Santander and IBM Partner to Use Blockchain Tech for at Least Five Years

The new developments of blockchain technologies keep revolutionizing the global market. Even though cryptocurrencies have experienced a bearish performance during the last months, the blockchain is enjoying a considerable impulse attracting optimistic investors from all over the world.

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According to an official press release published by IBM, the Spanish financial services multinational Santander (the firm behind one of the strongest banks in Spain and Latin America), has signed a 5-year agreement with the technology giant IBM with the intention of accelerating the digital transformation of its business.

The deal, which value exceeds 700 million dollars gives IBM the responsibility of using its disruptive technology tools, including blockchain, Artificial Intelligence (AI) and Big Data to upgrade the Santander’s service platform, in order to enhance the experience of its staff and increase productivity.

Santander and IBM: Using Blockchain to Provide a Better Service

David Soto, IBM General Manager for Santander Group, explained that with this type of approach, Santander seeks to adapt to new technological trends as a tool to increase productivity.

“Santander Group is leveraging IBM technologies to support their security and regulatory work, and to rapidly develop new services that meet emerging customer demand by tapping into IBM’s unique technology and industry expertise,”

Santander Logo

One of the short-term goals behind this agreement is to reduce Santander’s spending on Information Technology (IT), even though the group has been actively hiring staff for this division over the past few months.

For its part, Santander has already assured that it is ready to take its services to the cloud with the help of IBM. This will be achieved through the Cloud Competence Center, created by the financial group, where IBM serves as an advisor in terms of methodology and processes to drive the desired transformation. The bank has also begun to use several IBM tools, such as IBM API Connect and IBM DevOps, whose purpose is to develop and launch applications to optimize Santander’s digital services as faster.

So far no more details have been given about the launch of the platform; however, the development of IBM is already at an advanced stage and has been tested by other investors, so it is unlikely to observe any complication.

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