Bigger, better LTIMindtree uses its scale and synergies to land Hellenic Bank

When LTI and Mindtree merged in May of 2022, the ambition was to combine the customer experience capabilities of Mindtree and the engineering DNA of LTI to create a scaled partner to service big deals better. The merger placed LTIMindtree among the ranks of leading IT vendors, with a reported revenue of $4.2 billion, more than 90,000 employees serving at least 750 clients, and a global footprint across 30 countries for front-to-back transformation.

Hellenic Bank sought a partner to help transform it into a digital bank for its local Cyprus market—attractive and ripe for growth, though difficult to crack. The selection of LTIMindtree as its partner helps prove the merger is on course for success. Neither LTI nor Mindtree individually would have landed this deal. Together, they provide enterprises with a new option as a front-to-back partner.

LTIMindtree synergy produces results by unlocking capabilities and scaling benefits

The LTI–Mindtree combination was well-positioned to win the Hellenic Bank deal. Banking and financial services (BFS) was LTI’s largest vertical, but it was capital markets centric and lacked digital customer experience chops. Mindtree was born digital, but it lacked domain knowledge. Today the combined entity has a portfolio of offerings at the intersection of digital across industry verticals, execution capabilities for large-scale transformation, strong partnerships, and connections with a wide range of ecosystem players. Its wins reflect its synergy strength; the total contract value signed in Q2 2023 was $518 million, compared to $360 million when the merger was announced in Q2 2022.

Pick the right partner—it has a critical role in your transformation

The pace and scope of change are so great that banks like Hellenic need partners to deliver their transformation. The Cyprus market was still recovering from its 2013 banking crisis, and the pandemic hastened the need for modernization and enhanced digital capabilities. The transformation deal covers 10 towers across four years, focused on rationalizing the bank’s networks, developing analytics for cross-selling and upselling opportunities, creating a modern core infrastructure so the bank can tap into new revenue pool opportunities, making faster decisions powered by data, and leveraging automation, artificial intelligence (AI), cloud, and cognitive technologies.

C-suite commitment, change management, and skin in the game have set this transformation on a course for success

Today, six months into the project, the engagement is on track to deliver its key performance indicators (KPIs). Leaders at LTIMindtree believe the success is attributable to three factors:

• The C-suite was the champion for change: Leadership is fundamental to the success or failure of the next operating model transformation. In the case of Hellenic Bank, the C-suite was the champion for change and drove the transformation decision. It was helpful that the C-suite was digitally savvy and could easily envision the transformation and its impact. From the beginning, there was clarity on the benefits of a reimagined operating model with improved customer experience, streamlined processes, and a sustainable future with KPIs tied to improving the bank’s financial position.
• Hellenic activated change management: Hellenic addressed the need to shift mindsets to new ways of working with the transformation. Hellenic leaders included change management and educated and trained teams to support and embrace the change.
• LTIMindtree invested in the partnership: Partnerships are not just about showing up but about being invested in the deal’s success. LTIMindtree invested in centers of excellence, set up local entities, and leveraged talent from its nearshore centers, such as Zurich.

The Bottom Line: LTIMindtree as a front-to-back transformation partner provides a new option for BFS firms hungry for new value through transformation.

Building all the capabilities to become a digital bank for Hellenic could have taken the regional bank years and a disproportionate amount of effort and resources it did not have. It chose LTIMindtree as the right-sized partner with the necessary capacity and capabilities. Delivery began on the right foot with targeted investments by both parties, leadership commitment, and change management. Continued success will depend on how well the legacy LTI and Mindtree teams work together.