June 29, 2016 7:09 pm | Updated 5 years ago.
In order to cut cost and deliver the quality offering to its clients, Sparbanken Syd, the Swedish bank outsources its IT to Tieto, a Finland-based service provider. One of the oldest banks in Sweden, Sparbanken Syd, has entered into a five-year deal with the Finnish provider to look after its IT operations and back office services. According to Sparkben’s Vice-President, Hans Nelfelt, this was necessary to reduce the costs incurred in running operations.
Sparbanken Syd was already using the management software from Tieto. The new deal will witness the business process outsourcing of the back office management. It is envisaged that the entire securities process from ordering to the settlement will be handled by Tieto.This collaboration will leverage the integration of software and process outsourcing to help Sparbanken Syd augment its security offerings in a cost –effective way. The transfer of the back office management will start sometime in September this year. According to a recent report,(The Nordic IT outsourcing survey,2016) more than 50% of the Nordic companies are planning to outsource their back office work.