10 year deal worth INR 298Cr from IIFL

NEW DELHI, INDIA: IBM has entered into a strategic, 10-year IT outsourcing agreement with India Infoline (IIFL), to transform its IT Infrastructure and establish a direct linkage between business performance and IT costs. The rS. 298Crores agreement will help IIFL deliver a higher level of customer satisfaction, ensure continuous audit readiness, strengthen its IT security framework and compliance while at the same time provide better visibility and control of IT operations, added a press release. 

 

This collaboration will significantly improve customer experience for IIFL’s end customers by ensuring higher uptime for its broking platform “Traders Terminal”, speedier response and resolution of any technology related issues, the release said. The scalable technology deployment will enable IIFL to roll out enhanced functionality in shorter timeframes, it stated.

 

Under this agreement, IBM will take over the complete IT operations of IIFL which will entail managing more than 700 IIFL branches spread across India. The complete IT infrastructure at IIFL consists of more than 450 servers spread across five data centers and nine local server rooms with over 15,000 end user assets distributed across its branches. It will also includes a Wide Area Network that connects all IIFL offices to the corporate offices in Mumbai and the entire application stack that forms the core trading platform along with supporting enterprise applications. IBM will also take over the entire application support for the custom built application stack, based on an innovative co-managed support model with IIFL’s Application Team.

 

"With technology being the core of financial services business, we need to ensure high availability of predictable IT services in a highly regulated environment. The Indian financial services market is at an inflection point slated for growth where technology is the best enabler for higher penetration. We needed to have a proven partner in this field. IBM came up with an innovative commercial model that will provide a direct connection between business performance and IT costs, while enabling us to scale operations at short notices” said Sankarson Banerjee, Chief Technology Officer, IIFL Group.

 

IBM will further help IIFL in mitigating IT operational risks by reducing people dependency on operations, eliminating points of failure and by extending business value of existing applications.