Metro Bank teams with Infosys for digital transformation

Metro Bank has announced a collaboration with Infosys to digitally transform its business operations and upgrade its IT and support functions. The collaboration, through enhanced digital capabilities, is positioned to simplify and improve the customer experience for Metro Bank's clientele.

Key components of this collaboration include integrating Infosys Topaz, an AI-first offering that employs generative AI technologies. Metro Bank aims to leverage these technologies to enhance IT and support functions, automate processes, refine data use, and further incorporate AI capabilities. The end goal is to deliver a more consistent customer experience and accelerate growth.

Daniel Frumkin, Chief Executive Officer of Metro Bank, highlighted the importance of this collaboration in terms of efficiency and cost-saving efforts. He noted, "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 organisation 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 organisation putting customers centre-stage."

Frumkin also discussed the financial targets this collaboration is expected to help achieve. "Metro Bank expects to deliver GBP £80 million of annualised 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," he stated.

Dennis Gada, EVP and Global Head of Banking and Financial Services at Infosys, expressed enthusiasm for the partnership and outlined the expected benefits. "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," Gada commented.

"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 modernisation 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."

The collaboration with Infosys aligns with Metro Bank's long-term goals. It aims to increase agility and support its ambition to be a high-growth organisation. Through the deployment of digital tools and AI capabilities, the bank expects to streamline operations, improve customer engagement, and integrate its physical and digital services.

Infosys, which has over four decades of experience in managing the systems and operations of global enterprises, will support Metro Bank in implementing these advanced technologies. The goal is to amplify Metro Bank's operational efficiencies and create new customer engagement opportunities.