CIB Bank turned to the world's largest business-critical IT service provider

CIB Bank turned to the world's largest business-critical IT service provider

CIB Bank modernizes its critical processes with the help of Kyndryl.

Financial institutions around the world have undergone massive technological change over the past few years. This was further accelerated by the pandemic, which also reshaped customer expectations regarding banking services and interactions. Therefore, CIB Bank entered into a three-year technology service agreement with Kyndryl to modernize and operate the bank’s lending workflows and the platform on which they are based. Kyndryl’s nearly 90,000 employees in more than 60 countries around the world provide consulting, implementation and management services integrating development, security and operation to more than four thousand global companies, including three quarters of Fortune 100 organizations, the largest banks and insurance companies, telecommunications and trading companies, airlines and automotive companies. As a universal credit institution, CIB Bank provides a full range of commercial banking and investment services to its nearly 415,000 customers with its nationwide branch network, while constantly looking for innovative solutions tailored to its customers. CIB Bank’s services are available to social enterprises, institutions, municipalities and individual entrepreneurs, as well as to residential customers. In addition to bank branches, customers also have a wide variety of electronic channels available to manage their finances quickly and conveniently, such as CIB Internet Bank, CIB Bank Online, the CIB Bank Mobile Application or the eBroker information and securities trading system.As part of the partnership with Kyndryl, CIB Bank is re-tailoring its lending processes, rationalizing the tasks and workload of the employees involved in this, so that it will react even more quickly to market and regulatory changes. The decision was justified by the fact that Sante Cusimano, CIB Bank’s deputy CEO and member of the board of directors, said that it was a serious challenge for them to simultaneously manage the old and new applications, as well as the different processes introduced in a non-integrated way over the years, because the only partially structured approach significantly limited scalability. Modernizing and integrating their IT environment, in addition to improving the availability of critical operations, was essential for them on their digital transformation journey to maintain a significant 80% penetration of their electronic channels. They firmly believe that digitization is more than a front end, it is a holistic system. That is why Kyndryl Hungary was entrusted with the simultaneous introduction and management of three project processes, and other innovation initiatives are also underway with their parent company, Intesa Sanpaolo, other partners and their internal IT team. As part of the agreement, Kyndryl will update CIB Bank’s existing business process platform, modernize the front-end of the small business loan platform, and completely rewrite and optimize the bank’s unsecured lending workflow. After the completion of the project, Kyndryl will manage the entire platform to reduce operational risks and accelerate digitalization. “Banks are also voting in favor of digital transformation, just like many other businesses. Credit institutions strive more than ever to provide a differentiated, personalized experience that attracts customers both online and in person. They want to implement innovations quickly and flexibly. . With Kyndryl services, the bank needs much less time to create or modify business processes when the product portfolio or regulation changes.” – said János Szabó, the country director of Kyndryl Hungary. Kyndryl services enable bank developers to easily design new or modify existing processes while ensuring the platform is up-to-date, flexible and reliable. CIB Bank’s modernization program aims to improve its business model and the availability of critical operations in order to operate efficiently and serve customer needs even better.Hardware, software, tests, interesting and colorful news from the world of IT by clicking here!

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