TCS expands UK partnership with Nest through £840M deal
Tata Consultancy Services (TCS) has announced an expanded partnership with Nest, the UK’s largest workplace pension scheme, in a significant deal worth £840 million. This collaboration aims to digitally transform Nest’s scheme administration services and enhance member experiences.
TCS, known for its digital-first approach, will leverage its BaNCS platform to revolutionize scheme administration and deliver personalized experiences to Nest’s members. This move builds upon the long-standing partnership between Nest and TCS, which dates back to 2011 when the digital auto-enrolment pension scheme was first launched.
Under the agreement, TCS will assist Nest in transforming its administration services through a future-ready, digitally enabled, omnichannel platform powered by TCS BaNCS. The initial tenure of the contract is set for 10 years, with a total estimated value of £1.5 billion if extended throughout its 18-year duration.
Notable Wins in the Current Quarter
TCS has secured several significant deals in recent months. The company was selected by the Department for Education (DfE) to administer and enhance customer experiences for the Teachers’ Pension Scheme in England and Wales.
Additionally, TCS has expanded its partnership with Google Cloud, introducing TCS Generative AI, which leverages Google Cloud’s generative AI services. Furthermore, TCS launched the TCS Dexamdata marketplace platform on Google Cloud.
In the insurance sector, Zurich Insurance Company and Dubai International Financial Center (DIFC) have adopted TCS BaNCS Insurance for Property and Casualty, transforming their business operations and reaping numerous business benefits. Moreover, Ikano Bank AB (publ) in Sweden has chosen the TCS BaNCS Global Banking SaaS Platform for a pan-European core banking transformation.
Recognitions and Financial Performance
TCS has consistently excelled in customer satisfaction and garnered accolades for its IT services. In a recent independent survey conducted by Whitelane Research and PA Consulting, TCS ranked as the top IT service provider for customer satisfaction in the UK. This achievement marks the eighth time that TCS has received this recognition.
In terms of financials, TCS reported a year-on-year increase of 14.8 percent in consolidated net profit for the quarter ending March 31, 2023, amounting to Rs 11,392 crore. The company’s consolidated revenue from operations stood at Rs 59,162 crore, reflecting a 16.9 percent growth compared to the previous year. In constant currency terms, the revenue rose by 10.7 percent year-on-year.
Milind Lakkad, Chief Human Resources Officer (CHRO) at TCS, anticipates that the company will reduce its attrition rate to levels similar to the pre-pandemic range of 12-13 percent by the second half of the fiscal year 2023-24.
Tata Consultancy Services (TCS) is a multinational company based in Mumbai, Maharashtra, India. It specializes in providing information technology services and consulting. As a subsidiary of the Tata Group, TCS has a presence in 150 locations spanning 46 countries. In July 2022, it was reported that TCS employed more than 600,000 individuals globally.
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