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IBM, Banca Carige launch $500m JV to focus on banking technologies

BBR Staff Writer Published 09 July 2018

IBM and Italian bank Banca Carige have launched a $500m joint venture (JV), which will focus on advancing bank’s digital capabilities.

The new JV, dubbed Dock, will introduce advanced technologies, including artificial intelligence (AI), big data, analytics and cognitive tools to Carige's more than 500 branches and over one million clients to improve the competitiveness.

At present, Dock employs 173 people, of which 133 from Carige and 40 from IBM. The JV will work with universities and local institutions, which will enable to create new positions.

IBM Italy president and CEO Enrico Cereda said: "With this new alliance, a path is born that leads the banking sector towards a future full of new professional skills and opportunities offered today by innovation and technological progress.”

Banca Carige has signed a deal with IBM to simplify its IT environment and create a path to digital transformation to help drive client experience excellence under a single bank model.

IBM Services will provide a solution that involves in all sectors of the banking group, as well as offers advanced technologies to improve the commercial competitiveness of the bank.

The new JV will also focus on improving professional skills and create opportunities through digital banking and cloud storage.

The planned solutions will help to reduce costs through transforming the bank’s technological infrastructure and enables to create hybrid IT model.

The solutions will also enable to migrate workloads in cloud environments and create new generation bank, as well as helps to provide better services through the automation of branch processes.

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.

"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."