IBM announced a 5-year technology deal valued at $700 million with Banco Santander to enable Santander Group to accelerate its business transformation.
The IT agreement – while providing savings for the bank on IT spend – will enable Santander Group to evolve towards the open, flexible and modern IT environment. IBM did not reveal the specific savings.
“This agreement will allow us to have a global partner with the best technology to help accelerate the IT transformation,” said David Chaos, Santander Global CIO. Santander does not reveal the total IT spending.
Santander has explored Blockchain technology’s potential uses and aims to launch platform for international payments this year.
Santander will use IBM’s innovative technologies such as AI, blockchain and big data, all supported by security advanced solutions. Santander will use IBM Watson AI capabilities to improve customer experience, enhance branch advisors expertise and increase employee productivity.
In addition to IBM Cloud, the bank is using a range of technologies including IBM DevOps solutions and IBM API Connect, aimed to develop and launch new or upgraded applications and digital services much more rapidly, said David Soto, IBM General Manager for Santander Group.
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