A $454 million contract for the digital transformation of Denmark’s Danske Bank has been won by Infosys, the business announced on June 26. Infosys is the latest IT services company to land a large contract amid a downturn in the industry.
According to the company’s exchange filing, the agreement is for five years and has the potential to be increased to $900 million and extended for an additional three years.
“Infosys and Danske Bank will work together to improve the key competencies of each company’s digital, cloud, and data operations. According to Salil Parekh, CEO of Infosys, “This will help Danske Bank use powerful advancements in Al, including generative Al, to create more value for their customers.”
The announcement comes one week after TCS, a larger rival, won a $1.1 billion contract from the UK’s NEST.
Accenture lost to Infosys in the competition for the Danske contract, and as part of the transaction, the Indian company will also purchase the 1,400-person IT center for Danske Bank in Bengaluru.
In the largest contract since the business signed with Daimler in late 2020, Infosys said in May that it had been awarded a $1.5 billion contract by BP.
Danske Bank stated in a statement that working with Infosys would aid in achieving its strategic goals for operational excellence and customer experience.
According to the company, Infosys was picked to assist the bank with its technological transformation, maximize its access to talent and capabilities, and increase efficiency.
Boosting its IT operations and capabilities with Infosys Topaz, its recently announced AI-first product, would expedite the bank’s digital goal, according to the statement. The transactions should be finished before Q2FY24, according to Infosys.
Frans Woelders, chief operating officer of Danske Bank, said the bank’s aim to be a leading bank in the digital era was supported by investments in digitalization and technology. “Plans to further develop our customer-facing digital solutions and modernize our technology infrastructure to enable even better customer experiences and drive operational efficiency” were among the things mentioned. Our digital and technological transition has a solid foundation, and we want to speed it up even further. Woelders declared.
