Feed: IBM Big Data & Analytics Hub – All Content
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Author: shikha-garg
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The future of banking is transforming. From changing customer behavior and expectations, rapid innovation in digital technology, burgeoning regulatory requirements, and the macroeconomic environment, the very definition of financial services is changing. For banks to stay relevant, they need to build responsive, multi-channel customer experiences and provide differentiated services and capabilities in time while participating and collaborating within emerging ecosystems. 
To achieve this, financial institutions need to radically transform and reinvent, integrating digital technologies to modernize their systems and operations and to establish open banking—all in a secure, fast and reliable way. The financial industry is moving toward building modern, modular microservices architectures in a multicloud environment to help unlock the true value of data. The opportunities are limitless with AI, including the ability to augment customer experience, improve operational processes, and uncover new revenue streams across various banking business units such as lending, SME Banking, wealth management or customer management.
Banks are in the need to modernize core legacy systems and build data-centric, cloud-native cognitive applications at scale. However, their transformation is inhibited by the lack of experience and skills with cloud-native development and microservices architectures. Their legacy systems are slowing down innovation while operational risks and costs are increasing.
The latest release of Cloud Pak for Data 2.5 announced IBM Financial Services Workbench as a step towards enabling clients to rapidly transform digital opportunities into cloud-native solutions.
IBM Financial Services Workbench is the result of the collaboration between IBM and knowis AG, a specialized IBM Business Partner with a successful track record in developing state-of-the-art banking solutions. knowis AG brings know-how and industry expertise into a cloud-native, curated platform for the financial industry that combines multiple cloud technologies. The offering accelerates digital transformation through modular tools based on industry standards, while enabling low-risk innovation and open banking. Customers will get a seamless experience of infusing Machine Learning and AI technologies into new solutions.
IBM Financial Services Workbench provides a low-code, collaborative framework to build cognitive solutions. It offers a pre-defined reference architecture based on Cloud Pak for Data, open source and Red Hat OpenShift technology. Leveraging architecture recipes, the Workbench comes with pre-integrated capabilities and out-of-the-box functionalities based on domain-driven design to build reusable assets across the business units. An ecosystem of pre-built solution templates that adhere to industry standards such as BIAN, facilitate the establishment of a robust business architecture.
Offering a single platform to rapidly and easily build cognitive microservices infused with AI, Financial Services Workbench truly shortens the time to market for innovative solutions. It efficiently and securely supports the complete lifecycle of state-of-the-art business solutions: from design to implementation, pipeline, operations and monitoring in an integrated platform. Read the solution brief to learn more about Financial Services Workbench on Cloud Pak for Data.
Cloud Pak for Data v2.5 comes with many more new functionalities, including open source toolkits. Watch the on-demand webinar for more details on open source to the core of Cloud Pak for Data. Or get started today by exploring the 7-day trial at no cost.