery.
AWS is readily distinguished from other vendors in the traditional IT computing landscape because it is:
- Flexible. AWS enables organizations to use the programming models, operating systems, databases, and architectures with which they are already familiar. In addition, this flexibility helps organizations mix and match architectures in order to serve their diverse business needs.
- Cost-effective. With AWS, organizations pay only for what they use, without up-front or long-term commitments.
- Scalable and elastic. Organizations can quickly add and subtract AWS resources to and from their applications in order to meet customer demand and manage cost.
- Secure. In order to provide end-to-end security and end-to-end privacy, AWS builds services in accordance with security best practices, provides the appropriate security features in those services, and documents how to use those features.
- Experienced. When using AWS, organizations can leverage Amazon’s more than fifteen years of experience delivering large-scale, global infrastructure in a reliable, secure fashion.