TCS launches peer-to-peer lending solution for Norwegian bank DNB

MUMBAI: Tata Consultancy Services, India’s largest IT service company, said it launched a peer-to-peer lending solution in Norway for its client DNB, the largest financial services group in that country.

TCS said 25% of Norway’s population was using the solution, called Vipps, within six months of launch, and that the payment solution had helped DNB become a significant player in the mobile payments space.

“We gave TCS a challenge, and they reacted quickly. For us, the project has demonstrated that TCS is a trustworthy partner with good focus on strategic business value,” Liv Fiksdahl, Group Executive Vice President and Head of IT & Operations in DNB, said in a statement.

The release of a statement on the solution highlights how important it is for Indian IT companies to burnish their ‘digital’ credentials, especially in sectors like banking and financial services.

Though some rivals have said that business from financial services companies will be muted for the first two quarters of the year, TCS has maintained that it is seeing no slowdown in that sector.

Showcasing prestigious digital wins and successes are part of the strategy to grow in that business.

“Our deep domain knowledge combined with an understanding of consumer behavior in the context of digital technologies helps us to partner with DNB, a leading bank in Norway, to transform mobile and peer-to-peer digital payments space as part of an overall digital transformation effort,” Susheel Vasudevan, Vice President, Banking and Financial Services, said in a statement.