TCS extends partnership with Norway's DNB Bank ASA for next 5 years

India's largest IT services company Tata Consultancy Services (TCS) on Friday announced an extension of its partnership with Norway's largest financial services group, DNB Bank ASA, for an additional five years.

It, however, did not divulge the financial details of the extended contract.

With the renewed pact, TCS will continue as DNB's strategic partner, supporting the bank's digital modernisation, while enhancing cost efficiency targets, according to a release.

TCS will also deploy next-generation technology for DNB's modernisation initiatives by maintaining and developing new applications, strengthening security capabilities, and providing insights on next-generation technologies, including Artificial Intelligence (AI) and quantum computing.

Elin Sandnes, Group EVP of Technology and Services at DNB, said that the group already has a longstanding and proven relationship where TCS has helped enable some of the biggest transformations and innovations over the past twelve years.

"We look forward to seeing what we can achieve together in the future," Sandnes said.

Over the last 12 years, TCS has delivered a wide range of digital solutions for DNB. That includes development and launch of DNB's peer-to-peer mobile payment solution. TCS has also developed a variety of digital products for DNB, while maintaining secure and stable operations.

TCS' adoption of its Machine First Delivery Model to automate DNB's operations, has improved the banks' operational resilience, employee and customer satisfaction while increasing productivity.

TCS' Sahyadri Park campus in Pune will support critical services for the bank.

Shankar Narayanan, President, Banking and Financial Services, TCS, said the company looks forward to entering an exciting new chapter in collaboration with DNB.

"We are always looking for new ways to equip DNB in their efforts to be Norway's most innovative bank and we are pleased to be given the opportunity to continue to do so through the extended partnership," Narayanan said.