Mumbai, June 10, 2014: Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS), a leading IT services, consulting and business solutions organization, announced that its customer, Shanghai Rural Commercial Bank (SRCB), and TCS Financial Solutions have won the China Retail Financial Services Awards for 2014 for China Best Core banking Implementation from The Asian Banker.
TCS BaNCS has won The Asian Banker Award in China for three years in a row now and has been deployed across 16 banks in China. Winning this award exemplifies the strengths of TCS BaNCS for Core Banking and its track record of achieving 100% successful deployments in China.
The core banking project at SRCB was completed in a span of three years and is expected to help the Bank save RMB 1.4 BN in the form of both cost reduction and high availability. The Bank, since the TCS BaNCS solution went operational six months back, has been able to double the average daily transaction volumes, and provide more unified customer and Bank views through its integrated front-end interface. The new core banking system adopts a model of a ‘thin core, big peripheral system’ approach in its application system architecture, covering 88 core accounting and peripheral systems at the Bank.
Zhang Qing Ming – Head, IT, SRCB, who accepted the award at the ceremony held in Beijing, said, “We are honored to win this prestigious award that is testimony to our joint efforts in delivering a successful core systems implementation project. TCS BaNCS now puts us fast on our goal of rapid and efficient product innovation. It has helped us offer differentiated services, improve customer service and enhance performance, thereby, increasing traction for our Bank in the rural and commercial banking space in China.”
N Ganapathy Subramaniam, President TCS Financial Solutions, said, “We congratulate SRCB, and are happy to be joint winners of the Best Core Banking Implementation Award in China from The Asian Banker. This award is evidence of TCS BaNCS implementation capabilities and reiterates our brand promise of ‘Experiencing Certainty’. The high performance and stability of the core banking system at SRCB has also gained recognition from the People’s Bank, the banking supervision bureau in China.”
About Shanghai Rural Commercial Bank
Shanghai Rural Commercial Bank (or “SRCB”) was established on August 25th 2005, which was reincorporated from Shanghai Rural Credit Cooperatives of more than 50 years history. At present, SRCB has registered capital of RMB 50 billion, established a business network of more than 390 outlets, and employs more than 6,000 staff.
About TCS Financial Solutions
TCS Financial Solutions is a strategic business unit of Tata Consultancy Services. Dedicated to providing business application solutions to financial institutions globally, TCS Financial Solutions has compiled a comprehensive product portfolio under the brand name of TCS BaNCS. Our mission is to provide best–of-breed solutions that drive growth, reduce costs, mitigate risk and offer a faster speed-to-market for our clients. With a global customer base of more than 280 institutions operating in over 80 countries, TCS Financial Solutions delivers state-of-the-art software solutions for the banking, insurance and capital markets industries worldwide. For more information, visit us at www.tcs.com/bancs.
About Tata Consultancy Services Ltd. (TCS)
Tata Consultancy Services is an IT services, consulting and business solutions organization that delivers real results to global business, ensuring a level of certainty no other firm can match. TCS offers a consulting-led, integrated portfolio of IT, BPS,infrastructure, engineering and assurance services. This is delivered through its unique Global Network Delivery Model™,recognized as the benchmark of excellence in software development. A part of the Tata group, India’s largest industrial conglomerate, TCS has over 300,000 of the world’s best-trained consultants in 46 countries. The company generated consolidated revenues of US $13.4 billion for year ended March 31, 2014 and is listed on the National Stock Exchange and Bombay Stock Exchange in India. For more information, visit us at www.tcs.com.
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