Tata Consultancy Services’ Banking Product Suite to Help Taiwan’s Leading Bank Become Future-Ready and Orchestrate Innovative Customer Experiences
PRESS RELEASE
TAIPEI CITY | MUMBAI, January 04, 2023: Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS) announced that CTBC Bank, Taiwan, has selected TCS BaNCS™ for Banking and Wealth Management to digitally transform its business and drive its future growth.
CTBC Bank is one of the pioneering banks in Taiwan and a strong force in the region with an extensive international presence. It selected TCS BaNCS to simplify its IT landscape and create new and engaging digital experiences for its customers.
TCS BaNCS’ next-generation digital core will enable the bank to provide specialized financial services across retail, wealth and corporate banking, including money trusts, as well as trade finance and international remittance. The new core banking system will offer solutions for loans, deposits, international and domestic remittances, payments/collection, facility limits and collaterals across both consumer and corporate banking business, while supporting customer services 24x7. It will enhance the banking experience for all customers and support the bank’s growth aspirations over the next decade.
TCS BaNCS’ depth and breadth of functionality and microservices-based, cloud native architecture will help CTBC innovate and drive its digital strategy, identify new business opportunities, and grow its footprint across the region.
Titan Chia, CTO, CTBC Bank, Taiwan, said, “Our bank has grown to play a significant role at the forefront of Taiwan’s financial services industry, with a proud history of many firsts. We selected TCS BaNCS for our digital transformation initiatives and to help differentiate our offerings by providing contextual, innovative solutions across banking and wealth management. TCS BaNCS’ cloud native solutions will help simplify our IT landscape, spanning consumer, corporate banking, and trade finance in alignment with our vision for a tiered architecture through front-end agile delivery, and mid-platform shareable modules backed by an intelligent digital core. We look forward to fulfilling our vision of becoming a champion in Taiwan and a leading Bank in Asia.”
Venkateshwaran Srinivasan, Global Head, TCS Financial Solutions, said, “The TCS BaNCS solution will bring CTBC Bank onto a modern core across their product lines of banking and wealth management based on a microservices architecture, leveraging cloud native capabilities. This will help the bank deliver customer-centric solutions, and enhance scalability and resilience. The solution’s rich APIs and orchestration capabilities will help the bank integrate larger ecosystems into their core processes and improve time-to-market for innovative new offerings.”
TCS BaNCS solutions are built 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 TCS BaNCS solution comprises innovative and adaptive digital apps and a digital core richly enabled for business supporting a wide range of products and services across asset types – assets and liabilities, cash, securities, and crypto assets for a wide variety of use cases in the financial services industry. This solution accelerates the digital transformation of traditional businesses 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.
About CTBC Bank
CTBC Bank, a subsidiary of CTBC Holding (TPE: 2891), was established in 1966 and has been building customers’ wealth and Taiwan’s economy for over half a century now. In addition to its 152 branches nationwide, CTBC Bank has the most extensive international presence of any Taiwanese bank, with 216 overseas outlets across 14 countries and regions. With a subsidiary, The Tokyo Star Bank, purchased in Japan and CTBC Bank subsidiaries established in the U.S., Canada, the Philippines, and Indonesia, the Bank has laid a strong foundation for regional business, providing. Looking ahead, we’re determined to continue leading the industry in digitalization, leveraging fintech and Big Data to drive innovation and create entirely new and engaging digital experiences for our customers. We will also continue to expand our efforts in operational performance, corporate governance, corporate social responsibility, and environmental sustainability as we cement our status as “Taiwan Champion, Asia Leader.”
About TCS BaNCS
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: www.tcs.com/bancs
About Tata Consultancy Services (TCS)
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
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