CUA selects TCS BaNCS for its Core Banking System overhaul
Mumbai, March 28, 2011: Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS), a leading global IT services, consulting and business solutions firm, announced today that CUA, Australia’s largest customer-owned financial institution,has selected its world-leading TCS BaNCS banking platform to deliver CUA’s new core banking system.
CUA will revolutionize its core banking system and back office processes over the next two years to provide greater flexibility and integration across the business and deliver an enhanced customer experience. This major project will underpin CUA’s growth strategy.
NG Subramaniam, President, TCS Financial Solutions, said, “We are very pleased to be working with CUA on its core banking transformation program. TCS BaNCS Core Banking solution will definitely assist to drive new product development and improve efficiencies for CUA. We will be utilizing our local industry knowledge and extensive global experience to ensure CUA’s new banking platform will be scalable and flexible enough to meet its long-term customer service expectations as well as its back-end operational and data management requirements. Looking forward, this is a very exciting project for all stakeholders.”
According to Chris Whitehead, Chief Executive Officer, CUA, replacing CUA’s core banking system is a significant and essential investment for the future of the business.“The implementation of a new core banking system will enhance our business capabilities, enabling us to meet our growth objectives and bring greater efficiencies across the business. It will also ensure our customers get greater and faster access to innovative products and a consistently good customer experience every time they bank with us. TCS was awarded the contract following a rigorous selection process and we are confident it will be able to deliver a world-class core banking system that will meet our needs and those of our customers for the years ahead,” said Whitehead.
A recent report by Forrester Research Inc – The Forrester Wave™: Global Banking Platforms, Q4 2010 – rated TCS as a “leader” in world-leading banking platform products. TCS BaNCS received high scores for banking platform functionality, deployment and operations, and both product and corporate strategy.
As Australia’s largest customer-owned financial institution, CUA is emerging as a competitive force in Australian banking. CUA provides banking services to more than 400,000 Australians across the country. CUA is 100 per cent owned by its customers, not shareholders with profits reinvested back in to the business. For more information, please visit www.cua.com.au.
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, business solutions and outsourcing organization that delivers real results to global businesses, ensuring a level of certainty no other firm can match. TCS offers a consulting-led, integrated portfolio of IT and IT-enabled services delivered through its unique Global Network Delivery Model™ (GNDM™), 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.
Catherine Harris, CUA
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