IT infrastructure services provider Kyndryl has engaged with Canara Bank, one of the public sector banks in India, to optimise the bank’s business services and operations and modernise its IT infrastructure.

Businessline had earlier reported that tech majors IBM and Kyndryl were both involved in a competitive bidding race for Canara Bank’s ₹3,000 crore IT transformation deal. Kyndryl however has not disclosed the deal value.

As Canara Bank’s IT partner, Kyndryl will augment the bank’s end-to-end IT operations and streamline services delivery across core banking, IT infrastructure, applications, and network operations.

‘Strategic engagement’

Lingraju Sawkar, President, Kyndryl India told businessline, “This is a long-term seven year, strategic contract engagement with Canara Bank. We will be taking over the delivery operations of the bank from the first week of February. Kyndryl will be bringing in a whole set of new tools, technology to deploy inside the environment and will also be bringing in a level of AI based operations.”

Kyndryl’s solution will provide Canara Bank with an end-to-end view of its business services, risk mitigation using advanced capabilities and tools, and focus on services availability while enhancing observability and reliability. It will also deploy a unified digital IT services dashboard to provide employees a single pane of glass view of Canara Bank’s key performance indicators, tools dashboard, and knowledge repositories.

Sawkar said that the contract will essentially allow the bank to deliver six outcomes - improve customer and user experience, improve business service reliability, improve operational efficiency of IT operations, regulatory compliance, risk management, and make the company more agile, responsive, and flexible, to proactively deliver new services.

Kyndryl will implement a set of advanced tools to create sophisticated preventive and predictive intelligence capabilities. The platform will be optimised to recognise and remediate IT failures and anomalies within the bank’s infrastructure and provide data-driven insights such as outage predictions that will boost the bank’s control over its mission-critical operations.

For Kyndryl, the BFSI sector in India is an important growth vector. Sawkar notes that the BFSI sector is a significant investor in technology in India. The progressive nature of the Indian economy further emphasizes the importance of technological advancements in the banking sector, thus making it an important vertical.

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