Leading IT major Tata Consultancy Services (TCS) has been selected by a German commercial bank - NORD/LB, as its strategic partner for its IT transformation, according to a regulatory filing by the company to the stock exchanges today.
The leading German bank targets a new business model by 2024, and also aims to build a leaner and astute operating model. As part of the five-year partnership, Tata Consultancy Services will work with the bank to transform and simplify its application estate across multiple businesses, including wholesale and retail banking, financial markets, through application consolidation as well as automation, according to the statement.
TCS will help the German commercial bank adopt modern technologies to automate the manual processes in the application management domain and to strengthen the operational resilience. The global IT services organisation will also build new features to support the bank's transformation goals by leveraging its knowledge of local banking norms.
“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,'' said Tobias Meiler, CIO, NORD/LB.
On Tuesday, September 28, shares of Tata Consultancy Services opened on the BSE at Rs 3,854, inching to an intra day high of Rs 3,854 and an intra day low of Rs 3,754.60, in the trading session so far. Shares of TCS were last trading 2.04 per cent lower at Rs 3,758.75 on the BSE.
Part of multinational business conglomerate Tata Group, TCS offers a cognitive powered, consulting-led, integrated portfolio of business, technology, and engineering solutions/services.
At 2:16 pm, the BSE Sensex was trading 59,112.62 lower by 965.26 points or 1.61 per cent.