EY and IBM creates Center of Excellence to accelerate digital transformation for FIs

By Pavithra R

EY and IBM announce the creation of Center of Excellence to help financial institutions accelerate digital transformation with hybrid cloud solutions.

The Center of Excellence is a centralized virtual hub with offerings in areas like regulatory compliance, digital trust and security to help clients leverage the cloud at scale. The hybrid cloud solution is available on IBM Cloud for Financial Services and is built with Red Hat OpenShift. It leverages IBM technology and EY teams’ experience working with FIs executing business transformation, risk management, cloud migration, and compliance to drive digital transformation and accelerate cloud adoption, including through the EY Cloud Enablement Center.

The majority of banking and financial services organizations are yet to deploy core systems to the cloud due to the complexity and concerns over security, risk, governance and control. EY and IBM have already launched 7 hybrid cloud solutions including multi-hybrid cloud management, cloud security, application modernization, and cloud risk management. These offerings are built to address the specific and evolving needs and requirements of financial services organizations to support their transitions to the cloud. As a result, FIs can transform their business processes and services to focus on customer centricity, cost reduction and resilience, as well as remain competitive in the digital age.

“Working closely with IBM to create a hybrid cloud strategy is at the center of the EY-IBM Alliance to drive significant value to financial services clients. As EY clients modernize their infrastructure, the Center of Excellence will focus on driving business value and helping them recognize the benefits of a secured and reliable hybrid cloud approach,” said Peter Davis, EY Americas Financial Services Markets & Solutions Leader.

EY and IBM hybrid cloud offerings provide financial services clients with the following:

• Mission-critical workload modernization that will accelerate digital enablement and performance of core systems
• Technology risk and compliance-focused solutions to help mitigate risk
• Security solutions that are customized for financial services enterprises
• Multi/hybrid cloud solutions to drive digital transformation

The announcement is the latest step as part of the expanded EY-IBM Alliance announced in July 2020.

“Industry-specific cloud offerings are essential to increasing cloud adoption in highly regulated industries such as financial services. With IBM Cloud for Financial Services, we’re providing a platform designed with built-in security and compliance features, and are accelerating innovation by collaborating with leaders like EY. As part of the Center 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,” said Howard Boville, Head of IBM Hybrid Cloud Platform.