LTIMindtree Extends Contract with Absa Bank for Strategic Technology Partnership
LTIMindtree extends its strategic technology partnership with Absa Bank with a multimillion-dollar contract extension, reinforcing its leadership in BFS&I through advanced digital solutions and a 17-year collaboration.
by Damodharan N
Updated Jul 18, 2024
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LTIMindtree, a global technology consulting and digital solutions company, has announced a significant contract extension with Absa Bank, a leading African financial services group. This multimillion-dollar extension underscores LTIMindtree's role as Absa Bank's trusted strategic technology partner, marking a continuation of their successful 17-year collaboration.
Absa Bank, a prominent player in Africa's financial services landscape with operations across 12 countries and internationally, has benefited from LTIMindtree's expertise in driving digital transformation.
The extended partnership will focus on enhancing Absa Bank's digital infrastructure with cutting-edge solutions in Digital Transformation, Applied AI, Cloud Acceleration, Data-Driven Decision Making, and Core Banking Modernization.
Johnson Idesoh, Group Chief Information and Technology Officer at Absa Group, emphasized the importance of adopting modern IT systems to ensure superior customer experiences.
He highlighted LTIMindtree's role in delivering significant business value over the years, contributing to a 46% reduction in total cost of ownership through process optimization and advanced technologies like Automation and Generative AI.
Sudhir Chaturvedi, President & Executive Board Member at LTIMindtree, expressed pride in the longstanding partnership with Absa Bank and affirmed their commitment to delivering top-notch core banking solutions across digital, branch, and payment technologies.
He highlighted LTIMindtree's industry knowledge and advanced analytics capabilities as key drivers to accelerate Absa Bank's transformation goals. This extended partnership reinforces LTIMindtree's leadership in the Banking, Financial Services, and Insurance (BFS&I) sector, leveraging their domain expertise and robust technology solutions to enable comprehensive transformation for clients worldwide.
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LTIMindtree
LTIMindtree is a global leader in technology consulting and digital solutions, part of the Larsen & Toubro Group. With a workforce of over 81,000 professionals in more than 30 countries, they specialize in helping enterprises across various industries reinvent business models and accelerate innovation through digital technologies.
Serving over 700 clients worldwide, LTIMindtree leverages deep domain expertise to drive competitive differentiation, enhance customer experiences, and deliver impactful business outcomes in today's digitally integrated world.
Absa Bank
Absa Group Limited, listed on the Johannesburg Stock Exchange, is among Africa's largest diversified financial services groups. Offering a comprehensive range of products and services including personal and business banking, corporate and investment banking, wealth and investment management, and insurance.
Absa operates across 12 African countries. It holds majority stakes in banks across Africa and has insurance operations in multiple countries. Additionally, Absa has a global presence with representative offices in China, Namibia, Nigeria, and the United States, supported by technology centers in the Czech Republic and securities entities in the UK and US.
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LTIMindtree Extends Contract with Absa Bank for Strategic Technology Partnership- FAQs
1. What is the nature of the contract extension between LTIMindtree and Absa Bank?
It's a multimillion-dollar extension focusing on digital solutions.
2. How long has LTIMindtree been collaborating with Absa Bank?
They have been partners for 17 years.
3. What areas of Absa Bank's operations will LTIMindtree enhance?
Digital Transformation, Applied AI, Cloud Acceleration, Data-Driven Decision Making, and Core Banking Modernization.
4. Who emphasized the importance of modern IT systems at Absa Bank?
Johnson Idesoh, Absa Group's Chief Information and Technology Officer.
5. What percentage reduction in the total cost of ownership has Absa Bank achieved with LTIMindtree's help?
A 46% of the total cost of ownership has Absa Bank reduction over the past 5 years.
6. What does Sudhir Chaturvedi, President of LTIMindtree, highlight about their partnership?
Commitment to delivering core banking solutions across digital platforms.
7. Which sectors does LTIMindtree demonstrate leadership through this partnership?
LTIMindtree demonstrates leadership via Banking, Financial Services, and Insurance (BFS&I).
8. How many professionals does LTIMindtree employ globally?
LTIMindtree employ Over 81,000 professionals over globally
9. Where is Absa Bank listed?
Absa Bank listed on Johannesburg Stock Exchange.
10. How many countries does Absa Bank operate in?
Absa Bank to operate in Across 12 African countries and internationally.
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