Infosys has secured a $454-million deal to digitally transform Denmark’s Danske Bank, as announced on June 26. Moreover, this deal could potentially reach $900 million and be extended for three more years. Notably, this achievement comes amidst a slowdown in the IT services sector. The company disclosed this information through an exchange filing.
Infosys and Danske Bank will collaborate to enhance their core business through digital, cloud, and data capabilities. According to Infosys CEO Salil Parekh, this partnership aims to deliver greater value to Danske Bank’s customers, leveraging advancements in AI, including generative AI. This announcement follows TCS’s recent $1.1 billion deal with UK’s NEST. Infosys outperformed Accenture to secure the Danske deal, which includes the acquisition of Danske Bank’s Bengaluru-based IT centre employing 1,400 individuals.
The company announced its $1.5-billion contract win from BP in May, the largest deal since securing Daimler in 2020. Danske Bank stated that collaborating with Infosys would support its strategic customer experience and operational excellence goals. The bank chose Infosys to aid in its technology transformation, enhance talent access and capabilities, and boost productivity.
Danske Bank expressed that by collaborating with Infosys and leveraging their AI-first offering, Topaz would accelerate its digital agenda. Infosys anticipates completing the transactions before Q2FY24.
What COO of Danske Bank said
Frans Woelders, the Chief Operating Officer of Danske Bank, affirmed their strategy to become a leading digital bank through investments in digitalization and technology.
Woelders emphasized the bank’s strong starting point and the desire to further accelerate digital and technology transformation.
Frans Woelders stated that their Forward ’28 strategy aims to position the bank as a digital leader. Significant investments in digitalization and technology will support the development of customer-facing solutions and enhance technology infrastructure.
Due to Infosys ‘ global presence and scale, this collaboration will provide access to broader talent pools and capabilities.
What Salil Parekh said
According to Salil Parekh, Infosys’ CEO, they are delighted to bring their financial services transformation experience to Danske Bank. The company will collaborate with Danske Bank to strengthen its core business through digital, cloud, and data capabilities.
This partnership aims to create more value for Danske Bank’s customers by leveraging AI advancements. The company also expresses anticipation in welcoming Danske India employees to their team.
The bank aims to accelerate its digital and technology transformation and has carefully selected Infosys as its partner. Infosys possesses the necessary tools, experience, and cloud and AI technologies expertise.
About Danske Bank
For over 150 years, Danske Bank has strived to drive growth and development in society. Our advisory services and financial solutions have empowered individuals, families, businesses, and organizations throughout this time. We have evolved alongside the societies we serve. With a commitment to long-term sustainable development, we aim to be the best possible bank, benefiting our customers, employees, shareholders, and communities. Every day, we continue to work towards this goal.
Infosys Generative AI program
Recently, Infosys launched a free AI certification training program on its Springboard Virtual Learning Platform. Learners can access a range of certification courses on various AI topics. These courses cover introductory and advanced concepts in AI, including deep learning and natural language processing. The program aims to help individuals build their careers and acquire the necessary skills for job opportunities.
TCS also Bagged a Deal Recently
Last week, Tata Consultancy Services (TCS) expanded its partnership with NEST, the UK’s largest workplace pension scheme. The £840 million ($1.1 billion) deal aims to digitally transform NEST’s administration services. It will enhance member experiences over an initial 10-year tenure. If extended to 18 years, the contract’s total maximum value could reach £1.5 billion ($1.9 billion). This significant collaboration highlights TCS’s commitment to driving digital transformation in the pension industry. The partnership will bring advanced technology solutions to NEST’s administration processes. TCS’s expertise will support NEST in delivering improved services to its members.
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