Digital transformation is taking the financial sector by storm. IBM and Banca Carige are joining forces to drive this change. A new $500m joint venture has been launched under the Dock banner. This venture mainly focuses on introducing new technology solutions to financial service providers and their clients.
Partnerships can pave the way for innovation in the financial sector. IBM and Banca Carige acknowledge joining forces is better than working separately. By pooling $500m into a new joint venture, new innovative products and services can be introduced. The main focus lies on cutting-edge features which will transform finance as a whole.
IBM and Banca Carige Team up
Dock, as this venture is called, employs 173 people. Two-thirds of the staffers are allied with Banca Carige, whereas IBM contributes 40 employees. More staff will be hired when the time arises. Considering how the venture is designed to lend its expertise to other institutions, their services may be in high demand fairly soon.
Banca Carige CEO Paolo Fiorentino comments:
“The partnership with IBM represents an important turning point and a new starting point for Banca Carige as we will be able to take advantage of IBM’s capacity for developing new technologies. With increasing energy we will be able to concentrate on our traditional commercial banking activity and, thanks to an international partner of the highest standing, achieve high standards of business process efficiency, at the forefront of the banking sector.”
A partnership with IBM sends a major signal to the financial industry. If successful, Dock will usher in the era of a hybrid IT model. That ecosystem mainly offloads workloads to the cloud and introduces a new set of machine learning tools. Combining new technologies with a more distributed workload will benefit both the bank and its clients in the long run.