Tata Consultancy Services to Simplify and Transform the Bank’s Application Landscape for Improved Operational Resilience, and Enhanced Responsiveness to Market Needs
HANOVER | MUMBAI, September 28, 2021: Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS), a leading global IT services, consulting and business solutions organization, has been selected by NORD/LB, a leading German commercial bank, as its strategic partner for its IT transformation.
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 for the latter’s extensive knowledge of Germany’s banking and financial services as well as its proven track record of executing large transformation programs.
As part of the five-year partnership, TCS will work with the bank to simplify and transform its application estate across multiple businesses – financial markets, wholesale and retail banking, through application consolidation and automation. 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.
“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. “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 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. We will leverage our deep domain knowledge and technology expertise to transform their IT landscape and help accelerate their growth and transformation journey,” 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. TCS was ranked first in customer satisfaction by leading Germany companies in a survey by Whitelane Research. 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.
NORD/LB Norddeutsche Landesbank is one of the leading German commercial banks. The core business segments include business with corporate customers, private and commercial customers including private banking as well as special finance in the energy and infrastructure sector, aircraft finance and commercial real estate finance. The bank is headquartered in Hanover, Brunswick and Magdeburg and has branches in Bremen, Oldenburg, Hamburg, Schwerin, Düsseldorf and Munich. Outside Germany NORD/LB is represented by a Pfandbrief Bank (NORD/LB Covered Bond Bank) in Luxembourg and branches in London, New York and Singapore.
About Tata Consultancy Services (TCS)
Tata Consultancy Services is an IT services, consulting and business solutions organization that has been partnering with many of the world’s largest businesses in their transformation journeys for over 50 years. TCS offers a consulting-led, cognitive powered, integrated portfolio of business, technology and engineering services and solutions. This is delivered through its unique Location Independent Agile™ delivery model, recognized as a benchmark of excellence in software development.
A part of the Tata group, India's largest multinational business group, TCS has over 500,000 of the world’s best-trained consultants in 46 countries. The company generated consolidated revenues of US $22.2 billion in the fiscal year ended March 31, 2021 and is listed on the BSE (formerly Bombay Stock Exchange) and the NSE (National Stock Exchange) in India. TCS' proactive stance on climate change and award-winning work with communities across the world have earned it a place in leading sustainability indices such as the MSCI Global Sustainability Index and the FTSE4Good Emerging Index. For more information, visit www.tcs.com.
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