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IBM’s huge bet on building a cloud for banks and fintechs

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IBM’s huge bet on building a cloud for banks and fintechs

Photo caption: IBM is embarking on an ambitious bid to build a cloud banking platform. | Image: Scott Eells / Getty Images. Article by Benjamin Pimentel. Protocol – February 16, 2021.

Howard Boville left his post as Bank of America’s CTO to lead Big Blue’s bold cloud offensive. Can he make it work?

Moving to the cloud can be burdensome for a bank: If you don’t know exactly how and where your company’s data is being stored, meeting regulations that control it can be almost impossible. Howard Boville is betting he can solve that problem.

Last spring, Boville left his post as chief technology officer at Bank of America to lead IBM’s ambitious bid to build a cloud banking platform. The concept: that any bank or fintech would automatically be following the rules in any part of the world it operates, as soon as it started using the platform.

“I saw a big gap in the marketplace,” Boville told Protocol. “How do you have the right compliance controls built into a cloud, so that you could satisfy regulators and also the risk posture you have as a financial institution?” […]

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