20 April, 2022 | Written by: Prakash Pattni
Categorized: Financial Services
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FLOWX.AI will Use the IBM Cloud for Financial Services to Help Customers Accelerate Innovation with Financial Institutions in a Highly Secured Environment
A growing portion of the $1 trillion hybrid cloud market opportunity is comprised of the financial markets industry, which is expected to increase nearly twenty percent by 2024. Key findings in a recent IBM internal analysis suggests that Cloud is expected to account for about 60% of that future market opportunity as financial institutions are accelerating innovation to meet heightened customer expectations, deliver consistent services in the face of challenges like the global pandemic, and navigate the ever-complex regulatory environment. 
In addition, a recent IBM study with Censuswide in the UK found that 88% of those in highly regulated sectors, including financial services, have already adopted or plan to adopt industry-specific cloud platforms to accelerate their digital transformation journeys. The strength of this trend is being driven by the need for institutions in these highly regulated sectors to overcome stringent compliance and security challenges to unlock innovation. Our UK study back this up, with 45% of respondents viewing regulation and compliance as their biggest barrier to digital transformation, followed closely by data security concerns (43%).
The IBM Cloud for Financial Services – the industry’s first financial services-ready cloud – has been designed to address the specific needs of the industry and help businesses balance innovation with security and compliance requirements. It uses IBM’s fourth generation confidential computing capabilities and “Keep Your Own Key” encryption delivered via IBM Cloud Hyper Protect Services to help partners and their customers retain control of their data and transact with financial institutions in a secure environment. The built-in controls are engineered to help customers accelerate innovation, unlock new revenue opportunities, and decrease the cost of compliance.
Since the launch of the IBM Cloud for Financial Services, the IBM Ecosystem of Global Systems Integrators (GSIs), Independent Software Vendors (ISVs), SaaS providers, and FinTechs has continued to grow, with more than 125 members to date.
FLOWX.AI, an enterprise platform that enables banks and financial institutions with complex IT infrastructures to build fast modern digital experiences, is one of the most recent fintechs to announce it is joining the IBM Ecosystem. The company will benefit from the IBM Cloud Framework for Financial Services, which is designed to address risk in the digital supply chain through a common set of security controls that are adhered to by the entire ecosystem.
FLOWX.AI helps financial institutions deliver scalable modern digital experiences. With the FLOWX.AI platform financial institutions can launch complex omnichannel digital products in mere weeks – onboarding, mortgage, SME loans, pre-approved lending – and build exciting digital journeys unbounded from the limitations of their legacy technology.
The platform enables a smooth “core revival” approach to modernizing legacy implementations, instead of the typical high-risk and disruptive “rip-and-replace.” Subsequently, FLOWX.AI constitutes a smooth, safe path to decommissioning or upgrading legacy implementations fast.
Based on a novel architecture, FLOWX.AI enables a consolidated omnichannel front-end, leveraging AI to deliver truly personalized web and mobile experiences, while enabling scalability and security at the level needed by global enterprises in today’s digital-first world.
Ioan Iacob, CEO and co-founder, FLOWX.AI had this to say about how joining the IBM Cloud for Financial Services ecosystem aligns with the company’s strategic direction: “The banking industry alone spends over $200 billion per year on technology and 85% of it goes to infrastructure maintenance and regulatory updates. Enterprise organizations are often deeply frustrated with the speed, cost, and reliability of digital developments. With FLOWX.AI we address a massively painful and costly problem not only in Financial Services, but in the enterprise world in general: legacy implementations are holding companies back from building digital experiences or new digital business models that customers are expecting. Partnering with IBM Cloud for Financial Services will help us accelerate in bringing our offering to the global market.”
Learn more about how the IBM Cloud for Financial Services is helping financial services institutions’ as they address their requirements for their regulatory compliance, security and resiliency by visiting ibm.com/cloud/financial-services.
1 IBM Global Market View, Banking and Financial Markets Industry Markets Opportunity, March 2021. This report is based on internal IBM analysis and is not meant to be a statement of direction by IBM nor is IBM committing to any particular technology or solution