IBM and Italian bank Banca Carige have launched a $500m joint venture to support technology growth and create the ‘new generation of bank’.
The joint venture, Dock, will look to invest into technologies such as AI, big data, analytics and cognitive tools. Through the partnership Banca Carige hopes to support the evolution of its IT environment, with an aim of improving its digitalisation.
Solutions created from this venture will go towards cost reductions due to the digital transformation of Banca Carige’s infrastructure which will move to a ‘hybrid IT’ model. The group also hopes to develop the ‘new generation bank’, which will have improved customer engagement and quick routes for implementing new innovation and collaboration.
Dock will look to develop technology that can automate branch processes, and the creation of robo-advisors. Focus will also be put towards furthering support for business continuity, operation security and regulatory compliance.
Dock has 173 staff, of which, 133 are from Dock Banca Carige and the remaining 40 are from IBM. The company is looking to make more hires through collaborations with universities and local institutions.
Banca Carige CEO Paolo Fiorentino said, “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.”
Earlier in the year, IBM acquired aggregation and analytics software developer for financial services firms Armanta. The company empowers financial institutions to aggregate data across multiple systems in ‘near real-time speed.’
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