IBM (NYSE: IBM) today announced that Japan’s Toho Bank will join Chiba, Daishi, Chugoku and North Pacific Banks on the TSUBASA shared core banking system that was developed and is being supported by IBM Japan.
The TSUBASA core banking system shares business processing features such as deposits, currencies and loans, various channels such as ATM & internet banking and data connecting features with sub-systems.
New technologies such as mobile banking via remote applications and personalization & security via AI and Blockchain, are helping to transform the financial sector and the traditional banking landscape. Additionally, collaboration tools such as Cloud-based collaborative services can give enterprises greater flexibility to deliver, manage and support all types of communications, helping to forge connections between remote workgroups that can enhance employee productivity.
Many banks are adjusting to a new environment of increasing consumer demands for a fast, friendly, personalized, mobile banking experience. Regional banks may also look to embrace the trend of merging resources to match services and offerings offered by their larger competitors.
“We are excited to collaborate with IBM Japan and the other Japanese banks as we take part in the TSUBASA core banking system,” said Minoru Sato, Senior Managing Director, Toho Bank. “We anticipate that this consortium will help us make our IT environment more efficient while allowing us to develop advanced products and to speed up service provision.”
The TSUBASA shared core banking system has helped the regional banks improve their overall efficiency by working together and sharing system resources and development initiatives. This can free precious resources, enabling banks to focus on investing in additional digital transformation initiatives.
“In the fast-changing banking ecosystem, the call of the hour is to deliver tailor-made solutions that don’t just offer customer convenience but is also a sustainable exercise in the long-term,” said Kerry Purcell, General Manager, Global Technology Services, IBM Japan. “We are very happy to have Toho Bank join the TSUBASA core banking system on our shared mission to promote initiatives in digital transformation in the banking industry.”