Regulated Financial Services in APAC Are Going Hybrid and Digitizing Extensively

3 min read

New business models call for a recalibration of operations against new threats and a transformation to become more agile.

Operations need to be designed to engage clients via digital channels and supported by modernized infrastructure in a hybrid multicloud environment with the highest level of security and compliance.

Clients Asia Pacific are accelerating their shift to cloud in 2021. However, risk management remains a top concern — especially for regulated industries like banking. The top 200 banks in Asia Pacific budgeted 25-30% of their IT spend for risk management while gearing their systems to enhance high availability and setting safeguards for all payment gateways.

The IBM solution: IBM Cloud for Financial Services

IBM offers deep financial services expertise and a strong technology partner ecosystem with IBM Cloud for Financial Services™, an offering that is designed to build trust and enable a transparent public cloud ecosystem with specific features for security, compliance and resiliency that financial institutions require.

With IBM Cloud for Financial Services, banks can confidently host their mission-critical applications in the cloud and transact quickly and efficiently. With an ecosystem of multiple banks and more than 30 independent software vendor (ISV) partners, IBM Cloud for Financial Services offers a new generation of cloud for the enterprise. Financial institutions can now deploy on public cloud to enable innovation and deliver new, more personalized customer experiences — all while managing stringent industry regulations for sensitive data and complex workloads.

Why IBM?

  1. Industry expertise with mission-critical workloads. IBM Cloud Framework for Financial Services provides comprehensive policy controls for ISV and SaaS providers and an extensive control set beyond common compliance standards.
  2. Security leadership through the industry’s strongest commercially available state-of-the-art cryptographic technology: IBM Cloud Hyper Protect Crypto Services. This offering gives clients the ability control their own encryption keys with the protective hardware-security modules (HSMs).
  3. Default workload-centric security guidelines via integrated container security and DevSecOps for cloud native applications with Red Hat OpenShift on IBM Cloud.
  4. IBM Cloud Security and Compliance Center dashboard providing a unified experience to view, identify, govern and centrally manage compliance postures to regulatory guidelines.
  5. The most open and flexible information architecture on the planet, with pre-built governance applications, extensive deployment options with VMware and Red Hat OpenShift as service and the ability to infuse AI everywhere.

IBM industry expertise — critical to clients’ digital transformation

State Bank of India (SBI) — the largest bank in India — embarked on a transformative journey to unify systems from 22,500 worldwide branches serving 491 million customers into a comprehensive mobile platform: YONO — You Only Need One. Built on intelligent workflows, IBM Garage Methodology and IBM Cloud Solutions, with 50 million downloads, YONO establishes SBI’s leadership along with delivering exceptional customer experiences.

“…We wanted to partner with IBM to get the benefit of the global expertise and the technology stack — we have used the latest and the best available from the treasury of IBM...”— Amit Saxena, Global Deputy CTO, SBI 

Lygon 1B — a fintech consortium with ANZ, Westpac, Commonwealth Bank, and property management firm Scentre Group — worked with a multidisciplinary team from IBM to develop a first-of-a-kind cloud-based blockchain platform to manage the end-to-end guarantee process to optimize fraud-prone manual workflows, achieving 90% process-speed improvement with transparency. Powered by the IBM public cloud, based on Hyperledger Fabric, the platform can scale to accommodate more than 50 banks.

“…we wanted to deliver a guarantee solution that was contemporary, digital and that could be used in a multi-bank setting .Teaming with IBM was a very easy decision…we needed a bank-grade solution — the kind we believed IBM would deliver” — Nigel Dobson, Banking Services Lead, ANZ Banking Group Ltd; Chairman, Lygon 1B Pvt Ltd.

Learn more

In both these customer success stories, the delivery of a digital customer experience and the underpinning platform was driven by strong industry expertise and pivots on security.

Learn more about IBM Cloud for Financial Services.

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