Both, the Bank of China (BOC) and IBM (NYSE: IBM) announced they are working in order to expand their current partnership and create a new innovation model for the financial industry. The information was released by IBM in a press release on September 27.
According to the press release, the two institutions will be collaboration on digital transformation, customer experience and business innovation, among other things. This would help BOC’s digital transformation and its innovation-driven strategy.
In order to stay competitive and have a better approach to potential customers, the BOC opened a Global Innovation Lab in Singapore. With it, the bank will have the possibility to unify digital systems, introduce automation to processes and establish efficient means to comply with regulations.
In the future, BOC is expected to build between 5 and 8 Innovation Labs using the IBM Garage. This would allow the BOC to fully leverage global resources and establish a new model of financial innovation.
The IBM Garage will be accelerating the process in which the bank unlocks insights and business outcomes by helping modernize current applications related to artificial intelligence, blockchain technology or the Internet of Things (IoT).
The BOC will be leveraging experts from different IBM Services in order to build its innovation strategy and enable BOC’s own talent and also upskill the organization as a whole.
Wang Fang, Bank of China Singapore branch vice president, explained:
“We look forward to having IBM as our partner because we believe that in addition to the assistance they offer with technological leadership and industry expertise, we can learn even more from IBM’s own transformation and innovative models.”
At the moment, initial co-creation work started across five initial areas that include comprehensive training of talent and consolidation of creative incubation resources.
It is worth pointing out that IBM unveiled a new enterprise environment on cloud foundry. The firm decided to bring together Cloud Foundry’s functionalities with OpenShift from Red Hat. As we reported at LearnBonds a few weeks ago, IBM combined the capabilities fo these two products to bring a modern enterprise-ready solution for businesses that are searching for better delivery platforms.
IBM and BOC will be using their knowledge in the financial and technological industries in order to improve the bank’s presence in the financial and technological landscape in different hubs in the region.