AUCKLAND, New Zealand, Aug. 21, 2014 /PRNewswire/ -- IBM (NYSE: IBM) today announced that Westpac New Zealand, part of one of the world's largest financial services institutions, has selected IBM's private cloud technology to support its goal to be New Zealand's leading digital bank. The new five year agreement is part of an extensive services and technology contract which includes Westpac migrating some of its business critical IT systems into IBM's state-of-the-art Auckland data center, enabling enhanced customer service.
The agreement supports Westpac as it embarks on a significant transformation from a traditional bank to one that uses cloud computing enabling it to address key market trends such as social and mobile adoption to influence the way consumers prefer to bank today. Westpac is also one of IBM's long-term strategic outsourcing clients. With almost 4,700 employees looking after 1.27 million customers Westpac is one of New Zealand's largest banks. Westpac Banking Corporation Group is one of the strongest banks in the world measured by earnings, capital ratios and credit ratings - rated AA-/Stable by Standard & Poor's, Aa3/Stable by Moody's and AA-/Stable by Fitch Ratings. Earlier this year Westpac Banking Corporation Group was ranked number one in 'Global 100 Most Sustainable Corporations in the World' at the World Economic Forum in Davos, Switzerland. By adopting IBM private cloud capabilities to develop and test tools within a dedicated environment, Westpac will be able to deploy new online and mobile banking services faster and across multiple devices and platforms in response to customer demand. As customers' digital footprints expand and the bank's security demands change, IBM is helping Westpac respond with enhanced online security features, such as the ability to manage identity and access through a single user ID.