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Wednesday, April 17, 2019 10:20:57 AM
By: Financial News | April 17, 2019
The mighty Amazon
The sheer ubiquity of cloud-computing giant Amazon Web Services has, over the past couple of years, raised concerns over whether the company poses a systemic risk. With vast numbers of top-tier banks, asset managers and fintech businesses operating on AWS, some have asked if the company has become “too big to fail”.
Last week, Scott Mullins, AWS’s global head of business development for financial services, told FN: “I don’t think AWS represents a concentration risk at all.” He then explained how the company is laying the foundations for dominance in an emergent niche of financial services: machine learning.
AWS’s machine-learning product, Amazon SageMaker, appears to have a notable shortage of financial services clients, based on a review of its customer use cases page, where not a single financial institution is listed.
The list is not exhaustive and a few businesses, such as Openbank, Santander’s digital bank project; Capital One, the credit card outfit; and DBS, the Singapore-based bank, are experimenting with AWS’s machine-learning capability – but it seems the sector’s biggest beasts are yet to deploy the tool.
Breaking into banks?
A new product, AWS Lake Formation, could change that. Announced in November 2018 with a launch planned for this year, it is designed to help companies in financial services and elsewhere create a data lake, the foundation for machine-learning applications.
Mullins told FN: “Most organisations [in financial services] that have developed over the course of decades, they’ve got data in disparate places and different pockets, and it’s not necessarily accessible all at once, it’s not necessarily organised, it’s tucked away in different corners of the organisation. And before you can actually run any effective machine learning or frankly any kind of effective data analytics, you’ve got to organise that data, you’ve got to get it into one central repository.”
Revolut shunned?
From an established tech giant to an emerging one, would-be challenger bank Revolut remains very firmly on the back foot and is now subject to a third government review in Lithuania.
The question being asked is whether the $1.7bn start-up poses a threat to Lithuania’s national security interests. Should this end in Revolut’s Lithuanian banking licence being revoked, which seems possible, it will likely set the company’s plans back some years. The business intends to apply for a UK banking licence, but that process in the country typically takes two to three years to complete; Lithuania, it ain’t.
Fintech sets the bar low
Revolut has not yet had to file a gender pay gap report, but its peers in the fintech sector set the bar feebly low earlier this week, with an average pay disparity between men and women of 31.54% – even worse than investment banking. The sector may well turn things around in the next 12 months, with proactively published data from Starling Bank already pointing to marked improvements. But the fact that this disruptive sector found itself in such a position in the first place will prove a sobering truth for participants.
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