Tata Consultancy Services’ Core Banking Platform Replaces Legacy Systems, Enabling Superior Customer Experience and Speed to Market, Supports Expansion into New Markets
TAIPEI | MUMBAI, June 18, 2019: Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS), a leading global IT services, consulting and business solutions organization, announced that its customer, KGI Bank in Taiwan, has successfully deployed TCS BaNCS for its corporate and consumer banking operations, creating a strong foundation for its next phase of growth.
KGI Bank’s IT landscape had become very complex, with multiple legacy core banking systems acquired through various mergers. These systems were hampering the bank’s ability to grow, keep up with changing customer needs, and limiting its plans for international expansion. KGI Bank decided to replace them and move to a single, modern, integrated banking solution that would support its growth and transformation agenda. Following numerous rigorous evaluations, KGI Bank selected TCS BaNCS to help achieve both its short term goals and its strategic objectives. The successful implementation unified the Bank’s corporate and consumer banking businesses, and is one of the fastest core banking deployments in Taiwan.
Leo Weng, CIO, KGI Bank, said,“The successful deployment of TCS BaNCS has helped us establish a robust technology environment to support our growth objectives and unify a wide range of business functions spanning deposits, loans, channels and payments for both corporate and consumer banking. We also decided to tackle both local and foreign currency deposits with this initiative, which in Taiwan is a full-fledged project by itself, and I am happy to say that in record time we were able to achieve these goals with the help of the continuous support from TCS and our staff, including our CEO. We are now able to consolidate information across service channels and business lines to have a single view of the customer, enabling a superior experience and better risk management. TCS BaNCS has helped us improve time to market for new products, effortlessly meet the heavy processing workloads and performance requirements of retail banking, while improving operational efficiencies. With TCS, we believe that we have selected the most reliable partner for our long-term expansion into the Asia-Pacific region and beyond.”
Commenting on the successful deployment of TCS BaNCS at KGI Bank, Venkateshwaran Srinivasan, Head, TCS Financial Solutions, said,“KGI Bank now has a firm foundation to accelerate its digital transformation journey, evolve into a future-ready organization and expand into the Asia-Pacific markets. By empowering its digital initiatives and significantly improving time to market, this deployment of TCS BaNCS is representative of one of the key principles of the TCS Business 4.0™ framework, where we empower our customers to drive exponential value.”
TCS BaNCS helps banks and financial institutions cater to customer needs throughout their life journeys, based on anticipated requirements and over the devices of their choice. Designed on the Digital First, Cloud First philosophy, the solution comes with a high performing processing engine and open banking capabilities. It is a collection of loosely coupled components, services and APIs that implement standards from BIAN and IFX for a wide range of technology environments seamlessly, laying the framework for both digital and analytics preparedness. It supports a variety of products and services covering assets and liabilities and can fit the business and operating model of a bank with an assured 24x7x365 availability, as evidenced at the 450 sites where it is installed successfully.
About KGI Bank
KGI Bank is a subsidiary commercial bank of CDF, which aims to offer clients with the best financial services, including deposits/loans, credit cards, wealth management, consumer banking, corporate finance, global markets and foreign exchange. The bank has actively launched a variety of innovative products and services to keep pace with the digital era in recent years, providing everything from traditional services to Internet- and mobile device-based platforms for SWIFT banking at customers’ fingertips.
About TCS Financial Solutions
TCS Financial Solutions is a strategic business unit of Tata Consultancy Services. Dedicated to providing business solutions to financial institutions globally, TCS Financial Solutions has compiled a comprehensive product portfolio under the brand name of 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: http://www.tcs.com/bancs
About Tata Consultancy Services Ltd. (TCS)
Tata Consultancy Services is an IT services, consulting and business solutions organization that has been collaborating with many of the world’s largest businesses in their transformation journeys for the last fifty 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 424,000 of the world’s best-trained consultants in 46 countries. The company generated consolidated revenues of US $20.9 billion in the fiscal year ended March 31, 2019, 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 Dow Jones Sustainability Index (DJSI), MSCI Global Sustainability Index and the FTSE4Good Emerging Index. For more information, visit us at www.tcs.com.
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