January 8, 2018 | Written by: Rob Seidman
Categorized: Blockchain | Cloud | FinTech | RegTech
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Imagine a scenario in which opacity and complexity have been removed from the financial services industry. Anyone with an idea of how we might conduct business better and more efficiently, be it in wealth management, lending, insurance, or payments, could bring it to life with ease. Entrepreneurial individuals could find all the tools they need to innovate consolidated in one place, which meet all of their data requirements and analytical needs. Developers could then combine these data sources and computational tools, run them on a regulatory compliant cloud infrastructure, and layer with cutting-edge cognitive tools to deliver something truly game-changing to their users: insights-as-a-service.
We don’t yet live in that world. To the untrained eye, the infrastructure of the world’s financial institutions is a snarled web of systems hampered by constraints. But as anyone who’s assisted with a system implementation can attest to, one quickly comes to respect the complex network of past choices, delicate balances struck, passionate scientific arguments won, all working in concert to deliver the best possible value to clients within the constraints of time and budget. Sometimes however, potential efficiencies gained from standardization across business functions are left on the table. The solution to bridging the gap between these two scenarios is simply flexibility.
To solve this, consider IBM Cloud for Financial Services which provides all the essential building blocks for the development of financial services applications, combining technologies such as cloud, blockchain, cognitive computing, sophisticated analytics, and new ways of thinking about and storing data. This platform, leverages IBM cloud technology and infrastructure, giving our industry-leading analytics platforms a new home in the cloud, and inviting our strategic partners – be they the world’s largest financial institutions or a few smart people with a world-changing idea – to make their content and capabilities available to the Financial Services community. It ensures Data Provider A can share its content with Analytics Provider B, which is leveraged by an ontology developed by Cognitive Computing Company C. That’s why we often refer to it as the “Innovation Exchange”. It’s a bit like we’re assembling a toolbox of functionality and content in a space that meets all the requirements to scale and meet regulation.
To connect some of those components to deliver insights to the marketplace, we’ve created sets of instructions called “Starter Kits”, which are like recipes to revolutionize a particular business function. We’re inviting our partners to innovate with us and pioneer new solutions that will benefit the financial services industry at large. Most crucially, we want to democratize access to sophisticated tools in order to foster the creativity of the growing development community.
What you can do with the IBM Cloud for Financial Services:
- Take inspiration from business problem focused Starter Kits and explore the art of the possible.
- Integrate one or more capabilities to transform your business without needing to implement a monolithic application.
- Leverage IBM’s Platform-as-a-Service (PaaS) to build and run applications in the cloud.
- Scale your applications into production running on compliant infrastructure.
- Design “Starter Kits” to demonstrate how your services can address a business need more efficiently.
- Create and publish your offerings onto the platform. Monetize new or existing capabilities by creating and publishing services to a platform that bring together some of the leading financial institutions, the most exciting fintech firms, and established players.
- Disrupt an industry.
Try it today:
IBM Cloud for Financial Services is available today on IBM Cloud: https://console.bluemix.net/developer/finance
This blog originally published: https://www.ibm.com/blogs/bluemix/2017/03/announcing-ibm-cloud-financial-services/