How is the financial services industry embracing artificial intelligence, and how will this AI transformation impact Amazon Web Services Inc. as it seeks to increase its presence in this sector?

These two questions will be a central focus of coverage for theCUBE, SiliconANGLE Media’s livestreaming studio, at the AWS Financial Services Symposium in New York City. Our industry analysts will provide exclusive coverage on June 11, revealing key findings and analysis. This exclusive gathering — for senior business and IT executives across the banking, payments, insurance and capital markets — will provide an opportunity to hear how the financial services industry is leveraging data to transform operations and deliver value. (* Disclosure below.)

At the forefront of the discussion will be AI and its implications for the financial services industry. Financial institutions are looking beyond core banking operations to explore new areas, including ways to enhance the customer experience through deployment of AI and machine learning applications.

“I think the use of generative AI and even traditional AI to drive innovation in this industry is really accelerating,” said Charith Mendis, head of the worldwide banking industry at AWS, during an interview earlier this year with theCUBE. “We’re early on the journey, but we see so many interesting use cases in terms of everything from customer service and [maintaining a] human in the loop to removing the friction in that customer service point of view. Also, how do you improve the efficiency of the knowledge worker? Whether that’s doing document processing in the mortgage business or an investment advisor, how do you drive that?”

AI transformation: AWS builds cloud spending momentum in financial services sector

In an April briefing for industry analysts that was covered by SiliconANGLE, AWS executives outlined an AI strategy that involved a multipronged approach, focused on the infrastructure stack, AI tooling and up-the-stack applications. Cloud spending pattern data provided to SiliconANGLE by Enterprise Technology Research showed that AWS has been building momentum in the financial services sector, eclipsing Microsoft Azure and Google Cloud.

“In the important financial services sector, we continue to see customers citing cloud optimization as a primary method,” said theCUBE Research chief analyst Dave Vellante, in a recent analysis of cloud spending trends. “The adoption of cloud in financial services is quite notable given the early cloud backlash from the financial industry.”

Indeed, the Cloud Security Alliance has reported that 98% of financial services organizations are now using some form of cloud computing, and 57% currently use multiple cloud providers for infrastructure as-a-service and platform as-a-service needs.

AI adoption drives new innovations in banking

Broader cloud adoption has positioned the financial industry to take full advantage of an expanding AI ecosystem. Large digital consulting giants, such as Infosys Ltd., are now working with major cloud providers such as AWS to implement generative AI solutions to track customer experiences and help reduce costs.

Infosys’ generative AI solution, Topaz, was launched last year on AWS. It leverages Amazon Bedrock, which enables users to build and scale generative AI applications with foundation models. Infosys executives who support clients in the financial sector are seeing their customers deploy AI and realize operational savings, with one bank reducing costs by at least 40%.

“There is AI coupled with cloud; that is what’s driving digital transformation,” said Shyam Vijayan, AVP at Infosys, during an interview with theCUBE. “The cloud part gives you the scalability and the modern environment to innovate very, very fast, but the AI part gives you the insights that you can then turn into very quick decisions that can drive business growth and execution as well.”

TheCUBE event livestream

Don’t miss theCUBE’s coverage of the AWS Financial Services Symposium on June 11. Plus, you can watch theCUBE’s event coverage on-demand after the live event.

How to watch theCUBE interviews

We offer you various ways to watch theCUBE’s coverage of the AWS Financial Services Symposium, including theCUBE’s dedicated website and YouTube channel. You can also get all the coverage from this year’s events on SiliconANGLE.

TheCUBE Insights podcast

SiliconANGLE also has podcasts available of archived interview sessions, available on iTunes, Stitcher and Spotify, which you can enjoy while on the go.

SiliconANGLE also has analyst deep dives in our Breaking Analysis podcast, available on iTunes, Stitcher and Spotify.

Guests

During the AWS Financial Services Symposium, theCUBE analysts will talk with industry experts, IT executives and financial services professionals to discuss the generative AI developments and data-driven innovations within the enterprise banking community.

(* Disclosure: TheCUBE is a paid media partner for the AWS Financial Services Symposium. Neither Amazon Web Services Inc., the sponsor of theCUBE’s event coverage, nor other sponsors have editorial control over content on theCUBE or SiliconANGLE.)

Image: SiliconANGLE