Indian IT company LTIMindtree has secured a multi-million dollar contract extension from Absa Bank to serve as the African financial services group’s strategic technology partner in its digital transformation journey.
The extended partnership builds on a 17-year collaboration during which LTIMindtree is said to have played a crucial role in driving Absa Bank’s digital transformation to foster the lender’s growth and efficiency.
Publicly traded on the Johannesburg Stock Exchange (JSE) in South Africa, Absa Group operates across 12 African countries, as well as in China, the UK, and the US.
LTIMindtree will serve as a comprehensive provider for Absa Bank’s IT needs, offering advanced solutions in digital transformation, applied artificial intelligence (AI), cloud acceleration, data-driven decision-making, and modernisation of core banking.
Absa Group chief information and technology officer Johnson Idesoh said: “Adopting modern IT systems and capabilities has always been our priority to ensure exceptional and seamless customer experiences.
“With a relationship of 17 years, LTIMindtree has delivered tangible business value to our banks, over a protracted period. At the same time, LTIMindtree, through process optimisation and the application of advanced technology like Automation and Generative AI, has helped us lower total cost of ownership by 46% over the last five years.”
The Indian digital solutions provider stated that the enhanced partnership with Absa Bank reinforces its position in the banking, financial services, and insurance (BFS&I) sector.
LTIMindtree supports BFS&I clients to achieve complete end-to-end transformation by leveraging its domain expertise, advanced technology solutions, industry-specific offerings, and a robust partner ecosystem.
This includes core modernisation, market innovation, data-driven decision-making, cloud adoption, and improved customer engagement via insightful analytics, customised marketing, and tailored experiences.
LTIMindtree president and executive board member Sudhir Chaturvedi said: “We are confident that through our deep industry knowledge and advanced data and analytics capabilities, we will continue to accelerate Absa Bank’s transformation journey.
“This will empower them to achieve their strategic goals of becoming a client-centric and technology-first bank.”
