IBM Builds a Financial Services Cloud
International Business Machines (NYSE: IBM) isn't going to win the battle for the broader public cloud computing market. Instead, the century-old tech giant has been focused on hybrid, multicloud computing. That strategy makes sense, since IBM's customer base is comprised of massive companies and organizations with complicated IT needs.
Where IBM can thrive in the public cloud market are specific verticals where it has expertise. On Wednesday, the company announced a new public cloud aimed at the financial services industry. The company called it "the world's first financial services-ready public cloud," designed to meet the regulatory compliance, security, and resiliency needs of the financial services industry.
IBM is no stranger to the financial services industry. The company's mainframe computers have been an industry backbone for decades, processing 87% of all credit card transactions and 29 billion ATM transactions annually. And through its acquisition of Promontory Financial Group in 2016, IBM gained hundreds of consultants specializing in regulatory issues, compliance, and risk management.
Source Fool.com
