Metro Bank, the UK’s community bank, has entered into a long-term collaboration with Infosys, a global leader in next-generation digital services and consulting, to enhance some of its IT and support functions, while digitally transforming the bank’s business operations.
The collaboration supports the bank’s ongoing efficiency and cost saving efforts. Collaborating with a global leader like Infosys will allow Metro Bank to enhance its digital capabilities, improve automation, refine data, and embed further AI capabilities, leveraging Infosys Topaz, an AI-first offering using generative AI technologies, to deliver a simpler more consistent customer experience for its FANS. Infosys’ vast experience and capability will help Metro Bank continue to build a more agile bank, poised for meaningful growth.
Daniel Frumkin, Metro Bank Chief Executive Officer, said, “This collaboration with a world class provider like Infosys builds on the solid foundations we have already laid, unleashing our true potential, and creating a sustainably profitable and scalable organization that is fit for the future. At the end of this transformation, we will be a very different business, but the true essence of Metro Bank will remain the same – a high-quality service organization putting customers centre-stage.
Metro Bank expects to deliver £80m of annualized cost savings this year across multiple initiatives, as it progresses towards the target of reaching mid-to-high teen Return on Tangible Equity by 2027. Our vision for Metro Bank in 2025 and beyond, places our store network firmly at its heart, as we continue with our plans to open new stores and bring the Metro Bank experience to the north of England."
Dennis Gada, EVP and Global Head of Banking and Financial Services, Infosys, said, “Metro Bank’s strategic vision and unique business model, combined with Infosys’ global expertise in driving growth and enhancing efficiencies for mid-sized banks, will significantly contribute to creating value and establishing a top-tier, customer-centric bank. We are excited to collaborate with Metro Bank in driving this transformation by leveraging advanced digital and AI capabilities, banking domain experience, as well as modernization and automation focus through Infosys Topaz. Our shared goal is to continually enhance customer engagement, community focus, and the integration of physical and digital experiences, thereby accelerating growth and value creation for Metro Bank.”
