Bank of Cyprus embraces digital with IBM

Bank of Cyprus embraces digital with IBM

Bank of Cyprus has selected IBM as its “strategic partner” for its digital transformation plan.

“Embracing modern ways of working and modernising our IT environment is a must,” states John Hourican, Bank of Cyprus’ CEO.

The multi-year programme will see the creation of “a more modern and efficient IT platform, supported by streamlined processes”, says IBM.

There will be an enterprise-wide process re-engineering programme, that will digitise and automate the processes and direct “routine customer interactions” to digital channels.

Bank of Cyprus will apply IBM iX capabilities for “a large scale redesign of its digital channels”, starting with mobile. It will also revamp its brick-and-mortar branch network, IBM says, “creating at every level of interaction an omnichannel personalised experience to clients”.

Big data and analytics capabilities will be introduced, the internal IT systems will be streamlined and the IT infrastructure will be standardised and optimised.

The two parties will also set up a joint Digital Factory, which “will serve as a vertical, agile delivery function, hosting emerging technology skills and leveraging DevOps tools and methodologies”.

Furthermore, Bank of Cyprus and IBM will also launch a joint Innovation Capability, “dedicated to innovation, concept and prototype development”.

Bank of Cyprus provides a broad range of products and services, including retail and commercial banking, finance, factoring, investment banking, brokerage, fund management, private banking, life and general insurance.

It has 126 branches, of which 121 operate in Cyprus, one in Romania and four in the UK. It also has representative offices in Russia, Ukraine and China.

For its technology, Bank of Cyprus is a long-standing user of Finastra’s (formerly Misys) software for core banking and treasury and capital markets.

For payments, it has signed Dovetail’s payments software earlier this year.

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