IT major Tata Consultancy Services (TCS) on Tuesday (March 19) said Central Bank in the US has selected TCS BaNCS to modernise its core technology infrastructure.
Central Bank's strategic partnership with TCS aims to create frictionless and flexible customer onboarding processes, enabling continued growth for the bank, according to a stock exchange filing.
The US-based Central Bank manages more than $20 billion in assets serving more than 150 locations in 78 communities throughout Missouri, Kansas, Illinois, and Oklahoma.
The bank's decision to deploy TCS BaNCS underscores its commitment to embracing advanced technology to simplify operations and enhance customer experiences.
The bank will harness the full potential of TCS BaNCS’ API ecosystem, fostering interconnectedness across applications, services, and platforms. This will enhance the bank’s customer acquisition process and improve employee productivity, the company said.
The solution will come pre-integrated with TCS BaNCS for Payments, an ISO 20022-ready solution, enabling the bank to offer FedNow® services and RTP® by the clearing house, TCS said.
John Ross, President and CEO of Central Bank, said, "When the decision was made to modernise our core as part of a long-term strategy, we looked extensively for a true partner. Given our shared commitment to technology and its role in the customer experience, TCS, with its TCS BaNCS product suite, was a natural choice for Central Bank."
The online account opening module of TCS BaNCS will optimise Central Bank’s customer acquisition processes, improve productivity, and help them gain real-time insights into customer relationships. It will also accelerate the process for Central Bank to create and deploy products that meet its customers’ evolving needs.
Venkateshwaran Srinivasan, Global Head of Financial Solutions, TCS, said, “We are happy to partner with Central Bank in their digital transformational journey. Our extensive investments in TCS BaNCS, contextual knowledge of the financial services industry, and strong track record in execution make us the preferred solution partner for preeminent institutions such as Central Bank that are dedicated to innovating at scale."
Shares of Tata Consultancy Services Ltd ended at ₹3,977.55, down by ₹167.20, or 4.03%, on the BSE.
