Metro Bank has announced a partnership with IT specialist Infosys as it seeks to strengthen its IT and support services and digitally transform its business operations.

Specifically, the lender will integrate Infosys Topaz, an AI-powered technology including generative AI features that aims to deliver an improved customer experience for its finance advisory network (FAN).

With the deal, Metro Bank expects to deliver £80 million in annualised cost savings by the end of 2024 across several initiatives, leveraging the tech support to boost its digital capabilities embedding automation and data capabilities, and further integrate AI technology.

Daniel Frumkin, chief executive at Metro Bank, said the collaboration aims to further unleash the bank’s “true potential”. “At the end of this transformation, we will be a very different business, but the true essence of Metro Bank will remain the same – a high-quality service organisation putting customers centre-stage,” he added.

“Our vision for Metro Bank in 2025 and beyond, places our store network firmly at its heart, as we continue with our plans to open new stores and bring the Metro Bank experience to the north of England," Frumkin said.

Separately, the Daily Mail has reported expected lay-offs of around 300 employees at Metro across its business operations, IT and support divisions.

The further staff reductions would come after the bank announced a 20 per cent headcount cut – more than 850 layoffs – in 2023 following news that the lender had secured a £925 million rescue deal to shore up its finances.

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