The Bank of Scotland's ground-breaking £700m outsourcing contract with IBM will set a trend for the UK banking market, outsourcing experts claimed this week.
At least one other high street bank is considering following the Bank of Scotland's example and outsourcing the bulk of its IT functions, according to industry experts.
The speculation follows the bank's announcement last week of the mega deal. From September IBM will assume responsibility for the management and operation of the Bank of Scotland's IT infrastructure.
The bank claims the agreement will save it £150m in IT costs over 10 years. More than 500 IT staff will move from the bank to IBM.
Robert Morgan, chief executive of outsourcing consultancy Morgan Chambers, said, "At least one other high street bank is contemplating the wholesale IT outsourcing of infrastructure, applications, networks and telecommunications."