Länsförsäkringar Bank Adopts TCS BaNCS as its New Digital Core
Tata Consultancy Services’ Banking and Payments Solution, Deployed in Record Time, will Help the Bank Future-proof its Core, Launch New Products Faster, and Integrate with the Wider Ecosystem
STOCKHOLM | MUMBAI, June 11, 2019: Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS), a leading global IT services, consulting, and business solutions organization, announced that Länsförsäkringar Bank has successfully deployed TCS BaNCS for Core Banking to power the next leg of their digital transformation journey.
To meet the rising expectations of Nordic consumers, create competitive differentiation, and participate in new business opportunities enabled by digital technologies, Länsförsäkringar Bank sought to replace its legacy systems with a modern banking and payments solution. It selected TCS BaNCS after a detailed evaluation, for its ability to support the bank’s digital ambitions and future growth.
TCS BaNCS was successfully deployed in one of the fastest implementations of its kind in the Swedish market. The solution supports the Swedish retail banking portfolio for loans processing, complex payments infrastructure – including integration with Bankgirot (Autogiro, DataClearing, Giro), real-time payments (SWISH), Privatgirot, PlusGirot and the Riksbank and reconciliations. TCS BaNCS also ensures compliance with EU and local legislations.
The new solution enables flexibility in services and pricing, and will help Länsförsäkringar Bank launch new and innovative products faster. Its architectural features enable easier integration with third party systems. Moreover, a rich API repository will enable Open Banking and participation in the larger ecosystem.
Sven Eggefalk, CEO, Länsförsäkringar Bank, said, “Our vision was to enhance our ability to adapt to the new landscape of the banking ecosystem, and speed up time to market. TCS has delivered on their promise, and TCS BaNCS fulfills our high expectations. The successful on-time deployment of a contemporary banking solution such as TCS BaNCS is testimony to the fact that TCS is the right transformation partner for us. TCS BaNCS has helped us re-align our business model to the digital world, reinforcing our position in the market as a leader and innovator.”
Venkateshwaran Srinivasan, Head, TCS Financial Solutions, said,“The Business 4.0TM world offers opportunities aplenty to businesses that are willing to transform themselves to take advantage of the market opportunities afforded by pervasive digital adoption. We are delighted at this successful deployment of TCS BaNCS at Länsförsäkringar Bank, which is truly transformative and marks an inflection point in the Bank’s digital transformation journey. The end-to-end transformation and smooth migration set a benchmark in the Nordics market from a program execution standpoint. Länsförsäkringar Bank now offers superior levels of customer experience and enhanced agility in bringing better customer propositions to market.”
TCS BaNCS for Core Banking helps banks and financial institutions cater to customer needs throughout their life journeys, based on anticipated requirements and over the devices of their choice. Designed on the Digital First, Cloud First philosophy, the solution comes with a high performing processing engine and Open Banking capabilities. It is a collection of loosely coupled components, services and APIs that implement standards from BIAN and IFX for a wide range of technology environments seamlessly, laying the framework for both digital and analytics preparedness. It supports a variety of products and services covering assets and liabilities and can fit the business and operating model of a bank with an assured 24x7x365 availability, as evidenced at the 450 sites where it is installed successfully.
About Länsförsäkringar Bank
Länsförsäkringar Bank is a customer owned bank with a strong local presence in Sweden. In just 20 years of operations, it has become the fifth largest retail bank and has Sweden’s most satisfied retail customers according to the Swedish Quality Index (SKI). It is also a leader in digital banking services, and has won awards for Sweden’s best mobile bank, best app and mobile website.
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 the last fifty 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 Agile 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 424,000 of the world’s best-trained consultants in 46 countries. The company generated consolidated revenues of US $20.9 billion in the fiscal year ended March 31, 2019, and is listed on the BSE (formerly Bombay Stock Exchange) 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.
To stay up-to-date on TCS global news, follow @TCS_News.
About TCS Nordics
Present in the Nordic region since 1991, TCS has continuously invested in the market for the benefit of its customers. TCS has around 9,000 professionals working in Sweden, Finland, Norway, Denmark, Iceland and across TCS’ Global Network Delivery Model™ (GNDM™), servicing leading Nordic companies. Since 2010, TCS has tripled the size of its operations in the region, with significant increase in local hiring. TCS has been consistently rated as number one in Nordic IT services customer satisfaction over the past 6 years, in multiple surveys (by KPMG and Whitelane Research/ PA Consulting). Several prominent Nordic companies have benefited from TCS’ unique service offering, including Ericsson, TDC, ABB, Telenor, NETS, and DNB.
TCS Financial Solutions Media Contacts:
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Anjana Srikanth – Head, Marketing, TCS Financial Solutions
Phone: +91 8067256963
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