Metro Bank partners Infosys to boost digital transformation with AI
Metro Bank has entered into a “long-term” collaboration with Indian digital services provider Infosys to enhance certain IT and support functions and digitise its business operations with AI.
Metro Bank partners Infosys to boost digital transformation
As part of the partnership, the UK bank is to leverage Infosys Topaz to cultivate and deliver “a simpler, more consistent customer experience”.
Launched last year, Infosys Topaz integrates both applied AI and generative AI into a suite of services, solutions and platforms aimed at creating operational efficiencies for businesses.
The company says the offering will enable Metro Bank to “enhance its digital capabilities, improve automation, refine data, and embed further AI capabilities”, while also supporting its ongoing efficiency and cost-saving efforts.
“At the end of this transformation, we will be a very different business,” comments Metro Bank CEO Daniel Frumkin.
“Our vision for Metro Bank in 2025 and beyond places our store network firmly at its heart, as we continue with our plans to open new stores and bring the Metro Bank experience to the north of England.”
Metro Bank is currently attempting to deliver £80 million in annualised cost savings across multiple initiatives after striking a £925 million refinancing deal with Morgan Stanley and Moelis last November.
The bank’s cost-saving efforts have since included a 20% workforce reduction and a review of branch opening hours. The company also appointed Barclays exec Marc Page as CFO earlier this year and sold £2.5 billion in prime UK residential mortgages to British bank NatWest.
The Daily Mail also reported this week that the bank is set to cut around 300 roles from its business operations, IT and support divisions.
When contacted by FinTech Futures on the matter, a spokesperson from Metro Bank said: “We are outsourcing activities across business operations, IT and support functions.
“This may unfortunately result in redundancies, however we are also actively recruiting in our growth areas of regional commercial and corporate banking.
“We will be working with the 300 colleagues impacted through consultation to try and avoid redundancies where possible.”
