IBM inks $700M AI, blockchain deal with multinational bank

IBM signed a five-year agreement with Madrid -based Banco Santander to enable the multinational commercial bank and financial services firm to accelerate its business transformation.

The $700 million agreement will allow Santander to adopt IBM's artificial intelligence, blockchain and big data technologies. Santander will be able to use IBM's AI service, Watson, to improve customer experience, enhance brand advisor expertise and increase employee productivity.

Under the agreement, IBM will assist Santander in its efforts to move toward a hybrid, multicloud environment. Santander has created a Cloud Competence Center, which IBM is collaborating with to define methodologies and processes.

Santander will use IBM Security tools for mobile applications and incident response to help bolster security for its customers and operations.

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