Tata Consultancy Services’ SaaS Banking Solution will Provide the Bank with a New Digital Core to Leverage Ecosystems, Launch New Services and Grow its Customer Base
NEW YORK | MUMBAI, May 6, 2020: Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS), a leading global IT services, consulting, and business solutions organization, announced that Continental Bank in the US has selected TCS BaNCS™ Cloud for Banking to digitally transform its business.
Continental Bank is a privately owned commercial bank, headquartered in Salt Lake City, Utah. It specializes in commercial equipment financing for small and medium businesses, real estate financing as well as a growing suite of deposit products. The bank wanted to expand its product and customer base beyond its equipment finance roots and was looking for a SaaS-based core processing solution that could accommodate a variety of commercial and small business banking product functionalities.
It selected TCS BaNCS Cloud for Banking to unify its offerings, integrate lease applications and offer its small and medium business customers a superior banking experience. The solution will help the bank quickly create and launch new products and connect with preferred partners in the larger banking and fintech ecosystem. By implementing TCS BaNCS, Continental Bank will be able to grow its customer base and offer newer differentiated services.
Nathan Morgan, CEO, Continental Bank, said, “We have selected TCS BaNCS Cloud for Banking for its comprehensive capabilities to support our commercial customer base and to provide convenient online account opening and self-service facilities to our small and medium business clients. With the new platform, we will be expanding our portfolio with newer lending products as well as commercial deposit products and cash management tools, to increase our traction with existing customers while catering to the needs of newer market segments.”
“In the digital age, expectations around customer experience have gone up but banks are often constrained by their legacy systems. TCS BaNCS Cloud for Banking is a ready full-service SaaS solution for US banks seeking to collaborate with a range of partners and fintechs to launch innovative products and deliver superior customer experiences,” said R Vivekanand, Co-Head, TCS Financial Solutions.“We are happy to bring Continental Bank on board our platform, and offer them the same comprehensive capability and technological sophistication that the world’s largest banks possess. With this new digital core, Continental Bank will be able to deepen their customer relationships, expand their addressable market, and position themselves well for future growth.”
TCS BaNCS Cloud for Banking helps banks cater to customer needs throughout their life journeys, based on anticipated requirements and over the device of their choice. It is fully compliant with all US Federal and State regulations governing consumer and commercial banking products. TCS BaNCS’ partner ecosystem has been carefully chosen to provide both leading capabilities and regulatory compliance.
TCS BaNCS Cloud is a plug-and-play, pay-as-you-go, one-stop SaaS offering that has been adopted by banks of varying sizes across the globe for its future-ready digital architecture, functionality, business agility and operational efficiency. Its proven application architecture ensures anytime, anywhere digital access, scalability, resilience, high performance, and compliance. Banks and financial institutions can leverage the solution’s features on multiple cloud platforms. TCS BaNCS Cloud handles over 100 million transactions per month for more than 200 customers, including retail banks, corporate treasury operations, private banks, and credit unions in the UK, the US, Switzerland and India.
About TCS Financial Solutions
TCS Financial Solutions is a strategic business unit of Tata Consultancy Services. Dedicated to providing business solutions to financial institutions globally, TCS Financial Solutions has compiled a comprehensive product portfolio under the brand name of TCS BaNCS. The TCS BaNCS universal financial solution is designed to help financial services institutions enhance end customer experience, enabling them to embrace open and innovative technologies that embody true digital customer engagement. Deployed at more than 450 installations worldwide, it is the largest collection of components, enterprise and consumer apps for the financial industry made available through the cloud, helping firms become more agile and intelligent by leveraging the power of new and extended ecosystems. To know more about TCS BaNCS, 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 has been partnering with many of the world’s largest businesses in their transformation journeys for over 50 years. TCS offers a consulting-led, cognitive powered, integrated portfolio of business, technology and engineering services and solutions. This is delivered through its unique Location Independent AgileTM delivery model, recognized as a benchmark of excellence in software development.
A part of the Tata group, India's largest multinational business group, TCS has over 448,000 of the world’s best-trained consultants in 46 countries. The company generated consolidated revenues of US $22 billion in the fiscal year ended March 31, 2020, and is listed on the BSE (formerly Bombay Stock Ex-change) and the NSE (National Stock Exchange) in India. TCS' proactive stance on climate change and award-winning work with communities across the world have earned it a place in leading sustainability indices such as the Dow Jones Sustainability Index (DJSI), MSCI Global Sustainability Index and the FTSE4Good Emerging Index. For more information, visit us at www.tcs.com.
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