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LTIMindtree has extended its multi-million-dollar contract with Absa Bank, furthering a 17-year collaboration focused on digital transformation. This partnership has reduced the bank's total cost of ownership by 46% over the past five years..
LTIMindtree, a leading global technology consulting and digital solutions company, has announced a significant contract extension with Absa Bank, a prominent African financial services group.
Although the exact financial details of the multi-million-dollar deal remain undisclosed, the partnership builds upon a successful 17-year collaboration, focusing on driving Absa Bank's digital transformation journey.
The announcement of the contract extension positively impacted LTIMindtree's market performance. On July 18, LTIMindtree share price moved about 4%, reaching an intraday high of ₹5,778 per share on the BSE. The share eventually closed 3.46% higher at ₹5,754.05.
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The extension of the contract highlights the successful collaboration between LTIMindtree and Absa Bank, with LTIMindtree playing a crucial role in enhancing the bank's digital capabilities and operational efficiency.
Johnson Idesoh, Group Chief Information and Technology Officer at Absa Group emphasised the importance of modern IT systems in providing seamless customer experiences.
He acknowledged LTIMindtree's contribution through process optimization and the application of advanced technologies, such as automation and generative AI, which have collectively reduced the total cost of ownership by 46% over the last five years.
Sudhir Chaturvedi, President and Executive Board Member of LTIMindtree, reiterated the company's commitment to delivering best-in-class core banking solutions. The renewed partnership will focus on enhancing digital, branch, and payment technologies for Absa's customers across multiple markets.
LTIMindtree will provide Absa Bank with a range of comprehensive IT solutions aimed at supporting and strengthening the bank's digital infrastructure. These services include deploying cutting-edge solutions in digital transformation, applied AI, cloud acceleration, data-driven decision-making, and core banking modernization.
This holistic approach ensures that Absa Bank remains competitive and continues to deliver robust services to its customers across the African continent.
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