Banking-as-a-service platform for Israel
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Industry
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Banking
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Banking on purpose-led ecosystems
TCS’ solutions help banks and FIs push traditional boundaries and build cognitive banking enterprises for better value, resilience, and inclusivity. Learn more.
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Solution
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TCS BaNCS™
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TCS BaNCS™: Enabling Transformation in Banks and Financial Institutions
Offering Software-as-a-Service across a stack of solutions and applications, TCS BaNCS facilitates smooth transformation in financial services and drives growth.
Related InsightsZions Bancorporation executives discuss their journey with TCS BaNCS and how their decade long partnership has been successful in implementing a future core platform to stay competitive.Customer Testimonial07 Jul 2022TCS BaNCS Enterprise Payments Hub helped centralize Emirates NBD's payments processing operations, enabling innovation and better IT landscape and CX. Know more.video22 Mar 2023Nathan Morgan, Founder, CEO and Chairman, Continental Bank discusses how TCS BaNCS Cloud for Banking helped them to unify its offerings, integrate lease applications and offer its small and medium business customers a superior banking experience.Customer Testimonial18 Oct 2021
Highlights
- If you are a start-up bank or a financial institution looking at throwing in a challenge to well-established financial institutions, TCS BaNCS Banking Service Bureau (BSB) offers rapid time-to-market and lowers entry barriers with a market-ready digital platform
- If you are a well-established financial institution with heritage technology frameworks planning to transform your operations / focus on a new customer segment / create a virgin banking entity as a digital bank, BSB offers componentized solutions for you
- If you are a well-established player in a non-financial industry (Retail / pharma / telecom etc), keen to offer innovative financial services to your customers as a differentiator, then BSB is what you need
In this article
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Abstract
Banking Service Bureau (BSB) is a Banking as a Service platform enabled by TCS BaNCS, offers large banks/FIs and small niche digital firms with an end-to-End Banking Solution for a complete overhaul of their core technology platform.
Challenge
Large banks/FIs are unable to make changes to their legacy technology landscape due to huge investment needs resulting in steep decline in their market share allowing new entrants taking up the younger customer segments. The Banking Service Bureau from TCS BaNCS alleviates this risk significantly.
Tata Consultancy Services’ Market-Ready Digital Banking Platform to Help the Organization Design and Launch Innovative Financial Services at Speed
Solution
The Banking Service Bureau is a banking-as-a-service platform enabled by TCS BaNCS with a digital and Israel-ready core offering for banking, securities, and advisory services. Application programming interfaces (APIs) from TCS BaNCS will enable the creation of a custom and differentiated digital front-end. The platform is fully compliant to local regulation, integrated with the financial ecosystem in Israel, and runs on a private cloud with shared services support.
For a start-up bank or a financial institution: Offers rapid time-to-market and lowers entry barriers with a market-ready digital platform
For a well-established financial institution: Offers componentized solutions, ranging from digital lending, customer on-boarding, payments, anti-money laundering and securities, on a subscription model
For a well-established player in a non-financial industry: Offers innovative financial services to your customers as a differentiator
Ofek has been involved in Israel’s financial services reform for more than a decade. Our co-operative society set forth on a journey when banking needs in the country were transforming, and recently we have received a formal license to operate in this space. By selecting TCS’ Banking Services Bureau, we are getting closer to realizing our vision of offering innovative digital financial services in the country.
Adv. Tom Dromi
CEO, Ofek Credit Union
Benefits
Low entry barrier for new entities to get on-boarded
Quick and agile implementation approach allowing banks to proceed with a soft launch
Comprehensive regulation support ensuring full compliance
Vendor management is fully handled by TCS, allowing your bank to focus on core business functions
Componentized model catering to various business models such as digital lending, e-KYC, or digital bank guarantees, facilitating innovation
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