EDITOR NOTE: When staying relevant in the world requires some form of absolute submission to an overarching power or regime, it’s hard not to admit that the future presents, at least in some realm or another, a no-win situation. The object under threat here is financial data and privacy, and it begins with the Bank of Montreal or BMO. Servicing 12 million customers with a combined total of $960 billion in assets, BMO recently struck a deal with Amazon Web Services (AWS), the latter serving as the bank’s strategic cloud provider. Cloud data is a window allowing access to a customer’s financial data. AWS claims “We do not access or use your content for any purpose without your consent. We never use your content or derive information from it for marketing or advertising.” The operational words here are “without your consent,” and “for marketing or advertising,” in addition to other potential words that are missing. In other words, for what other purposes not listed might your data be used? Talk to any cybersecurity professional and they’ll tell you that the era of informational privacy is over. Your data is subject to the electronic gaze of machines run by the government and corporations. BMO just bumped it up a notch. Your financial data may be next. And it’s for this reason alone that storing untrackable non-CUSIP gold and silver in a private depository has become valuable far beyond any other form of safe storage guaranteeing privacy.
SEATTLE--(BUSINESS WIRE)--Today, Amazon Web Services, Inc. (AWS), an Amazon.com, Inc. company (NASDAQ: AMZN), 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.
“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”
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.”
About Amazon Web Services
For over 15 years, Amazon Web Services has been the world’s most comprehensive and broadly adopted cloud platform. AWS has been continually expanding its services to support virtually any cloud workload, and it now has more than 200 fully featured services for compute, storage, databases, networking, analytics, machine learning and artificial intelligence (AI), Internet of Things (IoT), mobile, security, hybrid, virtual and augmented reality (VR and AR), media, and application development, deployment, and management from 80 Availability Zones (AZs) within 25 geographic regions, with announced plans for 18 more Availability Zones and six more AWS Regions in Australia, India, Indonesia, Spain, and Switzerland, and the United Arab Emirates. Millions of customers—including the fastest-growing startups, largest enterprises, and leading government agencies—trust AWS to power their infrastructure, become more agile, and lower costs. To learn more about AWS, visit aws.amazon.com.
Amazon is guided by four principles: customer obsession rather than competitor focus, passion for invention, commitment to operational excellence, and long-term thinking. Amazon strives to be Earth’s Most Customer-Centric Company, Earth’s Best Employer, and Earth’s Safest Place to Work. Customer reviews, 1-Click shopping, personalized recommendations, Prime, Fulfillment by Amazon, AWS, Kindle Direct Publishing, Kindle, Career Choice, Fire tablets, Fire TV, Amazon Echo, Alexa, Just Walk Out technology, Amazon Studios, and The Climate Pledge are some of the things pioneered by Amazon. For more information, visit amazon.com/about and follow @AmazonNews.
About BMO Financial Group
Serving customers for 200 years and counting, BMO is a highly diversified financial services provider - the 8th largest bank, by assets, in North America. With total assets of $950 billion as of April 30, 2021, and a team of diverse and highly engaged employees, BMO provides a broad range of personal and commercial banking, wealth management and investment banking products and services to more than 12 million customers and conducts business through three operating groups: Personal and Commercial Banking, BMO Wealth Management and BMO Capital Markets.
Original post from BusinessWire