Spanish banking major Banco Santander has signed a $700m global technology agreement with IBM to facilitate business transformation.

The five-year agreement will enable Santander to move towards an open and flexible IT environment.

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Santander-IBM IT deal

Under the collaboration, Santander will utilise IBM’s latest disruptive technologies including artificial intelligence (AI) and blockchain to improve its applications and services.

It includes the deployment of IBM Watson to improve employee productivity and customer experience.

IBM will support Santander to develop an advanced IT architecture that will help the Spanish lender to move towards a hybrid, multi-cloud environment.

Santander has already created own Cloud Competence Center, with which IBM will collaborate to devise methodologies for the transformation.

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Additionally, the bank is using IBM DevOps solutions and IBM API Connect technologies. These solutions will help the bank to develop, upgrade or launch applications and services faster.

Santander Global CIO David Chaos said: “This agreement will allow us to have a global partner with the best technology to help accelerate the IT transformation.

“We think this agreement with IBM represents a great support to our strategy of constant progress, while protecting our investments in technology.

“IBM’s technology will provide the bank with the flexibility needed to support the constantly evolving business of a bank.”

The Santander-IBM IT deal is the latest in the series of contract wins by IBM. In the last two months, IBM entered agreements with Nordea Bank, BNP Paribas and Bank of the Philippine Islands.