Bank of China (BOC) has revealed that it is expanding its partnership program with global tech giant IBM to develop new innovations for the bank’s digital transformation project, which will include areas such as customer experience, ecosystem building, and business innovation.
As the entire financial industry is being upended with financial technology (fintech), banks are finding themselves in a highly competitive landscape. To keep up, banks such as the BOC are proactively developing projects to drive innovation and embracing new technologies that will ensure their competitiveness.
Recently, the BOC introduced a Global Innovation Lab based in Singapore with the objective of unifying its digital systems, automating processes, and enhancing the efficiency of its operations.
According to The Fintech Times, the BOC has announced plans to establish up to eight more innovation labs in cooperation with IBM Garage, IBM’s center for “high-impact, client-centric innovation” according to the tech giant’s website. The new labs offer services ranging from innovation factory to experience center and client center.
The BOC has disclosed that its teams will work closely with experts from IBM, who will assist the Chinese bank to innovate using online and offline tools and platforms.
Wang Fang, Vice President of BOC’s Singapore branch and General Manager of Innovation Lab Singapore, stated that the BOC is “committed to becoming a world-class bank with technology and innovation as the cornerstones of our vision.”
“We believe that in addition to the assistance [IBM] offers with technological leadership and industry expertise, we can learn even more from IBM’s own transformation and innovative models,” said Fang.
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