TCS gets five year contract from German bank NORD/LB
Tata Consultancy Services 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/LBs 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…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 has partnerships with over 100 leading German corporations. 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.