LTIMindtree will act as a one-stop shop for Absa Bank’s IT needs, providing comprehensive services to bolster its digital infrastructure.
Mumbai, India, July 18, 2024: LTIMindtree [NSE: LTIM, BSE: 540005], a global technology consulting and digital solutions company, today announced a multi-million dollar contract extension with Absa Bank, a leading African financial services group. This reinforces LTIMindtree’s position as Absa Bank’s trusted strategic technology partner. The extended partnership builds upon a successful 17-year collaboration where LTIMindtree has been instrumental in driving Absa Bank’s digital transformation journey, fostering growth and efficiency.
Absa Group Limited, a publicly traded company on the JSE, is one of Africa’s largest diversified financial services groups. The company has footprints across 12 African countries, China, the United Kingdom, and the United States. LTIMindtree will act as a one-stop shop for Absa Bank’s IT needs, providing comprehensive services to bolster its digital infrastructure. This includes deploying 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, said, “Adopting modern IT systems and capabilities has always been our priority to ensure exceptional and seamless customer experiences. With a relationship spanning 17 years, LTIMindtree has delivered tangible business value to our banks over a protracted period. At the same time, LTIMindtree, through process optimization and the application of advanced technology like automation and generative AI, has helped us lower the total cost of ownership by 46% over the last 5 years. This ties in with our technology transformation journey. Together, we deliver stable and robust services to our customers on the African continent. We are confident that extending this partnership will enable our business growth even further and assist us to continuously enhance value for our customers, making our banks even more competitive.”
Sudhir Chaturvedi, President & Executive Board Member, LTIMindtree, said, “We are proud to be a trusted strategic partner for Absa Bank, celebrating over 17 years of successful collaboration. Through this renewal, we will continue to deliver best-in-class core banking solutions encompassing digital, branch, and payment technologies for Absa’s customers. These solutions span multiple markets and focus on increased localization. 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.”
This strengthened partnership solidifies LTIMindtree’s leadership in the banking, financial services, and insurance (BFS&I) sector. By leveraging its domain expertise, robust technology solutions, industry-specific offerings, and a powerful partner ecosystem, LTIMindtree empowers BFS and I clients to achieve true end-to-end transformation. This includes core modernization, go-to-market innovation, cloud adoption, data-driven decision-making, and enhanced customer engagement through insightful analytics, personalized marketing, and tailored experiences.
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