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The Asian Banker awards Hua Xia Bank, China and TCS for outstanding IT Implementation in China
Beijing/Mumbai, 28 April, 2010: TCS Financial Solutions, a strategic business unit of Tata Consultancy Services (TCS), (BSE: TCS.BO, NSE: TCS.NS) dedicated to providing business application solutions to the banking, insurance and capital markets industries, announced today that it’s client Hua Xia Bank (HXB), China and TCS have won The Asian Banker’s prestigious Best Core Banking IT Implementation Award.
Jian Wu, Chairman of board of directors of HXB commented, “Our team is delighted to win this prestigious award. The key design concept of HXB new core banking system is to be “customer centric”. This design allows us to set up different process flows to differentiate customers, business risks, and to identify high quality corporate clients so that the bank can provide more detailed and additional services to our key customers. TCS BaNCS Core Banking has laid a strong foundation to enhance our management systems and create a centralized operating platform. In addition, this system improves new business development and assists to speed up the bank’s expansion plans. HXB has become the first publicly traded domestic commercial bank that has introduced an advanced foreign core banking system in China.”
Brent Zhu, Head of TCS Financial Solutions China comments: “Hua Xia Bank has recently increased its network of branches across China. With over 335 outlets and approximately 1290 overseas correspondent banks positioned around the world Hua Xia Bank needed a solution that would be able to maximize operational efficiency and drive revenue growth. This Core Banking implementation award firmly positions TCS BaNCS at the pinnacle of Core Banking in China. I would like to thank The Asian Banker, TCS staff and the Hua Xia Bank team for their world-class Core Banking system delivery expertise. TCS BaNCS continues to scale to great heights.”
TCS BaNCS has assisted Hua Xia Bank to attain a consistent user experience and employee interface from one branch to the next, providing a 360 degree view of customer activities across all lines of the business and access channels. The core banking implementation covers the banks new customer information file, deposits, loans, payments, cards and telling system. TCS BaNCS provides highly scalable architecture that supports HXB branches across different time zones, currencies and languages. The Core Banking solution also enables the banks processing center to centralize the management of its back office operations. This assists to separate the bank’s front and back-end business processes and reduce costs. In addition, the solution provides a swift and powerful capability to setup financial products in the system. This powerful solution has drastically reduced product development cycle time and has speed up the time to launch new financial products into the market.
TCS Financial Solutions (TCSFS) 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 delivers state-of-the-art software solutions for the banking, insurance and capital markets industries worldwide. For more information, please visit www.tcs.com/bancs .
Hua Xia Bank has an extensive network of branches across China, covering major cities including Beijing, Nanjing, Hangzhou, and Shanghai. Inter-city sub-branches were established in Yantai, Liaocheng and Yuxi. Hua Xia bank has set up a total of 335outlets and has over 10,000 employees. The Banker (UK) ranked Hua Xia Bank as the 313rd on its list of “Top 1000 World Banks” in terms of total assets. In the same year, again in 2008, Hua Xia bank was awarded the “Bank with the Best Annual Growth” by Institute of Finance and Banking, Chinese Academy of Social Sciences. For more information, please visit: http://www.hxb.com.cn/index.shtml
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 160,000 of the world's best trained IT consultants in 42 countries. The Company generated consolidated revenues of over US $6.3 billion for fiscal year ended 31 March 2010 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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