As a number one monetary group in Spain, CaixaBank has lengthy been an innovator by taking a technology-first strategy by inserting innovation, digital transformation, buyer expertise and sustainable banking on the forefront of its technique. The financial institution reportedly serves 20 million clients and is a rustic chief in digital banking with greater than 11 million clients.
For years, the financial institution has been a part of IBM’s rising ecosystem of economic establishments and know-how companions leveraging IBM Cloud for Monetary Companies to assist ship extra improved buyer companies and merchandise higher tailor-made to every particular person buyer’s monetary wants. CaixaBank is continuous its initiative to extend cloud absorption. With reporting greater than 200 billion transactions on the finish of 2022, CaixaBank understands how essential it’s to scale securely, improve operational effectivity and speed up time to market to optimize digital banking experiences—all whereas safeguarding clients’ knowledge.
This week IBM opened the doorways to our newest Multi Zone Area (MZR) in Madrid, Spain, designed to assist European firms speed up their modernization journey. The MZR may help ship resiliency, efficiency and safety to assist shoppers leverage hybrid cloud and AI options in a secured setting. Moreover, IBM Cloud’s operations within the MZR in Madrid, Spain makes use of a community of information facilities backed by 100% renewable electrical energy.
We spoke with Pere Nebot, Chief Data Officer of CaixaBank, on how IBM Cloud has served as a catalyst for digital transformation because the financial institution strives to combine simplicity into its innovation to construct services that financially empower its shoppers.
The digital transformation journey might be difficult to combine new platforms and purposes shortly and seamlessly, particularly with rising safety complexities and evolving regulatory and compliance requirements. How can monetary establishments overcome these challenges to construct trusted and established digital manufacturers that ship the experiences that clients want?
CaixaBank focuses on bettering the pliability, scalability, and effectivity of its IT infrastructure, an strategy which allows us to enhance value effectivity, doubtlessly diversify outsourcing, cut back time-to-market, improve timing of variations, and grow to be extra resilient.
For instance, the financial institution efficiently and reliably accomplished the most important technological integration within the historical past of the Spanish banking system with its merger with Bankia in 2021 – all with none service interruption. This was a milestone that concerned the migration of 10.4 petabytes of data in lower than 24 hours, and the digitalization of greater than 2,500 million paperwork, in addition to setting a capability to handle as much as 29,000 transactions per second.
In the case of infrastructure, we all know any system downtime has real-world penalties and prices. Throughout an integration course of, knowledge might be in transit in a number of locations, in the end making it susceptible to fraud and different refined cybersecurity schemes. Cybersecurity pressures will at all times be current, and due to this fact, monetary establishments want the appropriate ecosystem of companions to seamlessly assist navigate these challenges and construct trusted platforms and companies which are past the boundaries of a conventional financial institution. These companions should even be compliant because the monetary companies trade is inundated with stringent regulatory legal guidelines. Leveraging IBM Cloud for Monetary Companies gives the built-in safety and compliance controls for us to host purposes and migrate mission essential workloads within the cloud with confidence and enhance operational efficiencies to offer seamless and frictionless buyer experiences.
We view the following chapter of digital transformation as harnessing the mixed energy of hybrid cloud and AI to assist drive development and efficiency in an trade panorama rife with new and nimble digital opponents. How is CaixaBank leveraging each applied sciences to efficiently combine and execute simplicity into innovation?
CaixaBank and IBM have been working collectively for over a decade to assist drive new options for the banking trade with a purpose of accelerating pace for processing a lot of transactions in an open, secured, and scalable setting. To perform this, we have to proceed to take care of the best ranges of operational effectivity to efficiently ship an ecosystem of merchandise, companies and hyper-personalized experiences tailor-made to every buyer’s monetary wants. You will need to keep in mind that simplicity means making selections simpler for our clients, which ends up in producing extra engagement with them.
Our collaboration with IBM has helped us mix our present technological infrastructures with an up to date setting that helps evolve core enterprise purposes with cloud and synthetic intelligence. We developed one of many first digital banking assistants created in Europe. Constructed with IBM Watson, the AI-based digital assistant manages thousands and thousands of consumer conversations every month, dealing with duties reminiscent of serving to financial institution workers shortly receive related detailed details about new consumer choices and helping cell clients by way of chat with day-to-day queries.
The IBM Cloud Multizone Area (MZR) is a key milestone to maintain providing our clients one of the best consumer expertise we are able to, whereas sustaining the best ranges of data confidentiality and safety.
CaixaBank’s IT firm, referred to as CaixaBank Tech, additionally serves as a key enabler for digital transformation. CaixaBank Tech incorporates most of CaixaBank Group’s specialised know-how and programs groups to assist facilitate the attraction and retention of inner and exterior expertise.
Monetary establishments and its stakeholders have centered extra consideration on local weather change, thrusting sustainability necessities much more firmly into the highlight. Sustainability methods have to be impactful and practical. How is CaixaBank mobilizing sustainability efforts to assist its shoppers transition to a sustainable and low-carbon economic system?
CaixaBank has roots in delivering social impression for the good thing about society by its mission in serving to clients enhance their monetary well-being. The financial institution has developed a Sustainable Banking Plan, which incorporates proposals to unravel sustainability challenges reminiscent of inequality, local weather change and unemployment.
CaixaBank goals to mobilize €64 billion in sustainable finance by 2024, together with financing and development in mutual funds, pension plans and sustainable intermediation. Within the first yr of the plan’s life, the mobilization charge has elevated by 27%, from €18.53bn in 2021 to €23.58bn in 2022.
The financial institution has additionally set the purpose of decreasing the electrical energy holdings in its portfolio by 30%, and absolutely the emissions financed by the oil and gasoline sector by 23% by 2030. At present, these two sectors as an entire account for 70% of worldwide emissions.
CaixaBank views cloud as a helpful asset in accelerating sustainability transformation. Unification of the financial institution’s devoted personal clouds can also be serving to the financial institution not solely cut back working prices and work in a extra agile manner, but additionally enhance its vitality effectivity.