TCS gets 5-yr contract extension from State Bank of India

Tata Consultancy Services (TCS) said that its partnership with the State Bank of India (SBI) has been extended by five more years as part of the latter’s efforts to drive innovation and boost customer experience.

India’s largest bank will now embark on its next phase of growth, which will be based on three pillars — technology, resilience, and people.

The partnership between Tata Consultancy Services and State Bank of India began in 2001 through the implementation TCS BaNCS core banking solution.

Ravindra Pandey — DMD and CIO of State Bank of India said: “Technology and innovation have been at the core of SBI’s growth and transformation journey over the last two decades. TCS has been a valuable partner since the beginning and has supported us in building and running a high-performing, resilient and scalable core banking platform that is foundational to all our digital initiatives.

“We are pleased to extend our relationship with TCS as we continue to work together to launch new initiatives for enhanced customer experience.”

Tata Consultancy Services gets 5-yr contract extension from State Bank of India. Photo courtesy of Digamber/Wikipedia.org.

Tata Consultancy Services said that it will continue to maintain and improve the bank’s applications around core banking, financial reporting, trade financing, and financial inclusion, as part of the new contract. This will allow the State Bank of India to offer new products and to respond to regulatory and business changes.

The Indian IT services provider will also continue to use its deep context knowledge of the bank’s technology landscape to assist it with large transformation programs to make banking easy, intuitive, secure, and accessible.

Tata Consultancy Services has been helping the bank build Bharat Craft, an online B2B ecommerce platform that will serve as a marketplace and service provider for MSMEs.

The company worked with the State Bank of India in planning and executing the simultaneous merger of five associate banks and Bharatiya Mahila Bank. The task involved the integration of more than 200 business processes, 43 plus IT applications, 50 billion records, 17,500 products, that had an impact on 50,000 plus bank tellers in 7,000 branches.

Ujjwal Mathur — Country Head of Tata Consultancy Services India said: “TCS’ two decades-long relationship with SBI is a testament to our customer-centricity and our approach of harnessing collective knowledge to create greater futures. We are delighted to continue this partnership as the bank embarks on its next wave of growth.

“We look forward to an exciting journey ahead, filled with energy, innovation, and a passion for excellence.”