Banco Santander, one of the largest banks currently operating in Europe, has entered into a partnership with IBM to accelerate the bank’s development of technologies such as blockchain. According to a February 13 press release, the five-year global technology agreement is reportedly aimed at enhancing the financial institution’s services with technologies provided by IBM.
The deal between Santander and IBM is reportedly valued at around $700 million and will involve using emerging tech such as blockchain, artificial intelligence, and big data. This will enable the bank to reduce the costs of maintaining its IT department.
“Using IBM Watson, for instance, Santander is incorporating AI capabilities to improve customer experience, enhance branch advisors expertise and increase employee productivity,” the bank explained in the release.
David Soto, IBM General Manager for Santander Group, said that the bank found it necessary to leverage IBM technologies in order to support their security and regulatory work. Santander wants to meet emerging customer demand by rapidly developing new services, something it could only achieve with IBM’s industry expertise, Soto added.