06.11.2021

BMO Uses AWS to Modernize Banking Platforms

Amazon Web Services (AWS), an Amazon.com company, announced that BMO Financial Group (BMO) has selected AWS as its preferred, strategic cloud provider.

BMO will use AWS to modernize its banking platforms and build digital financial services applications as part of the company’s ongoing digital transformation. Using AWS’s extensive portfolio of cloud capabilities, including analytics, machine learning, serverless, compute, storage, and database, BMO will develop and scale digital platforms and services for its global customers, meeting and strengthening stringent security and compliance standards. In addition, BMO will launch a comprehensive, hands-on cloud skills training program for its non-technical and IT employees.

With over 12 million customers and $950 billion in assets, BMO is the eighth-largest bank in North America. The financial services company chose AWS for its comprehensive set of cloud technologies and proven reliability and operational experience, which will help the bank streamline its internal business processes, extract insights from decades of financial transaction data, and deliver secure applications and services to customers. BMO is moving strategic workloads to AWS that support its retail and commercial banking, investment banking, and wealth management operations. The bank is also migrating its online and mobile banking applications to AWS to innovate faster and set up an operating model that will enable broad and rapid cloud adoption; this includes creating a consolidated data lake, adopting serverless architecture, and deploying advanced capabilities like high-performance computing and machine learning. As part of its move to personalize services, the bank is using Amazon Connect (AWS’s easy-to-use, scalable cloud contact center) to provide a seamless and more customer-centric experience for its call center, as well as to support remote working capabilities for employees.

“We continue to make bold moves at BMO to accelerate our digital transformation. AWS’s proven experience in the financial services industry is helping us advance our long-term strategy and deliver on our mission to innovate relentlessly on behalf of our customers,” said Steve Tennyson, Chief Technology and Operations Officer, BMO Financial Group. “AWS gives us the reliable global infrastructure we need to rapidly scale our business, as well as the comprehensive set of cloud capabilities to move faster and expand the use of analytics, machine learning, and high-performance computing across our entire operation.”

“BMO is reimagining banking and financial services, and embracing a cloud-first strategy that will help the company continuously develop new services for its customers,” said Matt Garman, Senior Vice President of Sales & Marketing at Amazon Web Services, Inc. “By selecting AWS as its preferred cloud provider, BMO can rely on AWS’s scale, performance, and unparalleled portfolio of capabilities to drive innovation across its entire business to continue to differentiate its offerings and remain a leader in financial services.”

Source: BMO

Related articles

  1. Some recordings need to be retained for one year.

  2. HSBC MarketSpace allows clients to connect seamlessly to their preferred service providers.

  3. Europe Leads Sustainable Investing

    JP Morgan moved into the top spot for sustainable finance bond underwriting.

  4. Every financial center in the Bank of America network will use VR headsets for training.

  5. Research Platform Launches Ahead of MiFID II

    Digital assets are transforming the way markets, businesses and central banks operate.