Tata Consultancy Services’ Integrated Digital Banking Ecosystem Enabled the Digital Bank to Launch Innovative Products and Services, Enhance Customer Experience, and Drive Differentiation
ABU DHABI | MUMBAI, December 19, 2022: Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS) announced that its client Al Maryah Community Bank has won the IBS Intelligence Global NeoChallenger Bank award in the categories Customer Experience and Innovation in Offering.
Al Maryah Community Bank is the UAE’s first fully integrated pure play digital bank born in the cloud, offering secure and innovative banking services for individuals and SMEs (Small and Medium Enterprises). It selected TCS as its end-to end technology partner and TCS BaNCS™ for core banking, payments, channels, and compliance management solutions on the cloud. TCS BaNCS’ composability, configurability, and extensibility enabled the bank to easily integrate with the local ecosystem, offer a full set of services in digital only mode, launch innovative new products and services and deliver personalized and contextual experiences, helping this marquee implementation win the IBS Intelligence award.
The TCS solution offers the full complement of banking services through the mobile app, digitally reimagining all the processes to enable self-service capabilities such as scanned mobile check deposits. It provides personalized experiences across channels like chatbots, p2p payment interfaces, and third-party apps, giving it a competitive edge. Customers also receive contextual product recommendations, driving new revenue streams for the bank.
TCS BaNCS’ easy configurability has helped Al Maryah launch innovative new products for youth and children alongside digital and metal cards for high-net-worth clients. The platform will help the bank expand its footprint in new markets, leveraging products such as Banking-as-a-Service and stored value digital wallets.
The platform’s open architecture enables easy integration with the extended partner ecosystem and government and regulatory bodies in the region. It is fully integrated with UAEPass, the country’s blockchain-based digital identity system enabling the seamless onboarding of new customers in less than five minutes. It is also integrated with UAE’s TAMM (Investor Journey Platform) to automatically trigger account opening for SMEs embarking on their entrepreneurial journeys.
A distinctive attribute of this implementation was the rapid set up of the platform and launch of the first MVP within five months. This was enabled by TCS BaNCS’ rich out-of-the-box functional capability, high degree of configurability, comprehensive set of APIs and orchestration capabilities, pre-integrated solutions from its partner ecosystem and agile delivery approach.
Mohammed Wassim Khayata, CEO of Al Maryah Community Bank, UAE, commented, “Winning the IBS Intelligence NeoChallenger Bank award for Customer Experience and Innovation in Offering is representative of Al Maryah’s vision to create a digital platform that allows players across UAE ecosystems to connect and offer customers seamless services and products, underpinned by speed and convenience. The digital banking solution set up on TCS BaNCS Global Banking Platform and its partner ecosystem has helped us launch operations in a short span of five months, and its intelligent, cloud native digital core and accompanying services have helped us onboard customers since launch. Our customers are benefitting from personalized offerings and seamless integration with the UAE’s financial ecosystem for additional services. We look forward to innovating further and enhancing our footprint across the region and beyond.”
Amit Jain, Co-head & Partner, IBS Intelligence, said, “We applaud Al Maryah Community Bank and TCS BaNCS for winning the award in the Customer Experience and Innovation in offering categories, both of which demonstrate banking that is premised on self-service, omnichannel experiences, customer-centric products and speed to market.”
Venkateshwaran Srinivasan, Global Head, TCS Financial Solutions, said, “TCS BaNCS is emerging as the preferred platform for the new generation of digital banks that have differentiated themselves with personalized customer experiences, innovative products and services, and speed to market. We are proud to partner with Al Maryah Community Bank in their pioneering achievements across the region and congratulate them on winning this award.”
TCS BaNCS and all partner solutions are predicated on the Digital First, Cloud First philosophy with the outcome being a modern platform in the banking and financial industry in a digital world. The platform for Digital Banking comprises innovative and adaptive digital apps and an intelligent core richly enabled for business supporting products and services across assets and liabilities, cash, securities, and crypto assets for a wide variety of use cases in the financial services industry. The solution helps traditional businesses accelerates digital transformation by unshackling them from the constraints of legacy technology and powering the ambition to play into the overall ecosystem powered with a rich catalogue of APIs.
Al Maryah Community Bank, UAE’s first fully integrated Digital Bank, offers an omnichannel experience to individual consumers and small businesses.
Al Maryah Community Bank is a specialized bank, focusing on growth and serving the UAE community; UAE Nationals, Residents, and Businesses (SMEs and Corporates), in line with the vision of the UAE leaders in supporting individuals and small businesses within the UAE economy and fostering a futuristic culture by employing forward-thinking concepts driven by innovation and technology.
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: https://www.tcs.com/what-we-do/products-platforms/tcs-bancs
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 over 50 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 616,000 of the world’s best-trained consultants in 55 countries. The company generated consolidated revenues of US $25.7 billion in the fiscal year ended March 31, 2022, 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 MSCI Global Sustainability Index and the FTSE4Good Emerging Index. For more information, visit www.tcs.com