Mumbai, India, October 20, 2011: Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS) a leading IT services, consulting and business solutions organization, announced today that CUA, Australia’s largest customer-owned financial institution, has selected TCS BaNCS Online Banking Platform to revitalize and transform its online banking system.
The selection of TCS to deliver CUA’s online banking platform follows the announcement made earlier this year that TCS and its BaNCS banking platform would be delivering CUA’s new core banking system. The online banking transformation program is expected to be delivered over the next two years.
Chris Whitehead, Chief Executive Officer, CUA, said, “Following the selection of TCS to implement our core banking system, we also reviewed TCS BaNCS online banking platform and determined it would meet the needs of both our business and our customers for the long-term. The benefit of having one partner delivering an integrated technology solution also brings obvious advantages. Enhancing the experience our customers have with our brand and ensuring consistency across all channels is a business priority that is fundamental to our growth strategy. As part of the transformation program, our online banking customers will have access to mobile banking applications and a more streamlined, easy-to-use and visually appealing service with improved functionality and capability.”
NG Subramaniam, President, TCS Financial Solutions, said, “In addition to TCS BaNCS Core Banking, our team is delighted to provide CUA with an integrated retail banking solution that now includes the TCS BaNCS Online and Mobile Banking software. TCS BaNCS will connect customers to CUA’s broad range of products and services including deposits, loans and payments in a highly interactive and user-friendly mobile banking environment. We are confident that this transformation program will assist CUA to drive profit with growth.”
As Australia’s largest customer-owned financial institution, CUA provides banking services to more than 400,000 Australians across the country and is emerging as a competitive force in Australian banking. CUA is 100 per cent owned by its customers, not shareholders, with profits reinvested back in to the business in the form of more competitive products, better interest rates and lower fees. For more information, please visit www.cua.com.au.
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 BaNCS. Our mission is to provide best–of-breed solutions that will drive growth, reduce costs, mitigate risk and offer a faster speed-to-market for our clients. With a global customer base of more than 240 institutions operating in over 80 countries, TCS Financial Solutions deliver 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 214,000 of the world’s best-trained consultants in 42 countries. The company generated consolidated revenues of US $8.2 billion for year ended March 31, 2011 and is listed on the National Stock Exchange and Bombay Stock Exchange in India. For more information, visit us at www.tcs.com.
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