• Absa has extended a nearly two decade long contract with LTIMindtree.
• The Mumbai-based company has become Absa’s one-stop shop for all of its digital needs.
• Over the years, LTIMindtree has helped lower Absa’s total cost of ownership by 46 percent.

Digital transformation is not a one-and-done exercise and requires constant investment and work.

Cognisant of this, Absa Group has announced that it has extended its contract with LTIMindtree, a multinational information technology services and consulting company based in Mumbai, India. This further extends a relationship that has stood for 17 years.

Absa says that over the last five years it has lowered the total cost of ownership by 46 percent thanks to LTIMindtree’s investment into automation and generative artificial intelligence. Over the years LTIMindtree has become Absa’s one-stop shop for its digital infrastructure. This includes deploying solutions in digital transformation, applied AI, cloud acceleration, data-driven decision making and core banking modernisation.

“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,” group chief information technology officer at Absa Group, Johnson Idesoh said in a statement.

Absa says that together with LTIMindtree it has been able to deliver robust, stable services to its customers across the continent. The extension of the contract will reportedly help Absa accelerate its transformation journey, making the bank more competitive.

“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,” said president and executive board member at LTIMindtree, Sudhir Chaturvedi.

“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,” they added.

LTIMindtree says through its domain expertise, robust technology solutions, industry-specific offerings, and a powerful partner ecosystem, LTIMindtree empowers banking, financial services and insurance clients to achieve true end-to-end transformation.