Bank of Cyprus partners with IBM on digital transformation

Bank of Cyprus, the leading banking and financial services group in Cyprus, has agreed a partnership with IBM for the bank’s digital transformation.

In order to ensure that it can compete efficiently and better serve its customers, the Bank has committed to implementing a modernisation agenda designed to transform its business model.

To facilitate delivery of these changes through an accelerated multi-year Digital Transformation Programme, Bank of Cyprus has selected IBM as a strategic partner.

Bank of Cyprus CEO, John Hourican commented: “Embracing modern ways of working and modernising our IT environment is a must. We are excited about this programme and the opportunity to work with IBM in delivering this essential formulation in our continuing transformation.”

The Bank's Digital Transformation Programme is designed to create a more modern and efficient IT platform, supported by streamlined processes. 

As part of the Digital Transformation Programme, IBM and Bank of Cyprus will also establish a joint Digital Factory that will serve as a vertical, agile delivery function, hosting emerging technology skills and leveraging DevOps tools and methodologies.

Additionally, Bank of Cyprus and IBM will also establish a Joint Innovation Capability - dedicated to innovation, concept and prototype development - that will continuously fuel the Bank's Digital Transformation Programme with new and emerging technology.

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By leveraging IBM’s expertise to implement an enterprise wide process re-engineering programme, digitising and automating processes, the Bank’s goal is to achieve significant efficiencies while directing routine customer interactions to digital channels.

A key deliverable for this programme is improving the customer experience through visible and positive changes to how the Bank interacts with its clients – both individuals and businesses.

The initial focus will be on mobile, with the Bank utilising IBM iX capabilities to launch a large-scale redesign of its digital channels.

Mobile is a growing channel for the Bank, which reported that in 2017 online banking transactions grew by 35% relative to the same period last year.

In addition to optimising and enhancing existing IT infrastructure, the Bank will introduce foundational big data and analytics capabilities.

“With IBM's help, Bank of Cyprus will use market leading digital innovation to improve efficiency and agility across the organisation in order to provide a significantly superior experience to its customers,” said Likhit Wagle, General Manager, Banking and Financial Services, IBM.