August 10, 2020 | Written by: Mike Ghoraishi
Categorized: Cloud | Financial
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The financial services industry is facing several disruptive forces
Ever-increasing customer demand for new innovative products & services and competition from financial technology (FinTech) companies rises the regulatory pressure and increases cybersecurity breaches.
Banking in the Nordics has been at the forefront of the digitalization transformation. There is increasing competition from FinTechs as they are innovating faster and are not as stringently regulated as Financial Services Institutes (FSI) and offer a broader scope of services accompanied by non-traditional business models. To manage compliance and risk in the face of digital-everything and to outpace and outsmart competitors in the delivery of services and products, FSIs need to embrace the public cloud and the risk associated with it but by establishing a secure framework.
Both banks and their 3rd party solution providers – ISVs and SaaS providers are faced with several challenges as they try to adopt the agility and resiliency of the public cloud. The IBM “financial services-ready” public cloud has been designed to help the industry tackle compliance in a safe, secure, cost-effective, and responsible manner addressing the challenges in the move to the cloud. IBM’s FSS ready public cloud enables true KYOK and the highest possible security certification. For this reason, clients in the Nordics are engaging with IBM on the added advantages the FSS ready public cloud offers the financial services industry to migrate their sensitive operations to the public cloud. They also expand the potential for innovation of products and services with competitive speed together with independent service vendors (ISVs), software-as-a-service (SaaS) vendors, and FinTech companies themselves.
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