Banco Popular has signed an outsourcing contract with IBM to save $200 million by transforming its technology infrastructure, including private cloud.
IBM said the agreement may result in an accumulated savings of $200 million over the 10 years of the agreement because the bank will be able to increase efficiency and flexibility as part of its long term growth strategy.
Cloud solutions provide Banco Popular with flexibility, speed and a model to allow for innovation and future growth.
Under the framework of the agreement, Banco Popular will transfer to IBM 41 technology infrastructure employees.
Juan Antonio Zufiria, general manager of IBM Global Technology Services Europe, said: “The adoption of solutions such as cloud computing will enable the bank’s technology infrastructure to be more flexible and adaptable to business needs, which will result in better client service.”
Recently, Banco Popular modernized its data center with the support of IBM. In addition, the bank announced its new technology headquarters in Madrid, Spain.