As financial services institutions navigate continued market volatility and economic uncertainty, retail banks are looking to optimize and boost technology investments that deliver exceptional experiences and increase efficiencies while reducing risk. Forrester points out that, during a recession, institutions can either aggressively innovate or implement stringent cost-cutting measures. VMware Cloud Foundation (VCF) is designed specifically for the financial services sector, offering a robust, integrated platform that meets these needs head-on. VCF streamlines IT operations by unifying computing, storage, networking, and security into a single platform, allowing financial institutions to optimize infrastructure usage and reduce operational costs. Its built-in automation capabilities further simplify the deployment and management of modern applications, which helps banks quickly adapt to market changes and customer demands. This rapid deployment not only supports cost control but also accelerates revenue growth by getting innovative solutions to market faster. By addressing the dual challenges of risk management and innovation, VMware is enabling financial organizations to maintain operational resilience while transforming digitally. In essence, VCF empowers banks to navigate economic headwinds by balancing efficient cost management with a proactive, automated approach to innovation.
For over 25 years, VMware has been a trusted partner to financial services institutions, providing innovative solutions that drive IT modernization and simplify enterprise application management. This enduring collaboration has established VMware as the #1 trusted vendor for enterprise workloads across cloud environments. Notably, all of the top 10 global banks rely on VMware's robust and scalable platforms to power their critical operations. Beyond the banking industry, more than 300,000 global organizations depend on VMware solutions, underscoring its extensive influence in transforming IT infrastructures worldwide. As a primary contributor to the Cloud Native Computing Foundation, VMware is at the forefront of making Kubernetes accessible to all, further empowering financial institutions to modernize their application development and deployment processes. In today's rapidly evolving technology landscape, financial services leaders face unprecedented disruption that is reshaping the industry. While change has always been a constant, the current pace and scale of technological advancements demand that banks adopt innovative solutions to operate efficiently now and prepare for future challenges. Leaders are increasingly focusing on three key initiatives: leveraging multi-cloud strategies to manage the growing complexity of their IT environments, accelerating the modernization of applications—an effort that 94% of executives are prioritizing—and adapting to the evolving expectations of the workforce, with 61% of employees now viewing remote work as essential. Each of these areas represents a significant opportunity for technology-driven growth and a competitive edge in the financial services sector. Multi-cloud is the first key initiative driving transformation in the financial services sector. According to VMware’s Executive Pulse Survey, 85% of financial services executives report that the complexity of their cloud infrastructure is either constant or growing, underscoring the critical need for a multi-cloud strategy.
Today’s distributed and remote workforce faces key challenges including fragmented security, operational complexity, and subpar user experiences. Implementing a cloud-based workspace solution enables employees to work productively from any location while ensuring robust management and security measures that protect users, applications, and data across all cloud environments. For instance, Sterling National Bank successfully decommissioned two data centers within a year, achieving 80% of its goal to onboard 100% of new clients digitally. This transition accelerated client access and reduced staff effort. Similarly, FISERV developed new loan products and services in just 28 days to assist 18,000 businesses with small business loans during the pandemic. These examples demonstrate how adopting cloud-based solutions can enhance operational efficiency and support a flexible, secure, and productive hybrid workforce.
VMware has been a founding member of the Cloud Native Computing Foundation (CNCF) since 2015, demonstrating a strong commitment to advancing cloud-native technologies. This collaboration underscores VMware's dedication to fostering innovation and simplifying the adoption of cloud-native architectures for enterprises worldwide. In the financial services sector, the majority of new application development is now cloud-based, utilizing cloud-native architectures. To create applications that deliver exceptional customer experiences, it's essential for enterprises to address the developer experience gap by enabling modern app architectures and embracing native cloud Kubernetes services, APIs, and a broad open-source ecosystem. This approach provides developers with choice, flexibility, and an enhanced experience, enabling them to build better applications more efficiently.
VMware's suite of solutions is tailored to meet the unique challenges of the financial services industry. By seamlessly integrating cloud-native platforms, VMware enables financial institutions to secure, run, and manage modern applications consistently across all clouds. This agility allows organizations to operate at the speed of today's market demands, enhancing their ability to innovate and deliver superior services to their clients. Moreover, VMware's commitment to intrinsic security ensures that as financial institutions modernize their IT infrastructures, they do so with a robust security posture, safeguarding sensitive data and maintaining compliance with industry regulations.
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