Bank of Bhutan goes operational with TCS BaNCS for Core Banking in 10 months

PRESS RELEASE

 

Bank of Bhutan selects TCS BaNCS for Core Banking to power next generation banking services

MUMBAI, July 28, 2015: Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS), a leading IT services, consulting and business solutions organization, announced that the Bank of Bhutan has selected TCS BaNCS for its Core Banking Solution to power its next generation banking services.

Bank of Bhutan is the largest commercial bank in the Kingdom of Bhutan with a network of 46 branches, including extension branches, 62 ATMs, a state-of-the-art mobile banking solution and a dedicated Contact Center, fulfilling the banking needs of the public, business community and the Royal Government of Bhutan. Bank of Bhutan is at present on the Oracle FLEXCUBE CBS platform, having implemented it in the year 2009. With a focused goal of moving onto a high-growth trajectory, the Bank has embarked on a project of upgrading its core banking system and has selected TCS BaNCS as the solution partner for this engagement and to replace the existing system, after an in-depth evaluation of shortlisted vendors from a broad array of leading IT software providers.

Bank of Bhutan attaches a high premium to the TCS brand, and is confident that TCS will deliver a high performance solution, combining a lower total cost of ownership and a significant improvement in operational efficiency. The Bank selected TCS BaNCS for Core Banking, an award-winning solution from a solution provider known for its Experience Certainty promise.

Pema Nadik, Chief Executive Officer, Bank of Bhutan, excited about the new transformation exercise, commented on the selection of TCS BaNCS saying, “We are confident that TCS BaNCS will help us transform our technology ecosystem in keeping with our plans for quick growth and expansion. TCS has an enviable track record of fail-proof core banking implementations across the globe which in turn, mitigates our core banking transformation risk. Its ability to reduce time to market for new bank offerings and to seamlessly integrate with third-party systems gives us the assurance that we have chosen the right partner.”

N Ganapathy Subramaniam, President, TCS Financial Solutions, commented on the Bank of Bhutan selection, saying, “We look forward to working with the Bank of Bhutan in its banking transformation initiative in the context of a strategic and personalized solution roadmap from TCS BaNCS. We wish to create a strong foundation for the Bank’s digital banking strategies with a focus on customer-facing ROI.”

About Bank of Bhutan
Bank of Bhutan Ltd. was incorporated by Royal Charter in 1968, and is now incorporated under the Companies Act of Kingdom of Bhutan 2000. Bank of Bhutan was established as a public sector commercial bank and until the establishment of the Royal Monetary Authority of Bhutan; it also rendered the functions of the central bank in Bhutan. The Royal Monetary Authority of Bhutan is the Central Bank of Bhutan, which was established in 1982 and is responsible for the regulating the financial sector and formulating the monetary policies in Bhutan. Bank of Bhutan started with only 20 account-holders and currently has about 400,000 accounts. The Bank was established with a paid-up capital of Nu. 2.5 million; today its paid-up capital & reserves have crossed Nu. 4 billion. Today it stands as the largest and most profitable commercial bank in the Kingdom of Bhutan with a network of 46 branches, including extension branches and an enviable network of 62 ATMs spread across the Kingdom, a growing Credit Cards business, a state-of-the-art mobile banking solution, internet banking and a dedicated Contact Centre, fulfilling the banking needs of a young and tech-savvy population, a demanding business community and the Royal Government of Bhutan.

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 deliver 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 servicesconsulting 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 ITBPS,infrastructureengineering 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 319,000 of the world’s best-trained consultants in 46 countries. The company generated consolidated revenues of US $15.5 billion for year ended March 31, 2015 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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