To enhance digital capabilities, improve
automation, refine data, and embed further AI capabilities
LONDON, Sept. 17,
2024 /PRNewswire/ -- Metro Bank, the UK's community
bank, has entered into a long-term collaboration with Infosys (NSE:
INFY) (BSE: INFY) (NYSE: INFY), a global leader in next-generation
digital services and consulting, to enhance some of its IT and
support functions, while digitally transforming the bank's business
operations.
The collaboration supports the bank's ongoing efficiency and
cost saving efforts. Collaborating with a global leader like
Infosys will allow Metro Bank to enhance its digital capabilities,
improve automation, refine data, and embed further AI capabilities,
leveraging Infosys Topaz, an AI-first offering using
generative AI technologies, to deliver a simpler more
consistent customer experience for its FANS. Infosys' vast
experience and capability will help Metro Bank continue to build a
more agile bank, poised for meaningful growth.
Daniel Frumkin, Metro Bank
Chief Executive Officer, said, "This collaboration with a world
class provider like Infosys builds on the solid foundations we have
already laid, unleashing our true potential, and creating a
sustainably profitable and scalable organization that is fit for
the future. At the end of this transformation, we will be a very
different business, but the true essence of Metro Bank will remain
the same – a high-quality service organization putting customers
centre-stage.
"Metro Bank expects to deliver £80m of annualized cost savings
this year across multiple initiatives, as it progresses towards the
target of reaching mid-to-high teen Return on Tangible Equity by
2027. Our vision for Metro Bank in 2025 and beyond, places our
store network firmly at its heart, as we continue with our plans to
open new stores and bring the Metro Bank experience to the north of
England."
Dennis Gada, EVP and Global
Head of Banking and Financial Services, Infosys, said, "Metro
Bank's strategic vision and unique business model, combined with
Infosys' global expertise in driving growth and enhancing
efficiencies for mid-sized banks, will significantly contribute to
creating value and establishing a top-tier, customer-centric bank.
We are excited to collaborate with Metro Bank in driving this
transformation by leveraging advanced digital and AI capabilities,
banking domain experience, as well as modernization and automation
focus through Infosys Topaz. Our shared goal is to continually
enhance customer engagement, community focus, and the integration
of physical and digital experiences, thereby accelerating growth
and value creation for Metro Bank."
About Infosys
Infosys is a global leader in next-generation digital services
and consulting. Over 300,000 of our people work to amplify human
potential and create the next opportunity for people, businesses
and communities. We enable clients in more than 56 countries to
navigate their digital transformation. With over four decades of
experience in managing the systems and workings of global
enterprises, we expertly steer clients, as they navigate their
digital transformation powered by cloud and AI. We enable them with
an AI-first core, empower the business with agile digital at scale
and drive continuous improvement with always-on learning through
the transfer of digital skills, expertise, and ideas from our
innovation ecosystem. We are deeply committed to being a
well-governed, environmentally sustainable organization where
diverse talent thrives in an inclusive workplace.
Visit www.infosys.com to see how Infosys (NSE, BSE, NYSE:
INFY) can help your enterprise navigate your next.
Safe Harbor
Certain statements in this release concerning our future growth
prospects, or our future financial or operating performance, are
forward-looking statements intended to qualify for the 'safe
harbor' under the Private Securities Litigation Reform Act of 1995,
which involve a number of risks and uncertainties that could cause
actual results or outcomes to differ materially from those in such
forward-looking statements. The risks and uncertainties relating to
these statements include, but are not limited to, risks and
uncertainties regarding the execution of our business strategy,
increased competition for talent, our ability to attract and retain
personnel, increase in wages, investments to reskill our employees,
our ability to effectively implement a hybrid work model, economic
uncertainties and geo-political situations, technological
disruptions and innovations such as Generative AI, the complex and
evolving regulatory landscape including immigration regulation
changes, our ESG vision, our capital allocation policy and
expectations concerning our market position, future operations,
margins, profitability, liquidity, capital resources, our corporate
actions including acquisitions, and cybersecurity matters.
Important factors that may cause actual results or outcomes to
differ from those implied by the forward-looking statements are
discussed in more detail in our US Securities and Exchange
Commission filings including our Annual Report on Form 20-F for the
fiscal year ended March 31, 2024.
These filings are available at www.sec.gov. Infosys may, from
time to time, make additional written and oral forward-looking
statements, including statements contained in the Company's filings
with the Securities and Exchange Commission and our reports to
shareholders. The Company does not undertake to update any
forward-looking statements that may be made from time to time by or
on behalf of the Company unless it is required by law.
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SOURCE Infosys