Tech Mahindra ties up with fintech firm Strands for digital banking solutions

Indian IT services firm Tech Mahindra said on Wednesday that it was partnering with US-based fintech company Strands to provide an integrated suite of secure and customised banking solutions to financial institutions globally as part of its TechMNxt charter.

According to a joint statement, Tech Mahindra will leverage Strands’ artificial intelligence (AI) capabilities along with its existing domain expertise in financial services to enable an enhanced customer experience.

By providing data-driven analytics of user behaviour, the digital banking solution will enable financial institutions to create personalised and contextual offerings for their customers, the companies said. 

In addition, the solution will also provide customers with relevant insights to take informed decisions to generate cross- and up-sell opportunities and will lead to multiple touch-points across the customer journey, which will further translate into a higher customer engagement and retention rate.

“As part of our TechMNxt charter, Tech Mahindra is focused on enhancing customer experience by leveraging next generation technologies like AI to deliver world-class solutions," said Gautam Bhasin, global head of banking, financial services and insurance at Tech Mahindra.

He added that the Indian IT services firm will offer Strands’ solutions to its global clientele to enable them to complete their digital transformation, and will also undertake system integration and service portfolio management.

Strands' product portfolio includes Personal Financial Management, Business Financial Management, Customer Linked Offers, Engage and API Hub to connect multiple application programme interfaces and external services.

Earlier this week, the company had partnered with Tokyo-based IT services provider Mitsui Knowledge Industry Co. Ltd. (MKI) to develop next-generation digital enterprise solutions for the Japanese market.

“This announcement... (will help) to implement enterprise solutions in Japan, in addition to programmes on talent-exchange and human resource, and research and development. Japan is a key market for us and we hope to improve a long-term value through this alliance,” Tech Mahindra said in a statement. 

Last week, Tech Mahindra had signed a deal worth Rs 300 crore ($43 million) with the Indian navy for developing and issuing secure access cards as part of  the Armed  Forces Secure Access Card project.

Earlier this month, Tech Mahindra had signed a Memorandum of Understanding with Japanese e-commerce company Rakuten’s no-code mobile-app creator Aquafadas. Under the collaboration, both companies aim to transform content-deployment technologies across multiple screens.

In April, Tech Mahindra had partnered with IT services firm Samsung SDS, a unit of South Korean electronics giant Samsung, to develop blockchain solutions. According to the terms of the partnership, Tech Mahindra will offer Samsung SDS’ blockchain platform called Nexledger to both its global and Indian customers.