LTIMindtree extends multi-million-dollar contract with Absa Bank

By Gloria Methri

LTIMindtree has announced a multi-million-dollar contract extension with African financial services group Absa Bank. The extended partnership builds upon a successful 17-year collaboration, where LTIMindtree has helped in driving Absa Bank’s digital transformation journey, fostering growth and efficiency.

Absa Group Limited, a publicly traded company on the JSE, 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 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, “With a relationship of 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 in the African continent.”

Sudhir Chaturvedi, President & Executive Board Member, LTIMindtree, said, “We are proud to be a trusted strategic partner for Absa Bank for over 17 years. 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.”

By leveraging its domain expertise, robust technology solutions, industry-specific offerings, and a powerful partner ecosystem, LTIMindtree empowers BFS&I clients to achieve end-to-end transformation. This includes core modernisation, go-to-market innovation, cloud adoption, data-driven decision-making, and enhanced customer engagement through insightful analytics, personalised marketing, and tailored experiences.