Piraeus Bank Embarks on a Three-Year Transformation Journey to Cloud with Accenture and Microsoft

Piraeus Bank is collaborating with Accenture (NYSE: ACN) and Microsoft (NYSE: MSFT) to accelerate its digital transformation, leveraging a cloud-first approach. The shared ambition of this initiative is to enhance Piraeus Bank’s position as a next-generation finance institution, powered by cutting-edge cloud technology, to deliver a superior banking experience to its stakeholders.

Migrating its technology infrastructure to the cloud will serve as a catalyst for innovation, providing far more robust, innovative, secure, and compliant banking capabilities. With cloud, Piraeus Bank expects to increase its overall operational efficiency and agility, launch new products and services more quickly, enhance customer service, lower information technology costs, and contribute to its broader sustainability efforts by reducing its carbon footprint.

As part of the initiative, Accenture will work with Piraeus Bank to devise and execute its strategic cloud migration, and help the company develop and introduce new cloud-based services. Microsoft will serve as the cloud provider and design authority, leveraging its Azure platform and providing quality assurance throughout the migration process.

“Working with Accenture and Microsoft — two technology and cloud leaders — will help position Piraeus as one of the most digitally advanced banks in Greece, enabling us to provide customers the highest level of service while increasing our operational efficiency,” said Dimitris Mavrogiannis, Piraeus Bank’s Group Chief Operating Officer (COO). “Our aspiration is to follow a cloud-first strategy and have most of our technology infrastructure on the cloud, minimizing the need for a physical data center and promoting our ESG agenda.”

George Pallioudis, managing director in Accenture’s Banking industry group in Greece and account lead for Piraeus Bank, said, “Piraeus Bank understands that competing in today’s rapidly evolving market requires making cloud the foundation of its operational infrastructure. Working together with Microsoft, we will help Piraeus Bank in its transformation to become a cloud-first organization, marking one of the first and largest cloud migrations in the Greek financial services market.”

Yanna Andronopoulou, the Enterprise Commercial Sales Director for Greece Cyprus Malta at Microsoft, stated, “Piraeus Bank is proceeding with its transformation, setting a new benchmark for the banking sector. Our partnership will lead to a cloud-based operating model in order for the bank to offer outstanding personalized, friction-less banking experiences to its customers. In the coming years, as we progress this work, we are committed to addressing the bank’s uprising needs and further evolving the operating model of Piraeus Bank, leveraging our cloud infrastructure, innovation and skilling initiatives in order to fully harness the power of technology.”