ICBC Argentina has signed a $63m service agreement with IBM Services for five years to transform customer services by using artificial intelligence (AI) and cloud infrastructure.

The collaboration is aligned with the bank’s digital transformation strategy and primarily driven to address changing customer expectations.

ICBC Argentina IT deal

As a part of the collaboration, ICBC Argentina will utilise IBM AI and Cloud to improve response time.

The usage of the new technologies will help the bank to predict 75% of specific system failures and develop an understanding of online customers’ preferences.

Additionally, it will help the bank reduce up to 30% of client queries through online channels.

ICBC Argentina CIO Guillermo Tolosa said: “Over the last five years, ICBC Argentina has continued to grow after establishing in the country, driven by the constant improvement of our clients’ experience and an accelerated innovation process that we implemented together with IBM.

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“Working with IBM Services allows us to focus on our business strengths and leverage IBM’s experience in Artificial Intelligence, Cloud and Services with open and secure standards, to consolidate our growth and offer customers an easy, accessible and convenient experience, while at the same time complying with the needs of our highly regulated industry.”

IBM will also manage the bank’s infrastructure and support ICBC Argentina’s digital transformation strategy.

The Argentine bank will also work with IBM to improve operational efficiency and upgrade capabilities of its IBM Mainframe z14 technology.

ICBC Argentina has more than $4.9bn in assets and around $2.5bn in deposits. The bank has 119 branches and 877 ATMs and Self-Service Terminals across the country and employs more than 3700 people.