Infosys To Manage Commerzbank IT Operations
Global Software Major Infosys announced on Tuesday that it has secured a five year outsourcing deal to manage the IT operations of Commerzbank, Germany’s second largest bank in the country. With plans to remodel the investment banking IT architecture as well as optimize the IT processes and potential post-trade processing utility evaluations, Infosys plans to set up a domain-based center of competence that is aligned to the bank’s business functions in the corporate and market segments.
Infosys released a statement detailing that the company intends to
“Work towards creating a culture of learning and education while setting up a virtual and physical academy for cross-skilling.”
The IT major plans to streamline the Frankfurt-based German bank’s IT architecture and promises to consolidate its systems and applications in an attempt to service client’s better. Commerzbank Chief Information Officer Stephan Muller reveals that the bank has been
“developing the IT on a strategic level while focusing on digitalization of processes”
and believes that the collaboration with Infosys is an integral and essential need to stay ahead of the market curve. The remodeling of the bank’s IT architecture allows the bank to re-prioritize and realign the company with the needs of their investment banking customers. Infosys President Mohit Joshi believes that with the renewal of the IT landscape coupled with developing new technologies and in pursuit of new business models will allow the bank to compete in a regulated market with the middle and back office utilities that are viewed as the future of the financial services industry.
Commerzbank has global presence and reaches over 50 countries comprising of about 30% of Germany’s foreign trade. The 146 year old bank is a leader in financing for small and medium enterprises with over 16 million private customers and over a million business and corporate clients culminating almost fifty-two thousand employees. In 2015 alone, the bank generated close to 10 billion euros and has assets totaling close to 533 billion euros. Infosys is an Indian multinational corporation that is headquartered in Bangalore and provides software development, information technology and business consulting services.
Infosys acquired Skava last year as part of an acquisition strategy to help clients merge digital experiences to their customers.