Tech giant IBM has signed a $260-million (about P13.7 billion) multi-year services agreement with local lender Bank of the Philippine Islands (BPI).
Under the deal, IBM will provide IT infrastructure services to support an agile IT and hybrid cloud, as well as digital development capabilities to accelerate BPI’s digital transformation.
BPI is the third-largest bank in the Philippines in terms of assets, with more than 9 million customers. The bank has continuously introduced invested in technology across online, mobile apps, ATMs, CAMs (Cash Accept Machines) and branches.
BPI said it will leverage IT infrastructure and hybrid cloud management services from IBM to deliver seamless technology regardless of whether it resides within BPI’s existing infrastructure or its private or public cloud environments. In doing so, IBM will host the bank’s digital solutions of today and in the coming years.
IBM and BPI have also designed an IT environment that supports an open API economy strategy that makes the most of the bank’s data to create customer applications and services.
The agreement is also expected to achieve some of the bank’s digital transformation goals which include the continual upgrades for bank branches with new technology as well as other financial services apps for customers.
The services provided by IBM will have “born in the cloud experiences” at its core to support BPI’s Hybrid Cloud Strategy, including Infrastructure as Code, and an open API consumption. IBM Security services will underpin the success of the IT services strategy designed by IBM for BPI.
“The rapidly changing business environment requires us to accelerate the pace of our digital transformation. We need to continue to be responsive to an ever-changing market,” said Cezar P. Consing, BPI president and CEO. “Our extended agreement with IBM will help us become more agile in introducing innovations and transforming how we do things in BPI.”
“Banks like BPI are going through a major shift and embracing a complete transformation of their business with advanced services to respond to the needs of today’s connected consumer,” said Martin Jetter, senior vice president for IBM Global Technology Services.
“We are excited about helping one of the leading banks in South East Asia power its core IT infrastructure and bring new digital experiences with IBM Cloud in a secure and open environment to help prepare BPI for the future of banking.”