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Permanent TSB Engages Kyndryl to Advance its Digital Transformation

Feb. 18, 2022

Collaboration will support Permanent TSB to improve and speed innovation in banking services

DUBLIN, Ireland, and NEW YORK, N.Y., February 18, 2022 -- Kyndryl (NYSE: KD), the world’s largest IT infrastructure services provider, and Permanent TSB Bank, Ireland (Euronext: ILOA), announced a collaboration to transform the bank’s infrastructure to deliver a seamless, integrated hybrid cloud management solution.

Enterprises across the banking industry are grappling with increased cybersecurity threats, as well as a need for more business agility and quicker access to innovation. As this happens, more customers are demanding a high level of trust and personalisation in their banking experience.

Permanent TSB’s vision is to expand its personalised, trusted digital banking experience for its customers through a modernised technology architecture and a more resilient platform to host a new generation of applications. Permanent TSB engaged Kyndryl to advance its digital transformation with an agile and secure environment that is built for the future of banking.

The bank engaged Kyndryl to transition its critical workloads to the cloud and deliver seamless management of data across its infrastructure using cloud services. By collaborating with Kyndryl to achieve this significant business transformation, Permanent TSB will be able to deploy adaptive digital tools to modernise and power its banking operations.

Using the solution’s cloud-based functionality, Permanent TSB can now respond more quickly to changing market developments and support the evolving digital needs of its customers. It will launch more personalised digital offerings, while maintaining strong security and data protection that enhance its operational resilience.

Permanent TSB selected Kyndryl for this implementation because of its expertise in cloud services and digital transformation. Kyndryl has deep experience in advancing enterprise digital journey while taking an agile and flexible, expert-led approach to cloud modernisation.

Central to this collaboration from the outset has been the integration of Kyndryl’s deep experience and expertise in running some the world’s most critical infrastructures across multiple industries, especially in financial services.

Speaking at the announcement, Tom Hayes, Chief Technology Officer of Permanent TSB said, “Permanent TSB is investing heavily in the digital capability needed to make it Ireland’s best personal and small business bank. Our new partnership with Kyndryl shows both existing and new customers the extent of our commitment to giving them best-in-market digital services that are easy-to-use, reliable, and effective.

We want to bring better digital services to our customers faster and we are confident this partnership will achieve that.

This builds on our recent €150m investment in enhancing our IT system and digital capability and, coupled with a major IT skills recruitment programme that began last year, gives customers confidence that the Bank has the appetite and the capability to give them the innovation, the security and the customer focus that they demand.”

“In bringing Kyndryl’s expertise and global reach for cloud services, resiliency, and security to Permanent TSB, we are excited to design, create and manage a flexible, innovative and agile cloud infrastructure to enable the banks digital transformation. Our integrated services are designed to protect, while enabling the bank to efficiently create more personalised digital experiences for their customers, in a highly regulated industry,” said Karen Forbes, Managing Director, Kyndryl Ireland.

About Permanent TSB

Permanent TSB is a leading Irish personal and small business bank offering mortgages, savings, investments, current accounts, personal loans and small business banking products and services online, by phone and in person through 76 branches in communities across Ireland.

The Bank has community roots dating back over 200 years and recently announced plans to expand significantly through the acquisition of certain personal and SME banking businesses from Ulster Bank, including 25 Ulster Bank branches.

The Bank’s Ambition is to be Ireland’s best personal and small business bank, backed by its Purpose of working hard every day to build trust with customers, as a community serving the community.

For more information, visit www.permanenttsb.ie.

About Kyndryl

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 nearly 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.

Media Contacts:

Leontia Fannin, Permanent TSB
leontia.fannin@permanenttsb.ie

Jim O’Keeffe, Kyndryl
jim.okeeffe@kyndryl.com