Cathay United Bank and TCS win Best Core Banking Implementation Award for Medium-sized Banks and Overall Best Core Banking Implementation Award
Mumbai, India, April 7, 2011: Tata Consultancy Services (TCS), (BSE: 523540, NSE: TCS), a leading IT services, consulting and business solutions organization, announced today that its client, Cathay United Bank, a full-service bank in Taiwan and TCS BaNCS have won The Asian Banker’s prestigious Best Core Banking Implementation Award for Medium-sized Banks as well as the Overall Best Core Banking Implementation Award.
“With over 160 domestic branches live on TCS BaNCS Core Banking solution, Cathay United Bank required a world-class system that would assist to reduce system maintenance costs, reinforce operational security, improve real-time management information, accelerate product development as well as speed up transaction times,” said KT Chang, Chief Information Officer, Cathay United Bank. “TCS BaNCS is an outstanding solution. Our team is proud to be awarded the Overall Best Core Banking Implementation Award as well as the Best Core Banking Implementation Award for Medium-sized Banks with our trusted partner, Tata Consultancy Services.”
NG Subramaniam, President, TCS Financial Solutions said, “We are delighted to share these two Core Banking implementation awards with Cathay United Bank. This award-winning core banking transformation program highlights our growing success in the Greater China region. Cathay United Bank needed a solution with demonstrated scalability that could provide online, real-time transaction processing. TCS BaNCS’ advanced system architecture also allowed CUB to work across database platforms and operating systems, enabling CUB to experience maximum flexibility in deployment options whilst lowering its total cost of ownership.”
With the TCS BaNCS Core Banking solution, Cathay United Bank has now achieved a 99.9% uptime. Cathay United Bank now takes 30% to 40% less time to develop and launch new products and 20% to 30% less time to implement new system functionality. Supported by the new 24/7 real-time system, delivery channels like call centers and the internet can handle real-time transactions 24 hours a day. Growth rates at CUB have also improved greatly. TCS BaNCS Core Banking solution also acts in accordance with a full range of local regulatory compliance requirements across the Greater China region.
About Cathay United Bank
Cathay United Bank is a wholly owned subsidiary of Cathay Financial Holding Company, the largest financial holding company in Taiwan. The bank is a full-service bank serving consumers and businesses with over one hundred domestic branches and over ten overseas offices. For businesses, we offer a complete line of products and services, in addition to experienced staff members who are committed to helping their customers’ enterprises succeed. For consumers, we offer different consumer banking products to meet the financial needs of individuals as well as families. At Cathay United Bank, we build the bridges between banking, insurance, trust and securities services through our parent company and affiliated companies. Our customers will be able to enjoy “one-stop shopping” when banking with Cathay United Bank. For further information, visit https://www.cathaybk.com.tw/cathaybk/english/eindex.htm.
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 customers. TCS Financial Solutions deliver state-of-the-art software solutions for the banking, insurance and capital markets industries worldwide. For more information, please visit 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 186,500 of the world’s best-trained IT consultants in 42 countries. The company generated consolidated revenues of over US $6.3 billion for fiscal year ended March 31, 2010 and is listed on the National Stock Exchange and Bombay Stock Exchange in India. For more information, please visit www.tcs.com.
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