Industry

3 ways cloud is transforming the banking industry

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Cloud transforming bankingBanking firms have many of the same IT challenges of any other industry: infrastructure scalabity requirements, the need for application modernization and a pressure to use data to build better customer experiences. At the same time, banking firms also face some of the most stringent security and compliance standards of any industry.

Cloud technology can be a powerful tool for meeting these demands simultaneously.

Here are three examples from the real world:

1. Protecting customers from fraud with SiS.

In France, approximately 50 percent of corporate fraud attempts involve tricking companies into diverting payments into a criminal’s bank account instead of paying suppliers.

With help from IBM, SiS, a French company that specializes in fraud protection, built a blockchain in the IBM Cloud that acts as a tamper-proof repository of verified bank information, and developed a service that helps clients check transactions and detect anomalies in seconds.

This system now verifies over 160,000 supplier bank accounts. SiS has seen an 80 percent reduction in its manual fraud control workload. An agile cloud architecture also enables SiS to easily scale this system as its client base grows.

Read the case study.

2. Building a security-rich environment for data science with Fifth Third Bank.

As competition increases, banks must get smarter about marketing to build engagement and retain customers. Fifth Third Bank saw the potential of state-of-the-art data science tools to optimize marketing analytics. The firm used IBM Data Science Experience to create a controlled environment for its open-source technologies to do machine learning with highly sensitive banking data.

This solution unlocked the ability to harness cutting-edge machine learning and deep learning techniques while still maintaining high security standards.

Read the case study.

3. Automating business processes with KPMG.

Professional services firm KPMG decided to offer UK banking clients a quick-to-deploy, end-to-end solution to help meet regulatory needs. To do this, the firm needed to find a way to deal with continual business change.

KPMG selected IBM Business Process Manager (BPM) and enhanced it by developing an optimizer application. This enabled business analysts to create new business processes 80 percent faster than they could with a more traditional BPM programmer skill set.

Read the case study.

These are only a few of the many stories of how financial institutions are using IBM Cloud technology to transform their businesses.

Learn more about these solutions by visiting the IBM Cloud website.

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