BUDAPEST, Hungary, July 28, 2022 — CIB Bank Ltd., one of the major banks in Hungary, has engaged Kyndryl, the world's largest IT infrastructure services provider, in a three-year technology services agreement to modernize and operate its lending workflows and the underlying platform.
Financial services institutions around the world have undergone a tech awakening in the last several years, a trend hastened by a pandemic that reshaped how their customers expect to interact with banking services. Institutions everywhere are increasingly turning to technology as they look to modernize their operations for the future.
As a universal credit institution, CIB Bank offers a full range of commercial banking and investment services for nearly 415,000 clients through a nationwide network of branches, while constantly seeking innovative solutions tailored to its clients' needs. CIB Bank's services are available to corporate, institutional, municipal and individual entrepreneurs as well as retail customers.
In addition to its branches, CIB Bank offers a wide range of electronic channels for fast and convenient financial management, such as CIB Internet Bank, CIB Bank Online, CIB Bank Mobile Application and eBroker information and securities trading system.
As part of its partnership with Kyndryl, CIB Bank is updating its lending processes and how they are managed. It’s a change that enables the bank to more swiftly respond to market and regulatory changes, as well as streamline workloads and processes for the bank’s employees.
"Having to deal simultaneously with old and new applications, as well as with different and disparate processes being introduced over the years in an unintegrated way, we were facing a serious challenge due to the not fully-fledge structured approach, a huge limit to allow the proper scalability” says Sante Cusimano, COO and Management Board member of CIB Bank Hungary.
“Modernizing and integrating our IT environment while improving the availability of critical operations was a must for us on our digital transformation journey to sustain our huge penetration, 80%, in the electronic channels. We strongly believe that digitalization is more than a front end, it’s a holistic system. This is the reason we engaged Kyndryl as well to deploy and manage three project streams simultaneously and other renewal initiatives are on going with our parent company Intesa Sanpaolo, other partners and our internal IT team. These are crucial steps of our modernization in order to have an easier digitalization journey, that in our case it has been started with the introduction of the mobile app more than 5 years ago.”
As part of the agreement, Kyndryl is updating CIB Bank’s existing business process platform, upgrading front-end Small Business Lending platform and completely re-writing and optimizing bank’s uncollateralized loan-lending workflow. Once the project is completed, Kyndryl will operate and manage the full stack of hardware, software, databases, networking, and will maintain the key bank’s online platforms and applications.
“Like many other businesses, banks are increasingly embracing digital transformation. More than ever, they aim at providing differentiated, tailored experience that draws customers in, both online and in-person. And they aim to do this quickly and in a flexible way,” says Janos Szabo, Managing Director, Kyndryl Hungary. “With Kyndryl services, bank’s developers spend far less time creating business processes or changing them when the market or interest rate change, for example.”
Rather than having to write long pages of code, Kyndryl services allow bank’s developers to easily design new or change existing processes. In this way CIB Bank drives a modernization agenda that is designed to improve its business model and the availability of critical operations to ensure that it can compete efficiently and better serve the needs of its clients.
For more information about CIB Bank, visit https://www.cib.hu/en/
Kyndryl Press Contact
Kyndryl (NYSE: KD) is the world’s largest IT infrastructure services provider. The company designs, builds, manages and modernizes the complex, mission-critical information systems that the world depends on every day. Kyndryl’s more than 90,000 employees serve over 4,000 customers in more than 60 countries around the world, including 75 percent of the Fortune 100. For more information, visit www.kyndryl.com.