CGI has secured a five-year contract extension with the Laurentian Bank of Canada to expand the delivery of banking transformation services to the latter.

As per the terms of the new agreement, the Canadian IT and business consulting services firm will support Laurentian Bank in managing its digital transformation process.

Besides, CGI expects to assist the bank in its efforts to enhance and streamline the end-user experience for external as well as internal customers.

Established in 1976, CGI offers an end-to-end portfolio of capabilities, including systems integration, strategic IT and business consulting, managed IT and business process services, and intellectual property solutions.

CGI Greater Montréal senior vice president Michael Godin said: “CGI values its long-standing business partnership with the Laurentian Bank of Canada, which began more than two decades ago.

“This agreement will enable the Laurentian Bank of Canada to leverage CGI’s institutional knowledge and critical application management services to strengthen operational efficiencies and deliver a better customer experience.”

CGI and Laurentian Bank intend to make contributions towards a co-innovation fund over the course of the collaboration. The co-innovation fund is designed to help the bank utilise CGI’s business and technology services to offer an improved end-user experience.

Laurentian Bank executive vice-president and chief information technology officer Beel Yaqub said: “Our new arrangement with CGI enables us to take a more flexible approach to maintaining some of our core business systems and managing resources.

“We are also excited to work with CGI to collaborate on opportunities to introduce further innovation into our ecosystem, as we enhance our customers’ digital experience.”

In August 2022, Laurentian Bank entered into a partnership with Kyndryl for cloud transformation. Through the collaboration, Laurentian Bank deployed its hybrid multi-cloud environment, which enables the bank to provide engaging customer experiences and digital capabilities.