The IBM Cloud for Financial Services is now backed by more than 100 ecosystem partners. IBM Cloud for Financial Services aims to help institutions balance the need to modernise with industry security and regulatory requirements.
Specifically, ecosystem partners are committed to help customers accelerate cloud adoption and digital transformation throughout financial services. A growing proportion of the $1trn hybrid cloud market opportunity is comprised of the financial markets industry. This is expected to increase nearly 20% by 2024.
Moreover, a recent IBM internal analysis suggests that cloud is expected to account for about 60% of that future market opportunity. Financial institutions are accelerating innovation to meet heightened customer expectations. At the same time, they must meet heightened customer expectations, deliver consistent services and overcome increased regulation.
IBM says that can only happen if security and compliance controls are fully integrated into the platform from the onset. Otherwise, the likelihood of a large-scale data breach may increase dramatically. In particular, if developers develop and run applications on a cloud platform — or multiple clouds — that haven’t been properly configured.
IBM Cloud: reducing risk and unlocking new revenue opportunities
The IBM Cloud is designed to help banks host mission-critical workloads while adhering to their security and compliance regulations. IBM’s fourth-generation confidential computing capabilities and “Keep Your Own Key” encryption is delivered via IBM Cloud Hyper Protect Services, So partners and their customers can retain control of their data and transact in a highly secured environment.
The IBM Cloud Framework for Financial Services is designed to reduce third- and fourth-party risk in the digital supply chain. It uses a common set of security and compliance controls that are adhered to by the entire ecosystem. These built-in controls are engineered to help partners and customers accelerate innovation and unlock new revenue opportunities. And it lowers the cost of compliance while fostering a growing ecosystem.
Partners in the ecosystem include NexJ Systems, Temenos, and Zafin. They use IBM Cloud Hyper Protect Services to free up expenses and employee resources dedicated to security and compliance. This helps them focus on creating new features, new functions and other product and service enhancements.
IBM Cloud: accelerating time to market and deepening engagement
IBM says that more than 100 ecosystem partners intend to onboard solutions on to the IBM Cloud for Financial Services. They will help financial services providers streamline the way they work with GSIs, ISVs, SaaS providers and fintechs. And help accelerate their innovation and improve the customer experience.
IBM’s focus is to enable partners accelerate time to market and onboarding while deepening engagement through security and compliance capabilities.
Customers benefit from the growing ecosystem of partners supporting the IBM Cloud for Financial Services. These include AmplifAI, Circeo, Decision Focus, Enghouse Interactive, Episode Six, Finclude, Hanzo Archives, Inc, Infosys Finacle, NetApp, Inc, NexJ Systems, Inc, NGDATA, Palo Alto Networks, Portworx by Pure Storage, SIS-ID, SunTec, Temenos, Vestigo, VMware and Zafin.
The IBM Cloud is supported by a Cloud Engagement Fund established as part of a $1bn investment in its ecosystem.