As part of a 10-year deal to outsource UniCredit’s commercial and private banking IT estate to IBM the two companies have also announced the formation of a joint venture (JV) that will offer cloud computing services and infrastructure provision to other financial institutions (FIs) in Europe.
The partners hope to gain from the expertise gained from their own ten-year deal which will see UniCredit's commercial and private banking activities in Europe outsourced to IBM, including the introduction of new service models and a cloud-based infrastructure for its data centre. Other banks and FIs will be targeted to join the platform and deliver economies-of-scale savings.
Analytics is a key part of the link-up between the companies. It is expected to enable UniCredit to gauge trading patterns and flows in financial markets much more easily and improve the bank’s oversight, accounting/risk and customer service provision. It will also be a key part of the ‘sell’ to other FIs. A joint development centre will also be formed to monitor bank and technology trends and identify emerging technologies that could impact the marketplace.
The UniCredit Business Integrated Solutions service unit will form the JV with IBM, meaning staff will be situated across Europe from Germany, Italy, Austria and the Czech Republic in order to win FI business and provide support.