Global software major Infosys on Tuesday said it has bagged a five-year outsourcing deal to manage IT operations of Germany’s second largest bank Commerzbank.
“We will remodel the investment banking IT architecture, optimise IT processes and evaluate a potential post-trade processing utility of the Frankfurt-based German bank,” the company said in a statement here.
As part of the agreement, both partners will set up a domain-based centre of competence aligned to the bank’s business functions in corporates and markets segments.
“Reflecting the design thinking ethos, we will work towards creating a culture of learning and education. We will also set-up a virtual and physical academy for cross-skilling,” said the statement.
The IT major will streamline the investment bank’s IT architecture and consolidate its systems and applications to service clients better.
“We are developing the IT on a strategic level, focusing on digitalisation of processes. Collaboration with Infosys is essential to stay ahead of the curve in our markets,” said Commerzbank chief information officer Stephan Muller.
Remodelling of the bank’s IT architecture provides an alignment with the needs of its investment banking customers.
“As middle and back office utilities are the future of the financial services industry, the bank will benefit from the renewal of its IT landscape, developing new technologies and in pursuing new business models to compete in a regulated market,” said Infosys president Mohit Joshi in the statement.
With presence in about 50 countries the world over, the 146-year-old bank finances 30 percent of Germany’s foreign trade and is a leader in financing for small and medium enterprises.
The bank has 16 million private customers and caters to one million business and corporate clients, with 51,300 employees.
In 2015, the bank generated 9.8 billion euros and has assets worth 533 billion euros.