Source: www.foxbusiness.com

IBM and Thanachart Bank Public Company today announced they have signed a two billion baht (approximately US$60 million) agreement for a seven-year information technology (IT: 20.71, +0.38, +1.86%) Outsourcing Services contract to enhance the bank’s IT capacity, increase client satisfaction and address progressive growth with world class standards.

The agreement also covers the delivery of services to Thanachart Group including Thanachart Securities Public, Thanachart Fund Management, Thanachart Life Assurance and Thanachart Insurance.

“Our agreement with IBM will also help eliminate the high costs of in-house system development and allow for less time and workforce use in system maintenance. Outsourcing these IT functions will enable us to implement several business projects faster as well as ensure cost efficiencies. Most importantly, the IT Outsourcing is aimed at creating confidence and ensuring the bank’s customers receive the highest satisfaction, as such our customers can be assured the information they give to the bank is well protected by efficient security systems.”

Mr. Thanwa Laohasiriwong, Country General Manager, IBM Thailand Company Limited, said, “The banking industry in particular requires IT support with maximum reliability and professionalism. IBM has provided TBANK with hosting services since 2003 and we understand the environment and needs of TBANK well. We are very proud of being an active mechanism in TBANK’s strategic growth.”

“As the banking industry has become increasingly competitive, one of the key success factors involves technology utilization which responds to organizations’ needs. IBM’s IT Outsourcing Service’s goal is to provide systematic improvement in work process and decrease procedures as well as to reduce costs for system development and maintenance which will enable the bank to utilize its time and resources in other areas of development. We believe that with our professionalism and worldwide network, IBM IT Outsourcing services will help Thanachart Bank achieve its business goal,” said Mr. Dhanawat Suthumpun, Country Manger, Global Technology Services, IBM Thailand Company Limited.