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New BoC-Kyndryl deal to continue bank’s digitalisation

digital transformation technology strategy, digitization and digitalization of business processes and data, optimize and automate operations, customer service management, internet and cloud computing

Kyndryl, the world’s largest IT infrastructure services provider and Bank of Cyprus (BoC), the island’s leading banking and financial services group, have agreed to expand their collaboration. The new, five-year, managed IT services programme advances the Bank’s ESG commitments till 2030, supporting BoC’s levels of service, enabling access and product visibility to all its stakeholders.

The bank’s vision is to lead the transformation of Cyprus into a sustainable future, and BoC’s digital agenda is a key enabler in materialising this vision. The Bank’s digital agenda translates to better, cheaper, safer products and services for all, while also supporting BoC’s commitment to reducing its environmental impact and maximising its impact on selected Sustainable Development Goals. Consequently, the Bank will continue to enrich its products and services in line with its ESG Strategy and the Recovery and Resilience Plan for Cyprus.

“Bank of Cyprus was ahead of many financial institutions in recognising that we need to be fast and agile when we transfer our existing business models into digital ones – securely, reliably and cost-effectively,” said George Kousis, Acting Executive Director Technology and Operations, Bank of Cyprus.

“The contract with Kyndryl accelerates our digital transformation, allowing us to focus on our core business, and improving the speed and the precision with which we develop and introduce personalised digital financial services.”

Kyndryl will assist BoC to further shape its long-term IT strategy by leveraging digitalisation and supporting the development of digital platforms, while also offering Bank of Cyprus clients an integrated, automated and secure banking environment. As part of the agreement, BoC will continue to enjoy managed services for key components of its infrastructure and technology operations, utilising Kyndryl’s globally-integrated delivery mechanisms with the ability to innovate and deploy new levels of service delivery.

At the heart of the agreement, Kyndryl will continue to optimise the bank’s existing IT infrastructure by enhancing standardisation, security and automation, as well as streamlining internal IT systems and service management processes. Kyndryl will also work with the bank’s Technology Division to develop a roadmap for transitioning to public cloud using a multi-cloud approach. This will allow Bank of Cyprus to further strengthen its reputation as the island’s leading financial institution, becoming more efficient and personalised in engaging new clients and retaining existing ones.

“With digitisation now driving the way financial institutions provide everything – from customer service to investment advice – leading financial institutions find in service innovation a major driver of competitive differentiation,” noted Apostolos Leonidhopoulos, Managing Director, Kyndryl Greece and Cyprus.

“Automating processes, digitizing operations and managing services and underlying IT infrastructure in an integrated and unified way is just the right step towards establishing the foundations for the full leverage of analytics, cloud and AI technologies,” he added. “We are glad that we are able to help strengthen Bank of Cyprus’s leading position in the financial services industry in Cyprus.”

Echoing Leonidhopoulos’ statements, Marios Kapiris, General Manager, Kyndryl Cyprus, said that: “Kyndryl is pleased to partner with Bank of Cyprus on its journey to provide advanced services to its customers, and we look forward to support Bank of Cyprus to further build a reliable and high-performance, next-generation IT infrastructure”.

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