Industry
Banking
Banking Services Transformation: Unlocking Exponential Value
Solution
TCS BaNCS™
TCS BaNCS™: Enabling Transformation in Banks and Financial Institutions
Highlights
- The TCS BaNCS Global Banking Platform caters to the entire spectrum of banking technology, from commercial to urban co-operative, to rural, private and small finance banks.
- A complete core banking suite, it supports the specific needs of co-operative banking related to membership, shares, domestic trades, among others.
- Curated for the needs of the co-operative banking segment, it can drive symmetric growth by enabling customer-centric innovation.
Introduction
Urban co-operative banks (UCBs) play a pivotal role in the Indian banking system, particularly in advancing financial inclusion in urban and semi-urban areas.
The rapid advancement of technology and pandemic-driven changes in customer expectations are driving co-operative banks to reimagine their value proposition – primarily focused on digital transformation, strong governance, and the realization of frictionless customer experiences.
Added to this, the need to meet the demands for increased transparency from the Central Bank and regulatory compliance in IT security and complex reporting is placing co-operative banks on the fast and ambitious track of leveraging best-in-class core and digital technology.
This is where TCS BaNCS from Tata Consultancy Services comes in. A flagship product from an award-winning suite, which is continuously evolving to meet the needs of every type of bank, it is a proven solution whose fit-for-purpose components meet the needs of your co-operative bank completely.
Challenge
Co-operative banks face a myriad of technical challenges that hinder their ability to operate efficiently and compete effectively in a rapidly evolving financial landscape.
These include reliance on legacy systems, limited IT infrastructure, data management & security, the need for digital transformation, and finally, ecosystem integration for the digital revolution.
The TCS BaNCS Global Banking Platform caters to the entire spectrum of banking technology, from commercial to urban co-operative, to rural, private and small finance banks.
Leading-edge technology: Premised on digital -first, cloud- first design principles, it is a contemporary digital core banking solution offering out-of-the-box support for the end-to-end value chain of Current Account Savings Account (CASA), deposits, loans, payments, trade finance, fees, and pricing along with ledger and accounting capabilities. Its componentized architecture enables rapid, agile development and ensures the benefits of continuous integration, delivery, and timely upgrades. Completely built on modern Java technology, the solution increases operational efficiency, is flexible and configurable while also ensuring future readiness of all IT applications in the bank. It can be deployed on premise or on the cloud.
Meeting customer expectations: Today, customers expect the same levels of digital experiences that their personal devices provide them from their banks. Investing in modern technology and building a future-proof foundation for innovation therefore becomes an imperative. Real time availability of data and transaction processing become default expectations.
TCS BaNCS’ full suite of digital banking services with online account opening and integrated real-time payment solutions can help your bank attract Generation Y and Z customers, while also streamlining operations and improving service delivery and experience.
Regulatory compliance: The solution can help your bank easily navigate and keep up with the complex swathe of regulatory changes by harnessing the power of data. Your insititution can reap the benefits of a single source of truth via an enterprise data layer, and also manage evolving regulatory and MIS requirements seamlessly.
Solution
The TCS BaNCS Global Banking Platform is designed to give your bank’s customers the experience they are looking for.
A true digital core: A complete core banking suite, it supports the specific needs of co-operative banking related to membership, shares, domestic trades, among others. Built on a complete Java architecture and open technology stack, it is a high performing 24*7 system.
Integrated digital channel: Comprehensive coverage for retail and corporate customers both on desktop and mobile banking, offers a unified experience across multiple customer touch points.
An intuitive and user-friendly branch channel: An integrated channels solution from TCS BaNCS support branch and front-end needs, including a 360-degree view of the customer to the bank (and vice versa).
Enhanced capabilities for trade finance: This ranges from Letters of Credit (LCs) for import, guarantees, and stand-by LCs.
Integrated treasury management: Complete front-to-back coverage for foreign exchange, money market and securities (bonds and equities), enabling straight-through processing via a single system.
Multiple payments rails: Componentized model supporting multiple payment rails in the Indian banking system while also facilitating in-sourcing/outsourcing of payments processing.
AML compliance: A complete solution for all anti money laundering (AML) and related laws.
Integration layer: This connects internal systems, market infrastructure and third-party external applications through web services, APIs, batch/file integration adapters, a library of market interfaces, and an integration workbench, which all come together to design and build interfaces rapidly. These include ATM switches, UPI, digital/cash-less payments and clearing (RTGS/NEFT/NACH/IMPS/CTS), as well as third-party integration with various applications like credit rating systems, regulatory compliance reporting, data warehousing or document management systems.
Benefits
Curated for the needs of the co-operative banking segment, the TCS BaNCS Global Banking Platform can drive symmetric growth by enabling customer-centric innovation.
An API-First Platform: While our APIs ease integration and deliver superior customer experience on digital platforms, TCS BaNCS’ open banking capabilities can unlock new business models of ecosystem banking and embedded finance, thereby growing your bank’s customer footprint and business/transaction volumes.
Ecosystem enablers: By selecting a curated set of solutions encompassing both TCS BaNCS and fintech solution partner applications, you can build a holistic offering that is aligned with customers’ life events.
Hyper-personalization: The solution’s flexibility, configurability and extensibility along with its rich partner ecosystem work together to help make your offerings contextual to your customers’ unique needs, delivered in real time.
Enhanced and efficient governance: The solution can help digitize operations, streamline processes and increase operational efficiency, bringing in a positive transformation to governance.