Financial services giant HBOS has awarded Cap Gemini Ernst & Young a £25m contract as business and implementation consultants.

HBOS hopes the deal will accelerate its programme to transform service capabilities across its range of products. The programme is expected to reduce customer services costs by 25%.

Cap Gemini Ernst & Young has also been contracted to work with HBOS to provide systems expertise.

John Edwards, Chief Executive Officer of HBOS Life & Pensions said: "To succeed in today's financial services arena, you must give your customers the highest service quality while simultaneously driving down costs, and that is precisely what this project aims to achieve.

"Our deployment of a single service platform for multiple products will be a real breakthrough for the whole industry and for HBOS, and one with important benefits for our customers and our business."

John Duncanson, Director of Cap Gemini Ernst & Young UK's Financial Services Division, said: "This project is significant for future of the entire financial services sector, since it will transform the cost-effectiveness of supporting a wide variety of financial products."

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