IBM Garage underpins Bank of China’s first Global Innovation Lab
Bank of China (BOC) and IBM today announced that they will expand their existing relationship to co-create a new innovation model for the financial industry. The two parties will collaborate on the digital transformation, customer experience enhancement, business innovation, eco-system construction and cognitive technology deployment to accelerate the Bank’s digital transformation and the implementation of BOC’s innovation-driven strategy.
Financial technology is rapidly becoming a disruptive force in the industry today. Banks are facing ever intensifying inter-bank and cross-industry competition. In order to meet this challenge, many banks are taking the initiative to actively embrace technological innovation and digital transformation.
To stay competitive and find new ways to engage with both existing and potential customers, BOC has opened a Global Innovation Lab in Singapore that will unify digital systems, introduce automation to processes and establish efficient means to comply with regulations.
Co-created in the IBM Garage, BOC plans to build a further 5-8 Innovation Labs globally to fully leverage global resources and establish a BOC model of financial innovation. The new lab, is a combined client center, an experience center, and a factory for innovation at the same time.
The IBM Garage will help accelerate how the bank unlocks insights and business outcomes by helping modernize existing applications with technology such as AI, blockchain and IoT.
By leveraging experts from across IBM Services, bank subject matter experts, user experience designers, as well as system integrators, IBM will help BOC to build its innovation strategy, enable BOC’s own talent and upskill the organization for its business transformation, to drive technology deployment and incubate innovation.
In the new lab, the BOC teams will sit shoulder-to-shoulder with IBM professionals to jointly integrate IBM's enterprise design thinking with BOC's innovation processes, to innovate and upgrade quickly with agility and efficiency. An agile and diverse innovation team will bring together sales, technicians, and clients, enabling them to innovate with online and offline platforms and tools, so as to provide the accompanied service for product design, pilot projects, promotion and publicity.
Initial co-creation work has already started across five initial areas along with the comprehensive training of talent and consolidation of creative incubation resources. Two of the initial projects are already showing quick results with the prototype applications displaying key functions in just two weeks, which originally would have required three months from incubation to prototype.
“Bank of China is committed to becoming a world-class bank with technology and innovation as the cornerstones of our vision,” said Wang Fang, Bank of China Singapore branch vice president, Bank of China Innovation Lab Singapore General Manager. “We look forward to having IBM as our partner, because we believe that in addition to the assistance they offer with technological leadership and industry expertise, we can learn even more from IBM's own transformation and innovative models.”
“Reaching out across the globe from the heart of China, Bank of China is without a doubt a visionary enterprise with the power to get things done,” said Wenchao Liu, VP, Managing Director, Bank of China, Integrated Account, IBM GCG. “We are excited to work with them and share IBM's Garage model, as well as our experience in innovative practices, to help them in the construction of their innovation lab. We believe that with the completion of the eight major global innovation centers and the whole innovation system, that Bank of China will be able to more efficiently incubate and rapidly iterate innovations. Thus, they will be able to achieve their strategic goal of building a world-class bank for a new era.”
As BOC’s first innovation lab globally, it will also act as a base for the bank to cooperate with governments, industries, academia and research institutions to jointly innovate and create new financial ecosystems.
More than ever, there is a demand for IT to deliver innovation. Your IBM i has been an essential part of your business operations for years. However, your organization may struggle to maintain the current system and implement new projects. The thousands of customers we've worked with and surveyed state that expectations regarding the digital footprint and vision of the company are not aligned with the current IT environment.
TRY the one package that solves all your document design and printing challenges on all your platforms. Produce bar code labels, electronic forms, ad hoc reports, and RFID tags – without programming! MarkMagic is the only document design and print solution that combines report writing, WYSIWYG label and forms design, and conditional printing in one integrated product. Make sure your data survives when catastrophe hits. Request your trial now! Request Now.
Forms of ransomware has been around for over 30 years, and with more and more organizations suffering attacks each year, it continues to endure. What has made ransomware such a durable threat and what is the best way to combat it? In order to prevent ransomware, organizations must first understand how it works.
Disaster protection is vital to every business. Yet, it often consists of patched together procedures that are prone to error. From automatic backups to data encryption to media management, Robot automates the routine (yet often complex) tasks of iSeries backup and recovery, saving you time and money and making the process safer and more reliable. Automate your backups with the Robot Backup and Recovery Solution. Key features include:
Business users want new applications now. Market and regulatory pressures require faster application updates and delivery into production. Your IBM i developers may be approaching retirement, and you see no sure way to fill their positions with experienced developers. In addition, you may be caught between maintaining your existing applications and the uncertainty of moving to something new.
IT managers hoping to find new IBM i talent are discovering that the pool of experienced RPG programmers and operators or administrators with intimate knowledge of the operating system and the applications that run on it is small. This begs the question: How will you manage the platform that supports such a big part of your business? This guide offers strategies and software suggestions to help you plan IT staffing and resources and smooth the transition after your AS/400 talent retires. Read on to learn:
LATEST COMMENTS
MC Press Online