Banco de Crédito del Perú (BCP) has announced an investment of over $650m over five years to modernise its IT systems through a hybrid cloud initiative.
In line with this digital transformation project, the Peruvian financial services provider has joined forces with technology firms Microsoft and Kyndryl.
According to Kyndryl, BCP’s move is one of the largest technology commitments in the Latin American financial services sector. The collaboration aims to increase Peruvians’ access to digital banking services by enhancing the bank’s digital capabilities.
Kyndryl Peru managing director Leandro Peirano said: “The banking sector is rapidly evolving to meet consumer demands and preferences for an improved digital experience.
“While invisible to the public eye, a modern, agile and robust IT infrastructure is absolutely critical to creating a resilient and accessible experience for today’s consumers.”
Through the agreement, BCP will work with Microsoft Azure cloud platform and Kyndryl’s IT infrastructure to create a hybrid computing environment.
This modernisation will streamline BCP’s IT applications and enhance the agility and reliability of its digital services, resulting in a faster, smoother online and mobile banking experience for customers.
The move reflects BCP’s ambition to remain at the forefront of digital banking in Peru, where it is said to already lead with popular digital platforms like its mobile banking app and Yape, the country’s most-used digital wallet.
Currently, 72% of BCP’s clients use digital banking, and Yape alone has over 16 million active users, who generate approximately 27 million daily transactions.
BCP provides a range of financial services, emphasising support for clients and communities to help realise their financial goals.
BCP CEO Diego Cavero said: “Our purpose is to serve as allies to our customers to help them transform their plans into reality, understanding that financial inclusion provides opportunities for growth.
“Digitalisation can help close the gap, and so BCP, together with Microsoft and Kyndryl, will modernise our technological systems to achieve more agile and flexible applications with world-class levels of stability and security, allowing us to offer a better experience for millions of our customers.”
Earlier this month, Broadridge Financial Solutions wrapped up its previously announced acquisition of Kyndryl’s transaction processing platform. Known as Securities Industry Services (SIS), this platform serves the securities brokerage industry in Canada.
