Tech

Challenger financial institution Tandem migrates to AWS in a single weekend

UK digital challenger financial institution Tandem migrated from its preliminary IT infrastructure to the Amazon Internet Companies (AWS) cloud over only one weekend in November with out a hitch.

The financial institution’s transfer from its IT infrastructure – hosted by a managed service supplier accepted by the banking regulator – to AWS was vital to deal with demand for computing energy at a time of speedy buyer progress, notably as the corporate goals to amass tens of millions of consumers and turn into a mainstream lender.

Tandem, which gives prospects a bank card account and financial savings merchandise in addition to an account aggregation app, is striving to make use of synthetic intelligence to supply prospects data and assist in managing their funds. It additionally plans to launch a present account.

The corporate obtained its banking licence in the beginning of final 12 months when it acquired Harrods Bank. It gained about 7,000 prospects of mortgages and financial savings accounts by means of the takeover, rising its buyer base to 21,000. However by November, following promoting and buyer referrals, it had about 350,000 prospects, and today has 500,000.

It was in November that the financial institution moved all of those buyer accounts from its present servers to AWS. With the massive IT migration catastrophe at TSB nonetheless making headlines, Tandem accomplished the duty quietly and with out a hitch.

“Last year we had some stuff on tin, but in November we moved everything onto AWS over a weekend,” stated Tandem CEO and founder Ricky Knox.

It’s now about 90% AWS, though it does have some data- associated companies in Google’s cloud to assist machine learning and AI instruments. It makes use of AWS companies all through, together with S3.

Knox stated companies corresponding to AWS have allowed firms to scale quickly. “In the past, we would sometimes run out of storage capacity or processors and it would often take weeks to order,” he stated. “Now it’s simply auto-scaling.

“Today the worst thing that happens is if I get an unexpectedly high bill. This means you spend more than you expect one month, but that is a better problem, because if you are on physical infrastructure, it would actually break.”

Knox stated Tandem labored carefully with a group of eight folks from AWS which the provider supplied to assist with the migration. “There was no data lost and no customer complaints,” he added.

This isn’t the primary time Tandem has carried out an in a single day buyer migration. In March 2018, it migrated all 7,000 Harrods Financial institution prospects onto its infrastructure in a single evening.


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