Canadian Imperial Bank of Commerce expands EDS relationship
Contract extension builds on HR and business process outsourcing success
EDS and Canadian Imperial Bank of Commerce (CIBC) announced today a US$71 million extension of their $156 (US) million business process outsourcing services agreement originally signed in 2001.
Under the agreement EDS provides CIBC`s 37 000 global employees and 9 000 retirees with a 7x24, one-stop-shop for human resources business process services including benefits, payroll, workforce administration and compensation management.
"We are pleased to expand our relationship with EDS," said Joyce Phillips, executive vice-president, human resources, CIBC.
"The recent successful implementation of PeopleSoft 8.3 is a significant milestone for us and the contract extension speaks to our continued confidence in EDS to execute CIBC`s e-HR strategy and deliver the benefits of Direct Access HR and business process outsourcing on a global scale. They have the capabilities and the track record we need to help us meet our business objectives."
CIBC has also benefited from the completion of two key e-HR projects; the development of an on line e-Compensation Planning system and MyHR@CIBC - a self-serve portal which gives employees easy access to, and faster delivery of, HR services. "These, and other e-HR projects, have saved CIBC several million dollars in the first 2.5 years of the original seven-year term. We are, therefore, gratified to extend our arrangement," says Phillips.
"EDS is proud of our strong relationship with CIBC," said John Dowd, president EDS Canada. "By developing an innovative, state-of-the-art HR environment, CIBC managers and employees have real-time online access to HR information and can perform all major HR functions such as benefits and compensation administration. Business intelligence is also built into the system to provide statistics and data to support strategic decision-making."
EDS has been able to deliver value to CIBC by leveraging its core competencies in systems development, process re-engineering and call centre management. EDS is uniquely positioned to provide HR business process outsourcing services because of its global delivery capability and proven experience.
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EDS in business process outsourcing
EDS BPO allows clients to unlock business efficiencies, break down operational silos, streamline business processes, and get a complete view of their employee, customer and vendor relationships. As an example, EDS clients have realised up to 50% growth and three times faster sales cycles, while reducing costs 15% to 30% or more through CRM contact centre services. At the same time, clients benefit from EDS`s people and technology, without having to make those investments on their own. EDS BPO includes customer relationship management (CRM), financial process management (FPM) and administrative and enterprise shared services, which includes human resources, finance and accounting and procurement services.
EDS in the financial services industry
As a pioneer of IT and BPO services for the financial services industry, EDS provides a wide range of outsourced services from payments and securities processing to applications development and network, customer relationship management and helpdesk services to all sectors of the industry.
EDS`s work in the worldwide financial services industry accounted for approximately 14% of the company`s revenue in 2002. More than 15 000 EDS employees work on finance-related projects in 29 countries for clients such as Abbey National, ABN AMRO, Aegon, Bank of America, Bank of Canada, Bank One, Barclays PLC, CIBC, Commonwealth Bank Group, KBC, Korea First Bank, Lloyds TSB, Royal Bank of Scotland, Visa and Westpac.