Just recently, IBM announced that it will be introducing new tools to its Watson platform. These will be part of the IBM Cloud for Financial Services. Their purpose will be to offer developers the required building blocks for new financial service apps.
IBM Cloud for Financial Services Based on Watson
The IBM Watson software is based on machine learning and natural language systems. It is already used in healthcare and, as shown during its latest conference, IBM also intends to offer it as a business solution. To this effect, it established the IBM Cloud for Financial Services.
IBM’s Cloud financial services option already existed, but now, it will be coming with a new financial services focus. The latest Financial Services platform will offer access to all the necessary building blocks for financial-targeting apps.
These will be available to banks, fintechs, insurance and wealth management firms. Their developers will now be able to more easily develop financial service apps. This will due to the increased access to Watson’s existing tools.
As such, developers will be able to use its APIs or application programming interfaces. They will also have access to its data and content. All these can be used to monetize and build cognitive-enabled financial apps.
Presently, the IBM Cloud for Financial Services is still in beta mode. However, once it is released, the system will also come with a set of additional features. These will allow developers to create, for example, customer insights or regulatory compliance analytics. They can also establish the needed privacy, security, and compliance readiness needed in order to lower app development and testing times.
IBM Cloud Could Financial Services Will Be a Powerful Solution
According to IBM, its newest developer tools should simplify time-consuming tasks. They offered the mapping, selection, and data integration as an example. By offering a simpler process, developers should find it easier to either integrate their own data or directly use the offered services.
IBM states that more than 100,000 enterprise and individual developers working in the financial services domain are already depending on its system for support and insights.
Bridget van Kralingen, the IBM SVP for Industry Platforms, offered details on the matter. She stated that:
“Our experience across financial services and in the commercial deployment of AI with enterprise and startup builders has informed these new tools.”
She also expressed the division’s excitement over its tools already being used. They are applied for “everything” from regtech solutions to payment directives support. In the same announcement, the Big Blue also stated that it will be expanding its Business Partner program. Financial services industry partners will benefit from further support and benefits.
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