A $454 million, five-year contract for digital transformation has been awarded to Infosys by the Nordic-based Danske Bank. The lender's 1,400-person Bengaluru IT centre will be acquired by the software exporter with headquarters there.

 

The agreement, which has a three-year extension option, aims to significantly speed up the Nordic bank's digital transformation activities. This partnership will aid Danske Bank in improving its customer experiences and technological modernization.

 

Infosys has been given a $454 million, five-year contract for digital transformation by the Nordic-based Danske Bank. The software exporter with Bengaluru headquarters will buy the lender's 1,400-person IT centre there.

 

The three-year extension option on the contract intends to dramatically quicken the Nordic bank's digital transformation efforts. In accordance with a press statement, this relationship will help Danske Bank modernise its technology and enhance customer experiences.

 

The financial crisis of 2008 may present Indian IT companies with a chance to acquire captive technology sections of banks and financial companies. After the 2008 financial crisis, IT firms like TCS, Infosys, Wipro, and Cognizant bought out portions of the captive businesses of banks including Citi, ABN Amro, and UBS.

 

By improving the IT operations and capabilities of Danske Bank with Infosys Topaz, an AI-first suite of services, solutions, and platforms, Infosys will accelerate the bank's digital ambition.

 

"Infosys will collaborate with Danske Bank to strengthen their core business with greater digital, cloud and data capabilities. This will help Danske Bank create more value for their customers using powerful advances in Al, including generative Al,” said Infosys’ chief executive Salil Parekh.