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German bank picks TCS for IT transformation

A leading German commercial bank NORD/LB has selected Indian IT services giant Tata Consultancy Services (TCS) as its strategic partner for IT transformation for a period of five years. The German bank has chosen TCS due to its track record vis-à-vis large transformation programs.

The Mumbai-headquartered IT behemoth will work in collaboration with the bank to simplify and transform its application estate across businesses like financial markets and wholesale and retail banking using application consolidation and automation. NORD/LB’s core businesses comprise dealings 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.

Besides this, TCS will also help the Hanover-headquartered bank in adoption of latest technologies to automate manual processes to bolster operational resistance and build new features and functionality to support NORD/LB’s transformation goals, as per the official communiqué dated September 28. As per NORD L/B CIO Tobias Melier, the bank is transforming its business to adapt to the latest market and industry trends. Melier further said that TCS was selected as the technology transformation partner due to its “deep domain knowledge and technology expertise”.

“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. MSN

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