TCS Extends Five-year Partnership with DNB Bank ASA of Norway

Tata Consultancy Services (TCS), India's largest IT services company, announced on Friday that it has extended its partnership with DNB Bank ASA, Norway's largest financial services group, for another five years.

It did not, however, disclose the financial terms of the extended contract.

TCS will continue to be DNB's strategic partner, supporting the bank's digital modernisation while increasing cost efficiency targets, according to a release.

TCS will also support DNB's modernization initiatives by maintaining and developing new applications, improving security, and providing insights into next-generation technologies such as Artificial Intelligence (AI) and quantum computing.

Elin Sandnes, Group EVP of Technology and Services at DNB, stated that the company already has a long-standing and proven relationship with TCS, which has helped enable some of the most significant transformations and innovations over the last twelve years.

"We look forward to seeing what we can achieve together in the future," Sandnes stated.

Over the last 12 years, TCS has provided DNB with a wide range of digital solutions. This includes the development and launch of DNB's peer-to-peer mobile payment solution. TCS has also created a number of digital products for DNB while ensuring secure and reliable operations.

TCS' use of its Machine First Delivery Model to automate DNB operations has improved the bank's operational resilience, employee and customer satisfaction, and productivity.

TCS's Sahyadri Park campus in Pune will provide critical services to the bank.

Shankar Narayanan, President, Banking and Financial Services, TCS, stated that the company is excited to begin a new chapter in 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," Narayanan added.