UK-based community bank Metro Bank has announced a long-term collaboration with Indian digital services and consulting company Infosys in a move to expedite the former’s digital transformation.
The collaboration is aimed at modernising Metro Bank’s certain IT infrastructure and support functions along with streamlining business operations.
Metro Bank’s latest move is part of its ongoing strategy to boost efficiency and cut costs.
Through this partnership, the UK community bank intends to improve its digital expertise in automation, artificial intelligence (AI), and data management.
This will be made possible by leveraging Infosys Topaz, an AI-driven platform that uses generative AI technologies to enhance customer experience and streamline operations.
Metro Bank CEO Daniel Frumkin said: “This collaboration with a world-class provider like Infosys builds on the solid foundations we have already laid, unleashing our true potential, and creating a sustainably profitable and scalable organisation that is fit for the future.
“At the end of this transformation, we will be a very different business, but the true essence of Metro Bank will remain the same – a high-quality service organisation putting customers centre-stage.”
Frumkin also noted that Metro Bank aims to deliver £80m of annualised cost savings this year across multiple initiatives. This is in line with its advancement towards the target of reaching mid-to-high teen return on tangible equity by 2027.
According to Infosys, its experience and capabilities will enable the British bank to develop a more robust system and bolster its growth.
Infosys banking and financial services executive vice president and global head Dennis Gada said: “Metro Bank’s strategic vision and unique business model, combined with Infosys’ global expertise in driving growth and enhancing efficiencies for mid-sized banks, will significantly contribute to creating value and establishing a top-tier, customer-centric bank.
“We are excited to collaborate with Metro Bank in driving this transformation by leveraging advanced digital and AI capabilities, banking domain experience, as well as modernisation and automation focus through Infosys Topaz.”
This week, Infosys also joined forces with life insurance company Life Insurance Corporation of India (LIC) to advance the latter’s digital transformation initiative Digital Innovation and Value Enhancement (DIVE).
The partnership is aimed at developing an advanced next-gen digital platform for LIC.
