The themes of cloud innovation and artificial intelligence-driven transformation headlined the recent Red Hat Summit. As companies scale and entrench themselves into digital operations, cloud-native tools such as OpenShift have become integral to data management, analytics and AIOps. What trends are emerging from the financial services sector’s AI transformation in value delivery, business automation and customer satisfaction?

Financial services insights from Capgemini’s Ajay Walgude and Nitinkumar Chavan on cloud adoption, OpenShift and AI.

“Customer experience and operational excellence are key to financial services customers,” said Ajay Walgude (pictured, left), vice president and global head of IBM and Red Hat hybrid cloud center of excellence at Capgemini Financial Services. “Most of these applications are already under the cloud. We believe that the cloud-enabled composable platforms, which means you can compose your financial services into various processes and combine them together on the cloud, are going to be critical for the success of financial services in the cloud to achieve business value.”

Walgude and Nitinkumar Chavan (right), senior director of cloud competency at Capgemini, spoke with theCUBE Research analysts Rebecca Knight and Bob Laliberte at Red Hat Summit, during an exclusive broadcast on theCUBE, SiliconANGLE Media’s livestreaming studio. They discussed financial sector cloud adoption and AI driving significant changes, with platforms such as OpenShift enhancing developer productivity and ensuring regulatory compliance. (* Disclosure below.)

OpenShift for financial services cloud-native development

A comprehensive industry scorecard, Capgemini’s recent World Cloud Report highlights noteworthy financial sector trends. Underscoring the rapid shift to cloud, the report noted a surge from around 37% cloud adoption in August 2020 to 91% currently. Despite this impressive growth, only 50% of core financial applications have migrated to the cloud, with customer-facing applications leading the way, Walgude pointed out.

“When I talk about cloud adoption, I talk about PaaS, which is platform-as-a-service, software-as-a-service, infrastructure-as-a-service,” he said. “The core applications are still not under the cloud. So, while there’s an acceleration, we see an opportunity up there. And cloud native, hybrid cloud and multicloud are the trends that we are seeing. If you summarize that, we know the financial services firms are really looking at the business value extraction.”

OpenShift supports cloud-native development across on-premises, public cloud and edge environments. The platform also enhances developer productivity by providing consistent tools and APIs, enabling seamless application development, deployment and management across hybrid clouds, Chavan added.

“This flexibility allows our customers to start thinking cloud-native right now without even having a public cloud strategy,” he said. “OpenShift gives them the ability to start thinking cloud-native right now and start moving applications into the public cloud whenever they’re ready in the future.”

Here’s the complete video interview, part of SiliconANGLE’s and theCUBE Research’s coverage of Red Hat Summit: 

(* Disclosure: Capgemini Financial Services sponsored this segment of theCUBE. Neither Capgemini nor other sponsors have editorial control over content on theCUBE or SiliconANGLE.)

Photo: SiliconANGLE