Indian Bank selected as Model Bank by Celent: Core banking Modernization profiled as a case study of effective technology usage in banking
Bangalore, India, July 02, 2009: Tata Consultancy Services (TCS), (BSE: TCS.BO, NSE: TCS.NI), a leading global IT services and consulting firm, announced today that its client Indian Bank, a premier bank owned by the Government of India has been selected as a Model Bank for their core banking modernization program by Celent, a research and advisory firm.
Celent's Model Bank research was designed to try to answer an apparently simple question: "What would it look like for a bank to do everything right with today's technology? Celent had undertaken to offer, at a high level, some key best practices in the use of technology that a “model bank” would use to fulfill their mission.
Indian Bank has been serving customers for more than a century and is seen as a front-runner in specialized banking as well as rural development. By deploying TCS BaNCS across 1647 branches, Indian Bank has re-engineered its IT infrastructure to offer finely tailored products to its corporate and retail customers.
Speaking on the occasion, M.S. Sundara Rajan, Chairman & MD of Indian Bank said “Our mission is to take banking technology to the common man and we are delighted to receive this acknowledgement that reinforces the same. To be benchmarked among the finest, global institutions around the world can only spur us to further heights. I must also commend TCS Financial Solutions for their strong commitment to our bank as we together search for innovative ways to redefine banking in this region”
“Indian Bank is a classic example of the leapfrogging that is happening throughout Asia. Banks are moving from branch-based systems [where customer account information is kept at a specific branch] to starting with a clean sheet with respect to IT infrastructure. Indian Bank chose TCS BaNCS to create a state-of-the-art core system with business workflow, rules-based routing, electronic transactions, and cash management services. Because Indian Bank has entirely scrapped their legacy systems, the bank is able to jump to a state-of-the-art infrastructure with increased back office and IT efficiency and a broader product offering”, said Bart Narter, Senior Vice President, Banking Group, Celent.
Commenting on the accolade received by Indian Bank, N. Ganapathy Subramaniam, President TCS Financial Solutions, said, “It has been a joy to witness firsthand how a fine institution like Indian Bank has harnessed change to serve their customers. Their vision and total commitment to the modernization program merits this award, and we are only glad to play a support role by delivering certainty throughout this transformation program. This is the second year in a row that a TCS BαNCS customer has been cited in the Celent Model Bank Report.”
About TCS BαNCS
The core banking solution from TCS BαNCS is an integrated solution that automates all aspects of core banking operations across entities, languages and currencies. The solution helps financial institutions to quickly introduce new products and efficiently manage changes in existing products.
The core banking solution is an easy-to-integrate, scalable, enterprise-wide solution that handles large transaction volumes on a 24x7 basis. It automates banking processes and provides best-in-class customer service at reasonable cost, thereby maximizing operational efficiency and minimizing risks. With world class implementation and support expertise, the solution has been successfully deployed in two of the three banks with the largest branch networks in the world along with other market-leading banks around the world.
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 BαNCS. Our mission is to provide best of breed solutions that will drive growth, reduce costs, mitigate risk and offer a faster speed to market for our clients. With a global customer base of more than 240 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 143,000 of the world's best trained IT consultants in 42 countries. The company generated consolidated revenues of US $6 billion for fiscal year ended 31 March 2009 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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Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally experienced analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is part of Marsh & McLennan Companies [NYSE: MMC].
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