Old National Bank and Infosys Forge Digital Transformation Partnership

Rhea-AI Summary

Old National Bancorp (NASDAQ: ONB) and Infosys (NYSE: INFY) have announced a strategic partnership aimed at accelerating ONB's digital transformation. This collaboration focuses on modernizing technology infrastructure to enhance client and employee experiences. Key goals include improving operational efficiency, promoting innovation, and streamlining processes. Infosys will also hire American workers in Indiana, supporting local talent development. This initiative aligns with ONB's objectives of becoming a top-performing independent bank and deepening client relationships.

Positive

• Strategic partnership with Infosys to modernize technology infrastructure.
• Focus on enhancing client and employee experiences.
• Commitment to hire American workers in Indiana.

Negative

• None.

EVANSVILLE, Ind., July 10, 2020 (GLOBE NEWSWIRE) -- Old National Bancorp (NASDAQ: ONB), the largest financial services bank holding company headquartered in Indiana, and Infosys (NYSE: INFY), a global leader in next-generation digital services and consulting, today announced a strategic partnership that will enable faster adoption of digital solutions, modernize ONB’s existing technology infrastructure, and enhance both the client and employee experience.

Infosys will provide best-in-class digital solutions to help transform Old National Bank’s technology landscape. The technology enhancement will drive digital transformation and innovation, and provide advanced automation capabilities to increase speed to market and deliver a consistent and superior “ONB experience.” This approach aligns with Old National Bank’s key objective of becoming a top-performing independent bank, accelerating growth in commercial banking, deepening relationships by offering a distinctive client-centric value proposition. The partnership will further streamline Old National Bank’s operating model, and simplify client-facing and internal processes.

Dennis Gada, Senior Vice President, Head of Financial Services North America, Infosys, said, “We are delighted to partner with Old National Bank. Through the partnership, Infosys will help Old National digitally transform itself with a focus on achieving greater operational efficiency, fostering innovation, and providing improved services for clients and the larger community.”

Jim Ryan, Chairman and Chief Executive Officer, Old National Bancorp, said, “Partnering with Infosys, one of the world’s foremost information technology companies, allows Old National to build a state-of-the-art technology platform with sophisticated and advanced capabilities. This will enable us to provide differentiated solutions and ultimately enhance the client experience.”  

Infosys has committed to hiring American workers in Indiana to deliver digital futures for Infosys’ clients in the U.S. Infosys continues to help create the next generation of talent through partnerships with Purdue University and other academic partnerships in Indiana. The Old National Bank partnership will further cement Infosys’ local presence in Indiana with access to training and learning opportunities in Indianapolis.

Indiana Governor Eric Holcomb said, “Old National Bank and Infosys are leaders in Indiana’s thriving business and tech landscape, and this continued investment and innovation further cements their commitment to our communities. Through this technology and training partnership, Hoosiers will have a new opportunity to develop skills and grow their careers in our great state.”

Click here for a short video about the partnership featuring Dennis Gada, Jim Ryan and Gov. Holcomb.

About Old National
Old National Bancorp (NASDAQ: ONB), the holding company of Old National Bank, is the largest bank holding company headquartered in Indiana. With $20.7 billion in assets, it ranks among the top 100 banking companies in the U.S. and has been recognized as a World’s Most Ethical Company by the Ethisphere Institute for nine consecutive years. Since its founding in Evansville in 1834, Old National Bank has focused on community banking by building long-term, highly valued partnerships and keeping our clients at the center of all we do. This is an approach to business that we call The ONB Way. Today, Old National’s footprint includes Indiana, Kentucky, Michigan, Wisconsin and Minnesota. In addition to providing extensive services in retail and commercial banking, Old National offers comprehensive wealth management, investment and capital market services. 

For more information and financial data, please visit Investor Relations on this site.

About Infosys Ltd.
Infosys is a global leader in next-generation digital services and consulting. We enable clients in 46 countries to navigate their digital transformation. With nearly four decades of experience in managing the systems and workings of global enterprises, we expertly steer our clients through their digital journey. We do it by enabling the enterprise with an AI-powered core that helps prioritize the execution of change. We also empower the business with agile digital at scale to deliver unprecedented levels of performance and customer delight. Our always-on learning agenda drives their continuous improvement through building and transferring digital skills, expertise, and ideas from our innovation ecosystem.

Visit www.infosys.com to see how Infosys (NYSE: INFY) can help your enterprise navigate your next.

Safe Harbor
Certain statements in this release concerning our future growth prospects, financial expectations and plans for navigating the COVID-19 impact on our employees, clients and stakeholders are forward-looking statements intended to qualify for the 'safe harbor' under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding COVID-19 and the effects of government and other measures seeking to contain its spread, risks related to an economic downturn or recession in India, the United States and other countries around the world, changes in political, business, and economic conditions, fluctuations in earnings, fluctuations in foreign exchange rates, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, industry segment concentration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks or system failures, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which Infosys has made strategic investments, withdrawal or expiration of governmental fiscal incentives, political instability and regional conflicts, legal restrictions on raising capital or acquiring companies outside India, unauthorized use of our intellectual property and general economic conditions affecting our industry and the outcome of pending litigation and government investigation. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2019. These filings are available at www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the Company's filings with the Securities and Exchange Commission and our reports to shareholders. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company unless it is required by law.

Media contacts:
For further information, please contact: PR_Global@infosys.com

ONB:
Kathy Schoettlin 
Chief Communications Officer
812-465-7269

Infosys:
Chiku Somaiya
Corporate Communication
713-670 6752

A video accompanying this release is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1d365072-72eb-48f8-9bf4-f6420db63e68

FAQ

What does the partnership between Old National Bancorp and Infosys entail?

The partnership aims to modernize ONB's technology infrastructure, enhancing client and employee experiences.

How will Infosys support Old National Bancorp's digital transformation?

Infosys will provide best-in-class digital solutions, driving operational efficiency and innovation for ONB.

What are the benefits of the ONB and Infosys partnership?

The partnership will streamline processes and improve service delivery, helping ONB become a top-performing bank.

What commitment has Infosys made regarding employment in Indiana?

Infosys has committed to hiring American workers in Indiana as part of the partnership with ONB.