In this moment, excerpted from the full-length interview between Bob Evans and IBM Cloud General Manager and Chief Revenue Officer Ivo Koerner, Koerner explains how the IBM Cloud for Financial Services frees up innovation capacity for financial institutions.
Highlights
00:08 — Given that 60-70% of banks and financial services institutions’ IT budgets are dedicated to compliance, leaving only 30% of the budget for innovation, Bob asks Koerner how companies “get out of that.”
00:26 — This is the area that IBM intends to address with its cloud for financial services, which was co-created with the industry, says Koerner.
00:42 — Koerner explains that two years ago, IBM formed the Financial Services Council, which is made up of Chief Risk Officers and CISOs, to provide feedback on the product, what requirements are needed, and how the benefits of the cloud can be brought into their organizations. Koerner says the feedback from the council was to free up innovation capacity.
01:39 — The IBM Cloud for Financial Services has a compliance framework built into it. “It reduces the time to market for you as an ISV and for the banks, and that is basically reducing the 60% to, what we think, the minute you use a compliance framework, 30% or 40% increase of innovation budget in the innovation capacity.”
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