IBM Takes SOA to the Bank, Driving the Future of Financial Customer Service
Posted on: Monday, 7 April 2008, 15:00 CDT
IBM (NYSE: IBM) today announced a new industry framework for financial services that will help banks better manage and use information to increase revenue and customer retention, reduce risk, improve operational efficiency, and increase flexibility to support existing and new business strategies.
The IBM Banking Framework for Customer Care and Insight is powered by a service oriented architecture (SOA) that fully exploits the capabilities of Information On Demand to develop more efficient marketing, sales and compliance strategies while providing consumers with better, faster and more personalized service.
Many financial services organizations are focused on improving relationships with their customers in order to differentiate themselves and capture market share. The new IBM Banking Framework for Customer Care and Insight enables clients to do this by helping financial organizations gain deeper insight into the customer relationship. For example, it can help identify which customers are most open to buying additional services, provide knowledge for creating multi-channel, personalized marketing campaigns, or help deliver new products and services to market quickly and efficiently.
"The success of IBM's industry frameworks for retail and healthcare clearly illustrates the importance of industry specialization and its ability to deliver tangible and real business results to our clients," said Steve Mills, senior vice president and group executive, IBM Software Group. "By combining the agility of an SOA environment with a proven and integrated industry framework, IBM is able to provide our banking and financial services clients with a powerful offering that is unmatched in the industry."
IBM's industry frameworks enable clients to improve time-to-value for critical projects by building on their existing infrastructures through standards-based, proven, industry-specific expertise. As a result of this integrated framework environment, banking clients will be able to drive innovation through best practices that are shared among an established ecosystem of SOA-validated IBM Business Partners.
The new banking framework joins previously announced frameworks for the retail and healthcare sectors, which IBM unveiled in 1Q 2008. These frameworks can have an immediate impact in helping clients improve customer efficiency and service. For example, clients who have deployed the retail framework have reported that they have cut inventory shrinkage by 20 percent, increased total inventory stock and reduced out-of-stock items by 25 percent.
The new IBM Banking Framework for Customer Care and Insight is based on IBM Business Partner and IBM Global Services expertise in the financial services industry and is built on IBM software from WebSphere, Information Management, Lotus, Rational and Tivoli.
IBM's leadership in the SOA market is further illustrated by a thriving community of greater than 120,000 architects and developers, more than 134 universities advancing the SOA curriculum, and more than 5,000 Business Partners building SOA skills, solutions, and practices. As part of its overall industry frameworks strategy, IBM is expanding this partner community with the development of a new Industry Solutions partner program. The program will allow partners to validate their applications on IBM's industry-specific frameworks and build industry solution components that target key industry needs.
For more information, visit www.ibm.com/press/impact2008
IBM, WebSphere, SmartSOA and the IBM e-business logo are trademarks or registered trademarks of International Business Machines Corporation. For a list of additional IBM trademarks, please see www.ibm.com/legal/copytrade.shtml
All other company, product or service names may be trademarks or registered trademarks of others. Statements concerning IBM's future development plans and schedules are made for planning purposes only, and are subject to change or withdrawal without notice. Reseller prices may vary.
Contact: Chris Rubsamen IBM Media Relations (914) 319-8156 rubsamen@us.ibm.com
SOURCE: IBM
Source: MARKET WIRE
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