Banco de Crédito del Perú Invests $650M into Cloud to Modernize Digital Banking

Banco de Crédito del Perú (BCP) has partnered with Microsoft and Kyndryl to modernize BCP’s IT systems with hybrid cloud and help Peruvians gain greater access to digital banking services.

This agreement represents BCP’s investment of more than $650M over five years, making it one of the largest technology investments in Latin America’s financial services sector.

“Our purpose is to serve as allies to our customers to help them transform their plans into reality, understanding that financial inclusion provides opportunities for growth. Digitalization can help close the gap, and so BCP, together with Microsoft and Kyndryl, will modernize our technological systems to achieve more agile and flexible applications with world-class levels of stability and security, allowing us to offer a better experience for millions of our customers,”

said Diego Cavero, CEO of BCP.

Mario Rodríguez, Microsoft´s general manager for Peru, stressed that the joint work between BCP, Microsoft and Kyndryl will transform the country´s financial industry.

“This collaboration will not only modernize the sector, but will also create an innovation platform that will drive disruptive projects through artificial intelligence. This will benefit entrepreneurs and small business owners by facilitating access to essential financial services and promoting sustainable growth. Together, we are positioning Peru as a leader in technological innovation at a global scale.”

As part of this agreement, BCP will work with Kyndryl and leverage Microsoft Azure to create a hybrid computing environment that will enable the modernization of the bank’s IT application environment and improve the agility and availability of its digital channels.

This milestone reaffirms BCP’s commitment to continue leading digital banking in Peru. Currently, BCP’s mobile banking and Yape are the most used banking applications and digital wallets in the country. 72% of BCP’s customers are digital and more than 16 million Yape users in Peru use the application at least once a day, reaching 27 million daily transactions on average.

Featured image credit: Mario Rodríguez, Microsoft´s general manager for Peru, Leandro Peirano, Managing Director, Kyndryl Peru and Diego Cavero, CEO of BCP. Edited from freepik