Liberbank has signed a ten-year contract with Accenture (NYSE:ACN) to transform and optimize its core banking applications as part of the bank's strategy to increase operational efficiency and business agility and optimize return on technology investments.
The agreement will help Liberbank gain greater operational flexibility by optimizing its technology costs, implementing a more efficient delivery model based on service-level standards, and ensuring access to innovation and upgrades based on new market trends.
The two companies have created a joint venture to deliver the services, which include development and maintenance of existing and new core banking applications that support Liberbank's entire banking operations - from deposits to client account, credit and bank guarantee processing operations - as well as its customer relationship management and information management systems.
"This agreement is a major step forward in the technology transformation that Liberbank needs to undertake to better serve its customers," said Orlando Sánchez Jardón, Chief Operating Officer, Liberbank. "It will allow Liberbank to implement core banking processing best practices and benefit from latest technologies. Accenture's long-term commitment and its leadership position in core banking services make it the ideal business partner for this highly strategic initiative for Liberbank."
"Through this agreement Liberbank will have a more flexible technological model, improved IT efficiencies, and greater access to technological innovation," said Fernando Rufilanchas, a managing director in Accenture's Financial Services group. "It will also offer competitive advantages within an industry that is undergoing radical transformation."
As part of the agreement, employees from Liberbank and Accenture will transfer to the new company.
The project is supported by Accenture Core Banking Services.
Accenture has worked with Liberbank for over 13 years. Most recently, it supported the integration of Liberbank with several saving banks. Accenture also helped implement Alnova, Accenture's core-banking technology platform, at all the institutions that now comprise Liberbank; that platform supports Liberbank today.