Tata Consultancy Services (TCS), an India-based IT services provider, has secured a five-year extension of its partnership with DNB Bank, a Norwegian financial institution.
As part of this renewed agreement, TCS will remain a key strategic partner for DNB, focusing on the bank’s digital transformation initiatives while also working towards cost efficiency.
The IT services provider will employ next-generation technologies to aid DNB’s modernisation efforts by maintaining and developing new applications. These are expected to enhance security capabilities and provide insights into cutting-edge technologies such as artificial intelligence (AI) and quantum computing, said TCS.
DNB Bank technology and services group EVP Elin Sandnes said: “We are very pleased with the decision to continue our partnership with TCS for an additional five years. We already have a longstanding and proven relationship where TCS has helped enable some of our biggest transformations and innovations over the past twelve years.”
Over the past 12 years, TCS has been instrumental in DNB’s journey of innovation, delivering a range of digital solutions. Significant achievements include the development and launch of DNB’s peer-to-peer mobile payment platform, which has helped solidify its standing in the competitive mobile payments market.
Moreover, TCS has developed various digital products for DNB, ensuring secure and stable operations. The implementation of TCS’ Machine First Delivery Model is said to have automated many of DNB’s operations, leading to improved operational resilience, employee satisfaction, customer experience, and productivity.
Support for critical services will continue from TCS’ Sahyadri Park campus in Pune, India.
TCS banking and financial services president Shankar Narayanan said: “We look forward to entering an exciting new chapter in our collaboration with DNB. We are always looking for new ways to equip DNB in their efforts to be Norway’s most innovative bank and we are pleased to be given the opportunity to continue to do so through the extended partnership.”
In 2013, TCS was selected to spearhead DNB’s strategic transformation through Information Technology (IT). The initial six-year managed services contract involved application maintenance and development across the bank’s IT portfolio, including channels, core banking systems, and master data management.
Last month, TCS signed an agreement to upgrade the depository infrastructure of Muscat Clearing and Depository (MCD), which serves as Oman’s central securities depository. This initiative will involve the deployment of TCS BaNCS for Market Infrastructure alongside Quartz solutions, with the objective of improving MCD’s operational efficiency.
MCD plays a crucial role in offering a wide range of Clearing, Settlement, and Depository (CSD) services to various market stakeholders. By leveraging TCS’s global expertise, MCD aims to expand its service offerings to include new capabilities such as collateral management, central counterparty clearing, and enhanced risk management solutions.
