Compass UOL offers financial institutions new Gen AI solutions with AWS Financial Services Competency

Helps deliver faster evolution of payments, banking and capital markets, real time operations, and digital banking

Digital services company Compass UOL announced it achieved the AWS Financial Services Competency and is offering its Gen AI tools to financial services institutions (FSIs) to speed up the evolution of their business on the cloud.

Out of the limited number of companies capable of addressing AWS use cases in the financial services sector, Compass UOL stands out as the sole provider offering its proprietary Gen AI software engineering suite to expedite software development.

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Financial institutions can also apply AI to new business use cases, like onboarding for physical and business accounts using ChatGPT-like bots and robotic process automation (RPA), risk and fraud analysis with AI on new data models, and FSI-specific business analytics, among others.

“There is a window of opportunity for U.S. financial institutions to jump ahead of competitors and give new customers what they need online,” said Compass UOL CEO Alexis Rockenbach.

There are four areas where software can help financial institutions compete for new customers:

• Payments: Instant payments, FedNow, faster payment services and integration, digital currencies, and digital wallets.
• Digital Banking: Digital banking products, cloud migration, dynamic legacy path, edge open banking, and automated mainframe migration.
• Real Time FSI: Data driven FSI, advanced analytic fraud detection, real time decision making, and real time credit and risk solutions.
• Banking and Capital Markets: Wealth and asset management, credit and lending management, and investment management.

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“Compass UOL is already helping financial institutions profit from generative AI,” said Rockenbach, speaking of Compass UOL’s approach. “We believe they can help make more institutions find their own way to benefit from it,” he added.

To achieve the AWS Financial Services Competency, Compass UOL presented a set of customer success cases which confirmed its ability to help its partners and customers stand out in a competitive landscape. Some of the cases involved complete solutions implemented using Gen AI to deliver strategic gains through a specialized financial services methodology empowered by AWS Data-Driven Everything (D2E) practice.

Compass UOL’s technology talent training program, Compass Academy, was also key for obtaining the AWS Financial Solutions Competency. The training focused on blockchain, Open Finance, and Data & Analytics, among other courses, preparing professionals to accelerate software engineering in the financial services industry.

A report published by the American Bankers Association said that financial institutions spent over $80 billion in technology in 2022, much of which went to keep their old systems working.

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According to data from the Federal Deposit Insurance Corporation (FDIC), financial institutions with less than $250 billion in assets held 45% of deposits in 2022, compared to 52% in 2012 and 78% in 2002, when there were twice as many banks.

In contrast, FDIC data shows that only 13 giant banks held $10.5 trillion in deposits last year, or 55% of the total, increasing the risk that problems at a single institution could affect more people.

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