ARMONK, N.Y. and
NICOSIA, Cyprus, July 27, 2017 /PRNewswire/ -- IBM (NYSE:
IBM) announced today that it has been selected as the strategic
partner of Bank of Cyprus, the
leading banking and financial services Group in Cyprus, for the implementation of the Bank's
digital transformation.
Bank of Cyprus provides a wide
range of financial products and services to individuals and
businesses in Cyprus, holding
significant market shares across all business segments. The Bank is
committed to implementing a modernization agenda that is designed
to transform its business model to ensure that it can compete
efficiently and better serve the needs of its customers. To
facilitate momentum in delivering these changes through an
accelerated multi-year Digital Transformation Program, Bank of
Cyprus has selected IBM as a
strategic partner.
The Bank's Digital Transformation Program is designed to create
a more modern and efficient IT platform, supported by streamlined
processes. Improving the customer experience through visible and
positive changes to how the Bank interacts with its customers is a
key deliverable for this program.
Bank of Cyprus is leveraging
IBM's expertise to implement an enterprise wide process
re-engineering program, digitizing and automating processes with a
goal to achieve significant efficiencies while directing routine
customer interactions to digital channels. The Bank will utilize
IBM iX capabilities to launch a large scale redesign of its digital
channels, with an initial focus on mobile, enriching its
technological capabilities so as to support the revamping of the
physical branch network and creating at every level of interaction
an omni-channel personalized experience to clients. The bank will
optimize existing IT infrastructure, enhance standardization and
automation, streamline its internal IT systems and Service
Management processes and introduce foundational big data and
analytics capabilities.
Bank of Cyprus CEO, John Hourican
commented: "Embracing modern ways of working and modernizing our IT
environment is a must. We are excited about this program and the
opportunity to work with IBM in delivering this essential
formulation in our continuing Transformation."
"With IBM's help, Bank of Cyprus will use market leading digital
innovation to improve efficiency and agility across the
organization in order to provide a significantly superior
experience to its customers" said Likhit
Wagle, General Manager, Banking and Financial Services,
IBM.
As part of the Digital Transformation Program, IBM and Bank of
Cyprus will also establish a joint
Digital Factory that will serve as a vertical, agile delivery
function, hosting emerging technology skills and leveraging DevOps
tools and methodologies. Additionally, Bank of Cyprus and IBM will also establish a Joint
Innovation Capability - dedicated to innovation, concept and
prototype development - that will continuously fuel the Bank's
Digital Transformation Program with new and emerging
technology.
By partnering with IBM and leveraging IBM's proven expertise,
Bank of Cyprus intends to adapt
its business to emphasize an ever increasingly digital world where
customer service and product excellence are essential to
competitive advantage.
About Bank of Cyprus
The Bank of Cyprus Group is the leading banking and financial
services group in Cyprus,
providing a wide range of financial products and services which
include retail and commercial banking, finance, factoring,
investment banking, brokerage, fund management, private banking,
life and general insurance. The Bank of Cyprus Group operates
through a total of 126 branches, of which 121 operate in
Cyprus, 1 in Romania and 4 in the United Kingdom. Bank of Cyprus also has representative offices in
Russia, Ukraine and China.
About IBM
For more information on IBM iX, visit
ibm.com/ibmix
PR Contact
Ken Saunders
IBM Media Relations
saundken@uk.ibm.com
+44 7887 830 036
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SOURCE IBM