IBM and Spanish commercial bank Banco Santander have announced a five-year global technology agreement which focuses on blockchain and big data technologies.
The agreement, which is valued at around £547 million, will help Santander Group to evolve towards the open, flexible and modern IT environment it requires to materialise the important role that technology and digital capabilities play in the company’s business strategy.
With IBM’s technologies such as AI, blockchain and big data, Santander will be able to boost its services and applications. All these technologies from the company are supported by security advanced solutions. For example, Santandar will use IBM Watson to incorporate AI capabilities to improve customer experience, enhance branch advisors expertise and increase employee productivity.
The tech agreement fortifies IBM’s role as one of Santander Group’s main transformation partners wherein it is providing additional solutions and expertise aimed to support Santander strategic objective of building the most advanced IT architecture of the financial sector. The foundation of this architecture is the journey towards a hybrid, multi-cloud environment. In addition, Banco Santandar is using a range of technologies including IBM DevOps solutions and IBM API Connect, aimed to develop, iterate and launch new or upgraded applications and digital services much more rapidly.
Earlier this year, Ford Motor Company, Huayou Cobalt, IBM, LG Chem and RCS Global joined hands to bring transparency into the global mineral supply chains by implementing blockchain technologies. Each of these companies, which stand at every major level of the supply chain, will start with a pilot together focused on cobalt and explore the creation of an open industry-wide blockchain platform.
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