FLOWX.AI, a platform that helps enterprises to build complex, mission-critical, digital omnichannel products that scale – in a simpler, faster way announced today that it is joining IBM’s Cloud for Financial Services.
The IBM Cloud Framework for Financial Services 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.
A growing portion of the $1 trillion hybrid cloud market opportunity comprises 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 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 and the study backs this up, with 45% of respondents viewing regulation and compliance as their biggest barrier to digital transformation, followed closely by data security concerns (43%).
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.
The industry’s first financial services-ready cloud, the IBM Cloud for Financial Services 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.
“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,” said Ioan Iacob, CEO and co-founder, FLOWX.AI.
“We designed the IBM Cloud for Financial Services with a control framework to help financial institutions accelerate hybrid cloud adoption and drive revenue growth while addressing their need for a secure and compliant partner ecosystem,” said Brendan Kinkade, Vice President, ISV Build, Technology and Hybrid Cloud Partnerships. “By collaborating on the IBM Cloud for Financial Services, partners like FLOWX.AI can transact with financial institutions on their journey to modernization.”
FLOWX.AI will become a part of IBM’s partner ecosystem collaborating on the IBM Cloud for Financial Services to help partners accelerate transactions with financial services institutions. The IBM Cloud for Financial Services is designed to help financial services institutions’ as they address their requirements for their regulatory compliance, security and resiliency. IBM’s partner ecosystem fuels hybrid cloud environments by helping clients manage and modernize workloads from bare-metal to multi-cloud and everything in between with Red Hat OpenShift, the industry’s leading enterprise Kubernetes platform.