Tech titan IBM and Italy-based bank Banca Carige have formed a new joint venture in the US with an aim to drive innovation and competitiveness at the Italian bank.
Dubbed Dock, the new $500m JV will focus on bringing new technologies including AI, big data, analytics and cognitive tools to Carige.
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The partnership will enable over 500 branches of the bank to improve their operational efficiency and enhance banking experience of one million clients.
The partnership will also focus on simplifying Carige’s IT environment while also creating a path to digital transformation under a single bank model.
In order to achieve this, IBM Services will provide a solution that will cover all sectors of the banking group of Banca Carige and help it progressively migrate workloads to cloud environments.
Banca Carige CEO Paolo Fiorentino said: “The partnership with IBM represents an important turning point and a new starting point for Banca Carige as we will be able to take advantage of IBM’s capacity for developing new technologies.
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By GlobalData“With increasing energy we will be able to concentrate on our traditional commercial banking activity and, thanks to an international partner of the highest standing, achieve high standards of business process efficiency, at the forefront of the banking sector.”
At present, Dock has a workforce of 173 people of which 133 are from Carige and remaining 40 are from IBM.
