Metro Bank, known as the community bank of the UK, has embarked on a significant long-term collaboration with Infosys, a prominent global leader in next-generation digital services and consulting. This collaboration is aimed at enhancing various IT and support functions while significantly transforming the bank’s business operations digitally.
Focus on Efficiency and Cost Savings
The alliance underscores Metro Bank’s ongoing efforts to improve efficiency and reduce operational costs. By collaborating with a renowned leader like Infosys, Metro Bank aims to elevate its digital capabilities, enhance automation, refine data management processes, and embed sophisticated AI functionalities. This initiative will leverage Infosys Topaz, an AI-first offering that employs generative AI technologies to create a simpler, more consistent customer experience for its dedicated customer base, affectionately known as “FANS.” The extensive expertise and knowledge that Infosys brings will empower Metro Bank to evolve into a more agile institution, optimally positioned for meaningful growth.
Vision for the Future
Daniel Frumkin, Chief Executive Officer of Metro Bank, expressed his enthusiasm for the collaboration, stating, “This partnership with a world-class provider like Infosys builds on the solid foundations we have already established, unleashing our true potential and fostering a sustainably profitable and scalable organization that is equipped for the future. While we will undergo significant changes as a business, the core essence of Metro Bank delivering high-quality service and placing customers at the heart of our operations—will remain intact.”
Metro Bank is targeting an annual cost savings of £80 million this year across a range of initiatives as it works towards achieving a mid-to-high teen Return on Tangible Equity by 2027. The bank’s strategic roadmap for 2025 and the future centres on its store network, as it moves forward with plans to establish new branches and extend the Metro Bank experience into northern England.
Commitment to Customer-Centric Banking
Dennis Gada, Executive Vice President and Global Head of Banking and Financial Services at Infosys, shared his thoughts on the partnership: “The distinctive business model and strategic vision of Metro Bank, coupled with Infosys global expertise in driving growth and improving efficiencies for mid-sized banks, will be instrumental in creating substantial value and establishing a top-tier, customer-centric institution. We are thrilled to partner with Metro Bank in spearheading this transformation by utilising our cutting-edge digital and AI capabilities, along with our extensive expertise in the banking sector and a focused approach on modernization and automation through Infosys Topaz. Our shared goal is to continually enhance customer engagement, promote community involvement, and seamlessly integrate physical and digital experiences, thereby accelerating growth and value creation for Metro Bank.”
A Significant Step in Metro Bank’s commitment
As this strategic partnership unfolds, Metro Bank and Infosys will work closely together to onboard new customers, including government entities and life science companies, focusing on streamlining digital banking services. This collaboration represents a significant step in Metro Bank’s commitment to delivering innovative and efficient banking solutions that cater to the needs of its customers while addressing the dynamic landscape of the financial services industry.