Finland’s Savings Banks Group has selected Kyndryl, an IT infrastructure services provider, to modernise its consumer-facing and back-office systems.

The seven-year agreement will see Kyndryl act as Savings Banks Group’s partner for the next phase of its digital transformation journey.

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As one of Finland’s oldest banking groups, Savings Banks Group caters to half a million Finnish customers.

It offers a wide range of financial services such as retail banking, investment, real estate and insurance.

Savings Banks Group CEO Tomi Närhinen said: “It is of the utmost importance for us to secure the business continuity of our critical IT systems and we expect modern and more agile development opportunities for our services.

“It is evermore crucial to build a solid and efficient foundation for our business needs, which enables us to run and change digital bank in an agile and cost-effective way.”

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The partnership is expected to allow the bank to expand its digital and personal services, shorten development times of new products and reduce costs in a market where fintech players are rapidly growing.

Kyndryl Finland managing director Anil Joshi said: “We are excited to work with Savings Banks Group to unlock maximum value across technology, data, and operations to accelerate their unique digital transformation while meeting the changing regulatory requirements.

“On top of managing zCloud workloads and core enterprise services, Kyndryl brings a powerful combination of cloud services, security and resilience, data and artificial intelligence technologies delivered through new ways of working to drive increased agility and end-user experience.”

The announcement comes shortly after Central Bank of Savings Banks announced that Savings Banks Group and Cognizant have decided to terminate their contract related to the renewal of the core banking platform.