FLOWX.AI, a leading platform that helps enterprises to build complex, mission-critical, digital omnichannel products that scale – in a simpler, faster way announced today that it is joining IBM’s Cloud for Financial Services.
Key findings in a recent IBM internal analysis suggest that Cloud is expected to account for about 60% of that future market opportunity as financial institutions are accelerating innovation to meet heightened customer expectations, deliver consistent services in the face of challenges like the global pandemic, and navigate the ever-complex regulatory environment.
In addition, a recent IBM study with Censuswide found that 88% of those in highly regulated sectors, including financial services, have already adopted or plan to adopt industry-specific cloud platforms to accelerate their digital transformation journeys. The strength of this trend is being driven by the need for institutions in these highly regulated sectors to overcome stringent compliance and security challenges to unlock innovation.
On the other hand, FLOWX.AI helps financial institutions deliver scalable modern digital experiences. With the FLOWX.AI platform, financial institutions can launch complex omnichannel digital products in mere weeks - onboarding, mortgage, SME loans, and pre-approved lending - and build exciting digital journeys unbounded from the limitations of their legacy technology.
The banking industry alone spends over $200 billion per year on technology and 85% of it goes to infrastructure maintenance and regulatory updates. Enterprise organizations are often deeply frustrated with the speed, cost, and reliability of digital developments. With FLOWX.AI we address a massively painful and costly problem not only in Financial Services, but in the enterprise world in general: legacy implementations are holding companies back from building digital experiences or new digital business models that customers are expecting. Partnering with IBM Cloud for Financial Services will help us accelerate in bringing our offering to the global market, said Ioan Iacob, CEO and co-founder, FLOWX.AI.
The FLOWX.AI platform enables a smooth “core revival” approach to modernizing legacy implementations, instead of the typical high-risk and disruptive “rip-and-replace.” Subsequently, FLOWX.AI constitutes a smooth, safe path to decommissioning or upgrading legacy implementations fast. Based on a novel architecture, FLOWX.AI enables a consolidated omnichannel front-end, leveraging AI to deliver truly personalized web and mobile experiences, while enabling scalability and security at the level needed by global enterprises in today’s digital-first world.
We designed the IBM Cloud for Financial Services with a control framework to help financial institutions accelerate hybrid cloud adoption and drive revenue growth while addressing their need for a secure and compliant partner ecosystem. By collaborating on the IBM Cloud for Financial Services, partners like FLOWX.AI can transact with financial institutions on their journey to modernization, said Brendan Kinkade, Vice President, ISV Build, Technology and Hybrid Cloud Partnerships.
Author: Monica Dumitriu