By Harish Grama, Global Practice Leader, Cloud
Banks can be caught in a bind. On one hand, they have to be solid, safe and reliable. After all, it’s not their money. But on the other hand, financial services institutions must meet customer expectations that have been set by less-regulated industries. Banking customers expect to be able to apply for loans, mortgages and credit; manage their finances and investments; and access their funds in real time – anytime. And because banking and financial transactions are the lifeblood of just about everything everybody does, customers have come to expect banking operations to be flawless.
Financial institutions must walk a fine line between the pursuit of optimal and more personalized customer experiences and the confines of government regulations. First are the security concerns that many customers may take for granted. They simply assume that their funds, identities and other essential data are simultaneously protected and accessible. As a result, banks tend to rely on systems such as mainframes that offer exceptional reliability and security. But cloud is an essential part of (or bridge to) the future of banking. In fact, a recent study by The Economist Intelligence Unit found that 72 percent of bank executives said the cloud can help them achieve their business priorities.
Cloud computing can deliver the security, flexibility and scalability that financial services entities require to innovate and compete. And cloud systems also have the capacity to integrate with existing systems – such as mainframes – in ways that enable AI-driven analyses and insights to help banks get the most out of their data. The challenge lies in designing, building and maintaining hybrid systems that get the job done while letting everybody play nice together. That’s why Deutsche Bank and Kyndryl are a great match. One is a key critical infrastructure player in the global economy. The other is a seasoned expert at innovation, and newly free to deliver best-in-class solutions and services.
After nearly 20 years together, Deutsche Bank and Kyndryl have recently renewed their commitment with a new clarity of direction. The renewal marks the beginning of a new era of innovation and modernization. To remain an industry leader, Deutsche Bank has chosen a heterogeneous approach to modernizing its services and internal operations across Google Cloud and the mainframe. Meanwhile, Kyndryl brings its unique combination of institutional knowledge and technical expertise to the table – enhanced by the class-leading alliances, automation and advanced delivery capabilities that will enable Deutsche Bank to help migrate the right workloads to the best platforms.
Across every industry, customers are making their cloud and modernization choices and Kyndryl is leading the transitions. In financial services: ABN AMRO (Netherlands); Automated Financial Systems (U.S.); Bank of Cyprus; CaixaBank, Cecabank and Kutxabank (Spain); CIB Bank (Hungary); First Investment Bank (Bulgaria); Laurentian Bank (Canada); Oma Savings Bank and Savings Banks Group (Finland); Permanent TSB Bank (Ireland); and Suryoday Bank (India) – all in Kyndryl’s first year as an independent company.
We look forward to what’s ahead.
Harish Grama is Kyndryl’s Global Practice Leader for Cloud. Read Kyndryl’s latest insights on How Cloud Services Are Banks’ Bridge to the Future.