Mobile banking and other applications for online financial services have become increasingly popular due to the epidemic, hybrid workplaces, and gradual changes in digital consumption habits over recent years. Government-owned banks have faced many new business challenges, such as worker relief loans and the Quintuple Stimulus Vouchers, that can’t be supported by traditional IT infrastructures. In addition, emerging financial services require constant updating. As a result, the Financial Supervisory Commission has relaxed regulations on financial cloud services, and with an increased demand for open banking and financial technology, the highly regulated financial industry has undergone a core transformation.
Due to high data sensitivity and information security regulations, the financial industry has always been closely regulated. First Commercial Bank teamed up with VMware, a long-term partner, to build a next-generation bank using the VMware Cloud Foundation platform and VMware Tanzu portfolio to create a cloud-native environment from the core system to achieve multiple microservices. By leveraging the cloud, businesses and services can quickly meet the changing needs of users and markets, streamline data migration to the public cloud, and drive the development of intelligent applications. This transformation enables banks to embrace software-defined, data-driven, and AI-driven decision-making processes, implement modern IT architecture and systems, and optimize ROI. It is an effective model for traditional banks seeking to digitally transform and stay competitive in the market.
VMware’s solutions help in modernizing traditional banking architecture to boost agility in financial services. VMware Tanzu is able to build the hybrid cloud service architecture that allows businesses to easily integrate and manage technology resources across a range of cross-cloud environments, creating flexible and scalable cloud foundations for rapid emerging application development. With this solution, businesses can develop flexible resources and microservice applications, enabling them to expand.
As for VMware Cloud Foundation, it is the cloud management platform offers flexible deployment, scalability, efficiency, fast cloud connectivity and native security. It connects the five major public clouds, enabling smooth data migration between public and private clouds to provide a solid foundation for future digital service innovation and advancement.
By modernizing its IT end-to-end, First Commercial Bank has not only achieved the top ranking in the worker relief programs among government-owned banks but has implemented a cloud-based take-a-number system for its branches. This system, linked with a container-based local take-a-number system, allows customers to make appointments online and visit the bank at their designated time for more efficient and convenient service. This has overall improved financial services for customers, moving closer to the intended goal.
“VMware has a long history of helping financial institutions implement digital transformations while complying with regulations. The easing of regulations and technological advances has allowed more industry players to embrace the cloud and optimize their business process efficiency. In this partnership, VMware helps First Commercial Bank connect data to the five major public clouds without being tied to any of them. This solution complies with Financial Supervisory Commission’s security management regulations and enables financial services to operate within a cloud-native environment with high flexibility and scalability,” said Barry Chen, Vice President and General Manager of Greater China.
To reach financial success in the cloud, technology talent has always been a crucial asset when it comes to emerging technology, and First Commercial Bank recognizes this. With their multi-track transformation projects in networking, container technology, microservices, program development, and self-management, the demand for skilled talent is even greater.
In light of the challenge of finding top talent in the market, First Commercial Bank continues to invest heavily in its talent cultivation program. Their approach emphasizes “learning by doing,” providing front-line resources and experience through project practice and teamwork in order to attract innovative talents and advanced technologies. By embracing the cloud and standing firmly on the wave of financial transformation, First Commercial Bank aims to lead the way in digital innovation.
Keyword: VMware assists First Commercial Bank in pioneering cloud transformation of financial core systems