Scotwest and Capital Credit Unions, UK select TCS BaNCS Core Banking to transform IT
Cussco, the joint venture company to address emerging changes in Community Banking
Mumbai, India, October 24, 2011: Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS), a leading IT services, consulting and business solutions organization, announced today that Scotwest and Capital Credit Unions chose TCS BaNCS Core Banking as their IT platform to transform their infrastructure to address emerging opportunities in Community Banking in the United Kingdom. Cussco, the joint company set up by both these credit unions, will deploy the common platform and support its entire IT architecture throughout the UK to serve its existing customers as well as seek growth avenues, as new regulations open more opportunities in community banking.
While changing the overall experience of customers by offering state-of-the-art banking, this transformation program will help Cussco move into newer geographies and tap into opportunities that open up with the evolving regulations in the UK. Credit unions are constantly seeking ways to quickly enhance their agility at an affordable cost. To that end, TCS BaNCS is hosted on an infrastructure provided by Tata Communications Limited, another Tata group company.
Outlining their IT strategy, Marlene Shiels, CEO, Capital Credit Union, said, “Our new vision is to bring high street banking to our customers in community banking. To provide the needed relationship-driven customer experience, an agile and flexible core banking platform is essential. We are excited about the winds of change sweeping through this sector and our customers will benefit from this transformation experience.”
Rod Ashley, CEO, Scotwest Credit Union, said, “To offer competitive and compelling products while retaining the ethos of a credit union is a challenge that can be overcome by using a smart core system like TCS BaNCS. We can now expand our customer base while boosting the overall speed and quality of customer transactions.”
NG Subramaniam, President, TCS Financial Solutions, said,” This selection by Cussco is proof point of TCS BaNCS scalability. While serving the needs of the largest banks around the world, TCS BaNCS also can wrap around the needs of niche credit unions and enable them to be agile and competitive. It is my belief that technology is more useful only when it serves a purpose like inclusive banking that empowers more people in the society.”
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 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 deliver 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 300,000 of the world’s best-trained consultants in 46 countries. The company generated consolidated revenues of US $13.4 billion for year ended March 31, 2014 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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