A collaboration between IBM and CLS, the largest provider of settlement and risk mitigation services for the global foreign exchange market, showed how financial institutions can reap blockchain’s benefits by managing and minimizing risks to the existing business. Instead of a wholesale approach of replacing existing systems, new functionalities were gradually embedded into current processes, moving data from legacy systems to the new blockchain solution operating in parallel.
Read this report to learn more about the ongoing CLS-IBM blockchain initiative and what drives the success of its commercial implementation.
Click here to find out more about how embedding IBM technologies can accelerate your solutions’ time to market.
In the white paper, "Toward Transparency and Sustainability: Building a New Financial Order," you'll see how businesses are building sustainable, stable systems for the years to come, while fulfilling their brand promises.
The global financial crisis of 2008 still reverberates today. Sluggish economic growth, stricter regulatory requirements and rapidly changing consumer behavior are placing unprecedented demands on the banking industry. In recent years, banks – particularly those with substantial retail operations – have relied on the lethargy of their customers to maintain their business. Customer loyalty has been based more on proximity of local branches and convenience of ATM networks than the quality of customer care or products and services priced and tailored to a bank’s best customers. In response to the financial crisis, banks have focused on wringing complexity and costs from their systems – exacerbated by mergers and acquisitions – while dealing with new and tighter regulations. Yet, their traditional “one-size-fits-all” mass-marketing approach to customers has remained constant.
The global credit crunch that began in 2007 threw the financial industry into turmoil and highlighted the need for financial firms to improve their risk management practices. Today, the credit crisis is far from over. Markets remain volatile, and financial firms face waves of regulatory requirements intended to safeguard the solvency of individual firms and the stability of economies worldwide. These reforms will dramatically affect firms — burdening the profitability and growth of some, and the very survival of others.
Though the global economy is still shaking off the effects of the past and current financial crises, banks in both the emerging and developed economies have an opportunity to manage enormous capital growth and wealth creation. To regain customer confidence and earn their slice of the increasingly competitive market, banks must transform themselves by jettisoning old, product oriented operating models to become a client centric operation. Read this insightful paper from IBM Global Business Services to understand how banks can effectively use the information they have and become truly customer centric by re-organizing their operations around customer differentiation, pricing, product bundling, channel consistency and customer engagement.
Published By: LogRhythm
Published Date: Jun 19, 2018
Globally, sophisticated cyber-attacks are compromising
organizations at an unprecedented rate and with
devastating consequences. Modern attackers, including
criminal organizations, ideological groups, nation states
and other advanced threat actors are motivated by a wide
range of objectives that include financial gain, industrial
espionage, cyber-warfare, and terrorism. These attacks
are often very expensive for compromised organizations,
costing each company an average of USD $7.7M.1
Ponemon 2015 Cost of Cyber Crime Study
CyberEdge 2016 Cyberthreat Defense Report
Symantec, Underground black market: Thriving trade in stolen data, malware, and attack service.
November 20, 2015; Medscape, Stolen EHR Charts Sell for $50 Each on Black Market, April 28, 2014
Deloitte, Beneath the Surface of a Cyberattack, 2016
The Modern Cyber Threat Pandemic 3
The odds that your organization will be compromised are
high. In fact, a recent report indicates that 76 percent
of surveyed organizatio