IBM and EY have joined forces to create a centre of excellence dedicated to helping financial institutions accelerate their digital transformations with hybrid cloud solutions.
The majority of banking and financial services organisations have yet to deploy core systems to the cloud due because of the huge complexity and concerns over security, risk, governance and control.
According to a 2020 IBM survey, while 91% of financial institutions are actively using cloud services today or plan to in the next nine months, on average only nine per cent of their mission-critical regulated banking workloads have shifted to a public cloud environment.
The centralised virtual hub aims to change this, housing offerings in areas like regulatory compliance, digital trust, and security to help clients use the cloud at scale.
Available on IBM Cloud for Financial Services and built with Red Hat OpenShift, the hybrid cloud solutions leverage IBM technology and EY teams’ experience working with financial institutions.
Howard Boville, head, IBM Hybrid Cloud Platform, says: "As part of the Centre for Excellence, we’re helping financial institutions modernize their systems by integrating EY industry and regulatory experience with IBM’s open hybrid cloud and cognitive technologies, to ultimately fuel customer digital transformation."