Top 8 of 10 financial institutions in South Africa powered by TCS BaNCS
Mumbai, May 10, 2017: Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS), a leading IT services, consulting and business solutions organization, announced that Mercantile Bank Limited (MBL), South Africa, has successfully transformed its banking operations with TCS BaNCS Digital. With this modernization of technology, the Bank has significantly elevated customer touch points of browser, mobile and tablets into a seamless digitally immersive experience.
Mercantile Bank wanted to provide an omni-channel experience for its Small and Medium Business customers and enhance the value and services it provides. The Bank selected TCS BaNCS Digital for its hybrid architecture, responsive web design and functional richness for the market. With the solution, MBL can now deliver channel agnostic business banking, with an intuitive, interactive and instantaneous experience across multiple devices. The solution’s scalability ensures that large volumes of transactions are managed by the Bank with ease.
TCS BaNCS Digital is designed with business aware intuitive widgets and a robust middleware platform that allows the solution to be agnostic to back-end systems. The hybrid architecture-based solution delivers retail and business banking capabilities, including several types of payments, credit cards and tax filing, and is integrated with South Africa’s national tax payments Infrastructure. The solution is also designed to deliver end users with optimized bandwidth consumption and an instantaneous touch experience.
Karl Kumbier, Chief Executive Officer, Mercantile Bank, said, “TCS BaNCS Digital is easy to use, secure, agile, and flows intuitively, which makes it a great user experience-based banking platform. It fully integrates with private and business banking, and allows for payments directly to SARS (South African Revenue Service) via SARS E-Filing. It is designed to be simpler and rests on the three pillars of security, speed and convenience. Since the launch of our new solution, customer satisfaction of our online channel is at 86.7% for our Bank. We look forward to working with TCS in leading the South African market through digital innovation.”
Sathish Vallat, Head, TCS BaNCS Digital, said, “TCS BaNCS Digital is operational at MBL, deepening customer engagement levels through an omni-channel business banking experience. Our enterprise and consumer app strategy with hybrid architecture adoption and alignment to industry standards has enhanced business innovation while delivering value to end customers. Our partnership with a challenger Bank like MBL who focuses on building a better experience for SME banking positions us as the future solution for financial institutions who look at ‘place’ as a customer mindset rather than a geographic location. With 8 of the top 10 financial institutions being powered by TCS BaNCS in South Africa, we continue to remain the partner of choice in the region.”
About Mercantile Bank Limited
Mercantile Bank Ltd. was founded in South Africa in 1965 and is 100% owned by Caixa Geral de Depósitos, the largest bank in Portugal and a global financial services group present in 23 countries and in 4 continents, with more than 139 years’ banking experience. Mercantile Bank is a niche business and commercial bank provides a comprehensive set of products and services catering for the everyday banking needs of businesses. The Bank seeks to differentiate itself through great service and a deep understanding of the needs of the South African entrepreneurs.
While Mercantile Bank operates within South Africa, it has reach into other key African markets through its parent company and its subsidiaries in Angola and Mozambique. There is an ongoing focus on capturing trade flows between these fast growing African economies.
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 TCS BaNCS website.
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 387,000 of the world’s best-trained consultants in 45 countries. The company generated consolidated revenues of U.S. $17.6 billion for year ended March 31, 2017 and is listed on the BSE Limited and National Stock Exchange of India Limited. For more information, visit us at www.tcs.com.
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