Amazon Web Services Announces Multi-Year Strategic Collaboration with Fitch Group
Agreement Aims to Enhance Digital Transformation with Amazon Q Developer Generative AI technology
NEW YORK - Amazon Web Services (AWS) , Inc. (AWS), an Amazon.com, Inc. company (NASDAQ: AMZN), announced an expanded multi-year strategic collaboration agreement with the Fitch Group, a global leader in financial information services, to advance Fitch’s technological innovation, drive digital transformation, and leverage generative AI capabilities across Fitch's global operations, a press release stated by Amazon.
The agreement emphasizes the implementation of Amazon Q Developer, which has already demonstrated significant improvements in developer productivity and code modernization efforts. Amazon Q Developer provides Fitch's technical teams with real-time code recommendations, documentation assistance, and troubleshooting support to streamline development workflows, enhancing Fitch’s next generation developer experience.
Fitch Group is also utilizing Amazon Q Transform to accelerate application modernization efforts, particularly in upgrading legacy Java applications. This initiative is part of Fitch's broader strategy to enhance its technology platform and prepare for future innovations in artificial intelligence and machine learning.
"Our collaboration with AWS, particularly through Amazon Q Developer, has enhanced our approach to software development and modernization," said Andrew Collyer, Chief Information Officer at Fitch Group. "We've seen about 20% improvement in productivity amongst builders using Amazon Q Developer, enabling us to deliver better solutions to our clients faster while maintaining the stringent compliance requirements essential to our industry."
Additionally, Fitch has been working closely with AWS to enhance its data streaming capabilities through Amazon Managed Streaming for Apache Kafka (MSK) which Fitch has selected as their main data streaming platform for a variety of projects, implementing new features that strengthen their disaster recovery and compliance objectives and providing customers with low-latency, high-availability access to critical business data – a game-changer for bringing world-class financial data and insights to Fitch customers via its revolutionary Fitch Ratings Pro website, extensive data feeds and API interfaces.
"This renewed collaboration with AWS shows our dedication to top-notch technology and innovation," Collyer said. "Using Amazon Q Developer and other AWS services has helped us simplify our technology and become quicker and more efficient, all while keeping the high levels of compliance and security that both regulators and customers require. Also, MSK Replicator has been crucial in providing our customers with fast and reliable access to essential business data. It has greatly improved our streaming data capabilities on AWS, boosting our confidence in our platform's reliability."
Scott Mullins, managing director for AWS Financial Services, said: “This strategic agreement represents a significant expansion of the existing longstanding relationship between AWS and Fitch Group, supporting Fitch's ongoing initiatives to accelerate innovation, improve operational efficiency, and deliver enhanced value to its global customers. This helps Fitch become more efficient and has been part of Fitch’s drive to ensure their estate is architected and built in a way that enables them to be more effective as they make pivots towards Generative AI.”
Fitch Group is a global leader in financial information services with operations in more than 30 countries. The company provides credit ratings, commentary, research, and financial data to global investors, enabling them to make better-informed financial decisions. Fitch Group is a subsidiary of Hearst Corporation.
