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19 Regional banks to manage business operations on cloud
LONDON | MUMBAI, February 23, 2017: Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS) a leading global IT services, consulting and business solutions organization, has today announced that Community Savings Bank Association (CSBA) has selected TCS BaNCS on the Cloud as the core banking solution for its member banks across the entire United Kingdom. The vision of CSBA is to have a local network of customer owned, regional banks that create and support wealth creation in local communities.
James M. Moore, Chairman, Community Savings Bank Association, said, “CSBA will introduce a UK-wide network of customer-owned, regional banks in each of the 19 defined regions to serve the everyday financial needs of ordinary people, local community groups, and also support small and medium sized companies. A secure, robust and flexible IT infrastructure is crucial for our operations and TCS BaNCS emerged as the most compelling choice.”
S. Sambamurthy, Head, UK & Europe, TCS Financial Solutions, said, “The vision of Community Savings Bank Association is customer-centric wealth creation and a cloud deployment will allow local banks to be nimble in offering tailored products to their customers. TCS BaNCS will enable CSBA to drive both client centricity and implement state of the art digital solutions.”
TCS BaNCS on the Cloud is a digital banking solution designed to meet the market requirements in the UK. The solution is a fully integrated, Omni-channel platform providing banking, cards and payments functions. With the solution CSBA’s member banks will be able to offer full service banking for loans, deposits, mortgages and current accounts. All services are delivered through TCS BaNCS digital channels, branch network and smart kiosks.
About Community Savings Bank Association - CSBA
Community Savings Bank Association Limited (CSBA) is a Co-operative Society registered under the Co-operative and Community Benefit Societies Act 2014 registration number 4062. The CSBA exists to rebuild a network of independent, customer owned, local banks in the UK. Creating a local bank is not for the faint hearted. The expertise needed, the complexity of the process and the considerable costs have put many people off. The CSBA have made it easier, simpler, less risky, quicker and cheaper for each region to set-up its own customer owned bank. For more information visit us at www.csba.co.uk.
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 BαNCS. Our mission is to provide best of breed solutions that drive growth, reduce costs, mitigate risk and offer a faster speed to market for our clients. With a global customer base of more than 370 institutions operating in over 80 countries, TCS Financial Solutions delivers 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 378,000 of the world’s best-trained consultants in 45 countries. The company generated consolidated revenues of US $16.5 billion for year ended March 31, 2016 and is listed on the BSE (formerly Bombay Stock Exchange) and the NSE (National Stock Exchange) in India. For more information, visit us at www.tcs.com.
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