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Infosys and First Abu Dhabi Bank Spearhead Next-Gen IT Solutions in Strategic Tech Tie-Up
In a notable move within the technology and banking sectors, Infosys, renowned for its cutting-edge digital services and consulting, has joined forces with the United Arab Emirates' foremost financial institution, First Abu Dhabi Bank (FAB). The multi-year strategic collaboration is set to revamp and modernize FAB's IT infrastructure, leveraging Infosys Cobalt's comprehensive capabilities.
This partnership marks a milestone, aligning with Infosys's strategy of delivering leading infrastructure-managed services. Announced on May 14, 2024, this alliance is a testament to the expertise and innovative approaches that Infosys offers across the globe.
The distinguished signing ceremony included Infosys's Dennis Gada, Executive Vice President and Global Head of Banking & Financial Services, and Suhail Bin Tarraf, FAB's Group Chief Operating Officer, underscoring the commitment from both organizations to this venture.
A pivotal aspect of the collaboration entails Infosys harnessing the power of Infosys Cobalt, a suite of services, solutions, and platforms designed to expedite enterprises' cloud migration journeys. The objective is to deliver industry surpassing, infrastructure-managed services that will transform FAB's IT infrastructure landscape. Among the key advancements, Infosys will implement a service desk capable of significantly enhancing service quality and managing risks, thereby generating superior business outcomes.
The ambitious undertaking includes a comprehensive integration of enterprise tools expected to foster remarkable enhancements in service quality and risk management for FAB. These tools encompass a variety of innovations:
The broader goal of this collaboration is to transition FAB's IT services to an automated managed services model that is outcome-oriented. This model promises a high-quality, compliant IT service delivery mechanism characterized by increased speed and agility. The long-term vision includes establishing a robust, scalable, and flexible IT infrastructure.
This strategic partnership holds particular significance as the Middle East presents itself as a key growth frontier for Infosys. By reinforcing its commitment to this region, Infosys aims to propel large enterprises like FAB through their cloud-centric, digitally inclined, and AI-driven transformation journeys.
Suhail Bin Tarraf of FAB expressed the bank's dedication to transforming the IT domain by delivering top-tier services that manifest in tangible business results. The decision to choose Infosys as a strategic partner was made after meticulous deliberation, with Infosys standing out for its established expertise, inventive solutions, and the trust they garnered across organizational levels. Infosys's model, which prioritizes outcomes and leverages automation, is expected to remarkably enhance service quality, compliance, and operational efficiency according to Tarraf.
Dennis Gada of Infosys highlighted the excitement over the partnership, which focuses on optimizing and advancing FAB's IT infrastructure services via Infosys Cobalt and Infosys Topaz. FAB entrusted Infosys to catalyze their IT operations, a move that is likely to hasten FAB's digital journey, ensuring greater resilience in the backend processes. Infosys plans to leverage its global expertise and investments in AI, cloud, and infrastructure to steer FAB towards an automated, outcome-driven model, positioning the bank as a digital front-runner in the financial sector.
First Abu Dhabi Bank stands as an emblem of financial proficiency, anchoring its presence in Abu Dhabi and spreading its influence across 20 key markets globally. With total assets surpassing AED 1.2 trillion (USD 323 billion), FAB has not only pierced the top fifty banks worldwide by market capitalization but also counts among the planet's most substantial banking conglomerates. Catering to a diversified clientele, FAB portfolios span Investment Banking, Corporate and Commercial Banking, Consumer Banking, and Global Private Banking. Listed on the Abu Dhabi Securities Exchange (ADX) and boasting stable outlook ratings from Moody's, S&P, and Fitch, FAB also shows a staunch commitment to sustainability, exhibiting an 'A' MSCI rating alongside leading ranks in the MENA region by Refinitiv's ESG Scores.
For further details, one can visit FAB's official website.
As a pioneering force in next-gen digital services and consulting, Infosys boasts a formidable network exceeding 300,000 innovators. Their mission to magnify human potential and craft new opportunities spans across businesses and communities worldwide. By facilitating digital transformations in over 56 countries, they have shaped a reputation for expertise in managing global enterprises' systems and processes over forty
years. At the heart of their consultation is an AI-first approach, complemented by agile digital execution at scale and a learning model that ensures continuous enhancement by sharing digital skills, expertise, and innovative ideas from within their innovation ecosystem. Infosys takes pride in being a sustainable, well-governed entity where diversity flourishes in an inclusive workplace.
For more information, visit Infosys' website.
Certain statements regarding the future prospects of growth and operational performance are deemed forward-looking. These statements are intended to fall under the 'safe harbor' protections of the Private Securities Litigation Reform Act of 1995. However, they carry a degree of uncertainty that might lead to a material difference in actual results. Factors influencing these outcomes are inclusive of economic conditions, innovations like Generative AI, regulatory changes concerning immigration, and ESG initiatives. Infosys's secure financial future is subject to a plethora of risks as outlined in our reports, particularly the Annual Report filed for the fiscal year ending March 31, 2023.
For an in-depth understanding, one may refer to Infosys's filings with the US Securities and Exchange Commission available at www.sec.gov. While Infosys might continually update forward-looking statements through filings and shareholder reports, they are under no obligation to renew such statements, barring legal requirements.
The partnership between Infosys and FAB serves as a beacon for the banking industry, reinforcing that the thoughtful application of next-gen technology can lead to transformative business success. As Infosys infuses its deep knowledge and innovative solutions into FAB's IT infrastructure, both entities stand at the cusp of redefining their service offerings and cementing their leadership stance in an increasingly digital world.
Conclusively, the strategic alignment of Infosys and FAB is poised to usher in a new era of IT service excellence. This collaboration encapsulates the essence of a mutually beneficial alliance, where state-of-the-art technological advancements meet keen banking acumen, paving the way for unparalleled service quality and operational efficiency in the realm of digital banking solutions.
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