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Banco Santander Signs ~$700M 5-Yr Global Tech Deal With IBM

By John F. Heerdink, Jr.

As per reports, International Business Machines Corporation (IBM) has entered a five-year global technology agreement with Banco Santander valued at approximately $700M to accelerate Santander Group’s growth and deepen its business transformation.

The agreement is expected to enable Santander Group to evolve and run a flexible and modern IT environment required for technology and digital capabilities in its business strategy and delivering innovative services to its customers, strengthening IBM’s role as one of Santander Group’s main transformation partners. 

The deal will benefit Santander to enrich its services and applications with IBM’s innovative and disruptive technologies, such as AI, blockchain, and big data, all supported by security advanced solutions. Just like the usage of IBM Watson, for instance, Santander is incorporating AI capabilities to improve customer experience, increase employee productivity, and enhance branch advisors’ expertise.

“This agreement will allow us to have a global partner with the best technology to help accelerate the IT transformation. We think this agreement with IBM represents great support to our strategy of constant progress while protecting our investments in technology. IBM’s technology will provide the bank with the flexibility needed to support the constantly evolving business of a bank,” stated David Chaos, Santander Global CIO.

“Santander Group is leveraging IBM technologies to support their security and regulatory work, and to rapidly develop new services that meet emerging customer demand by tapping into IBM’s unique technology and industry expertise,” stated David Soto, IBM General Manager for Santander Group.

Founded in 1857, Banco Santander is a leading retail and commercial bank headquartered in Spain.

Dow 30 component International Business Machines Corporation (IBM) provides information technology (IT) products and services worldwide. To learn more about International Business Machines Corp (IBM) and to track its ongoing progress please visit the Vista Partners IBM Coverage Page


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(Read Original Story: IBM strikes $700M deal with Santander to accelerate transformation in IBM Newsroom)


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