The shift to cloud adoption in the banking and financial services industry

By | 2 minute read | March 18, 2021

Financial district in a city setting

According to IDC 2020 Worldwide Industry CloudPath Survey the banking industry is not only adopting, but also accelerating its adoption of cloud, based on real benefits being proven in the market. Global bank IT spend through 2024 is growing at 5.9% annually, which will help drive an accelerated recovery and fast return to a new normal, but spending on public cloud will grow at almost twice that rate, 10.9% annually through the same period—indicating increased desire to leverage the benefits offered by public cloud. (1)

Banking and financial services may be one of the most dynamic industries in today’s market for growing and scaling with the public cloud. Digital transformation creates new revenue streams for new-school fintech companies as well as companies that are building their financial technology for banks on public cloud. With the announcement of updates to the IBM Cloud for Financial Services, IBM is a key player in the public cloud shift that is happening in the banking and financial services industry.

Become a Build Partner for banking and financial services

IBM Business Partners can take advantage of this growth area by joining the Build Track in the Reimagined IBM PartnerWorld Program. The Build Track is designed to offer key benefits aligned to partners that are building innovative applications on the IBM Cloud for Financial Services. From becoming an IBM PartnerWorld member to taking your solutions to market, the Build Track provides step-by-step guidance for Build partners through the PartnerWorld Program. New and existing partners can join the Build Track at no cost after joining PartnerWorld.Business Partners can get started by downloading the Build Track Guide—an easy, quick-start guide that explains how to take advantage of Build partner benefits, which include:

  • Multiple, tailored IBM Partner Package offerings that include Cloud credits for developing on the IBM public cloud, technical support, solution consultations with IBM experts and education and certification benefits
  • Role-based learning paths to help increase your technical and professional skills in IBM Cloud
  • Access to the Global Solutions Directory where it is discoverable by clients
  • The Build Banking and Financial Services Competency

IBM Banking and Financial Services Competency

IBM recently announced the creation of the new Build Banking and Financial Services Competency. This Competency recognizes IBM PartnerWorld members who demonstrate technical proficiency and client success by building solutions for banking and financial services on the IBM public cloud. To achieve this Competency, Business Partners can follow a downloadable step-by-step checklist with details on technical validation and other requirements. Business Partners who achieve this Competency are eligible to receive several go-to-market benefits, including a Competency mark and certificate showcasing their achievement.

When Business Partners have achieved their Build Banking and Financial Services Competency, they can also consider onboarding to the IBM Cloud for Financial Services. If a Business Partner is in the process of onboarding to the IBM Cloud for Financial Services, the Banking and Financial Services Competency Technical Validation is considered complete and the Business Partner can submit and achieve the Competency to showcase their achievement.

What’s more, after partner solutions are validated for the IBM Cloud for Financial Services, they have completed the technical validation requirements for the Build Banking and Financial Services Competency to showcase their achievement.Business Partners building innovative products in banking and financial services should also consider expanding their business opportunity by joining the IBM PartnerWorld Service Track. The Service Track provides similar benefits and competencies for partners providing value-add services for banks on the IBM Cloud.

(1) IDC, Perspective: Banking on the Cloud: Results from the 2020 CloudPath Survey, November 2020. Doc # US45822120

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