Banks seek partners to innovate since they have trouble doing it on their own.
The Bank of China (BoC) and IBM are expanding their current partnership to create a new innovation model for the financial industry. Using the IBM Garage for Cloud, the BoC has opened a Global Innovation Lab in Singapore, and plans to build between five and eight innovation labs in future. Initial co-creation work has started across five initial areas, with comprehensive training of talent and consolidation of creative incubation resources.
IBM stated that the bank’s digital transformation would include customer experience enhancements, business innovation, cognitive technology deployment and the implementation of BoC’s innovation-driven strategy.
“The Bank of China is committed to becoming a world-class bank with technology and innovation as the cornerstones of our vision,” says Wang Fang, BoC Singapore branch vice president and BoC Innovation Lab Singapore general manager. “We can learn even more from IBM’s own transformation and innovative models.”