German commercial lender NORD/LB has selected Indian technology company Tata Consultancy Services (TCS) for upgrading its banking operations.
The five-year partnership is part of NORD/LB’s plans to enhance its business model by 2024.
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Under the partnership, TCS will work with the lender across businesses/financial markets, wholesale, and retail banking to overhaul its operations using application consolidation and automation.
The technology vendor said it will help the German lender to automate manual processes, build new features and functionality.
NORD/LB CIO Tobias Meiler said: “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.
“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.”
Earlier, British financial institution Nationwide Building Society extended its partnership with TCS to further strengthen its enterprise agility and operational resilience.
In January this year, TCS acquired Postbank Systems (PBS) from the German banking group Deutsche Bank.
TCS business unit head of financial services – Central Europe Uma Rijhwani said: “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.”
