IT services major Tata Consultancy Services (TCS) has been selected by NORD/LB, a leading German commercial bank, as its strategic partner for its IT transformation. The financial details of the deal were not disclosed.
NORD/LB has embarked on a transformation journey that targets a new business model by 2024, and a leaner, more agile operating model. It has partnered with TCS in this journey.
As part of the five-year partnership, TCS will work with the bank to simplify and transform its application estate across businesses–financial markets, wholesale and retail banking, through application consolidation and automation.
“NORD/LB is transforming its business to adapt to the latest trends and we decided it was time for us to look at the next step of technology transformation,” said Tobias Meiler, CIO, NORD/LB.
He further added, “After a thorough process, we selected TCS as the partner for this journey as they demonstrated deep market and financial domain expertise, global delivery capability augmented with strong German delivery, customer focus and strong transformation capabilities.”
TCS will help NORD/LB adopt newer technologies to automate manual processes in the application management environment and enhance operational resilience. Leveraging its deep knowledge of local banking norms, TCS will also build new features and functionality to support NORD/LB´s transformation goals.
“TCS is a strategic partner for multiple leading financial institutions across the region, and has been driving IT landscape transformation, business innovation and growth. TCS is delighted to partner with NORD/LB, one of Germany’s largest commercial banks,” said Uma Rijhwani, Business Unit Head, Financial Services – Central Europe, TCS.
Present in Germany since 1991, TCS currently partners with over 100 leading German corporations in their growth and transformation journeys, including 20 of the DAX40.
In January 2021, TCS acquired Postbank Systems AG, a full-range captive IT service provider, adding around 1,500 employees with deep banking expertise, to support its growth in Germany.