Applying synergies to achieve cost reductions and efficiency improvements

Financial institutions are seeing increased cost savings from outsourcing systems that enable the bank to run more efficiently. These savings can fuel investments in other areas, especially digital transformation initiatives. For this major global bank, GFT outsourced the full IT services department to our nearshore facilities in Spain. Through the ongoing maintenance and development of the entire application landscape, we leveraged synergies, achieving major cost reductions and efficiency improvements.

The challenge

Full IT services outsourcing involving 250+ applications

  • Full outsourcing of all IT services
  • Transfer of the operational IT unit
  • Application maintenance and development for all core banking components
  • 250+ applications involving online banking, groupware, branch front ends, retail, customer data, reporting, MIS and all backend systems

The engagement

A transparent long-term agreement based on an SLA

  • A fixed-price, long-term contract with SLAs based on agreed KPIs & SPIs
  • 120-strong nearshore team
  • Cross-country responsibility (IT, PL, PT, ES & BE) for designated global applications
  •  Consultancy in best-in-class processes, business continuity and information security 

The benefit

Improved cost control

  • Outsourced services at attractive rates for application maintenance and implementation of new projects
  • Fully transparent service and quality reporting
  • Ongoing savings in annual running costs, as GFT proactively identifies areas that would benefit from applying synergies and cost-reduction initiatives
  • Leveraging of GFT cross-technology know-how and innovation think tank