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Tata Consultancy Services Will Help Enhance SBI’s Application Estate Around Core Banking Areas and Financial Inclusion for a Further Five Years
MUMBAI, October 06, 2021: Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS), a leading global IT services, consulting and business solutions organization, has announced that its long-standing partnership with State Bank of India (SBI), India’s largest bank, has been extended for another five years as the bank embarks on its next leg of growth based on the three pillars of technology, resilience and people.
The extended partnership builds on a two-decades long relationship between the two partners, that began with the implementation of the TCS BaNCS™ core banking solution in 2001, the largest such transformational program of that era. As part of the new contract, TCS will continue to maintain and enhance SBI’s application estate around core banking, trade finance, financial reporting, and financial inclusion with new features and functionality. This will support the bank’s ability to launch newer offerings and respond to business and regulatory changes.
In addition, TCS will continue to leverage its deep contextual knowledge of SBI’s business and technology landscape to help the bank with large transformation programs to help its customers realize their aspirations, and make their day-to-day banking accessible, intuitive, easy, and secure. In the most recent such engagement, TCS is helping build Bharat Craft – an omnichannel, online B2B e-commerce platform which would serve as a marketplace for MSMEs, jointly driven by SBI and the Government of India.
Prior to that, TCS collaborated with SBI to plan and execute the simultaneous merger of five associate banks and Bharatiya Mahila Bank. The colossal undertaking involved integrating over 200 business processes, over 43 IT applications, 17,500 products, and over 50 billion database records, and impacting over 50,000 tellers across 7,000 branches. Immaculate planning and execution ensured accomplishment of all goals – without any interruption to services – in just six weeks.
“Technology and innovation have been at the core of SBI’s growth and transformation journey over the last two decades. TCS has been a valuable partner since the beginning and has supported us in building and running a high-performing, resilient and scalable core banking platform that is foundational to all our digital initiatives. We are pleased to extend our relationship with TCS as we continue to work together to launch new initiatives for enhanced customer experience,” said Ravindra Pandey, DMD & CIO, SBI.
“TCS’ two decades-long relationship with SBI is a testament to our customer-centricity and our approach of harnessing collective knowledge to create greater futures. We are delighted to continue this partnership as the bank embarks on its next wave of growth. We look forward to an exciting journey ahead, filled with energy, innovation, and a passion for excellence,” said Ujjwal Mathur, Country Head – India, 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 500,000 of the world’s best-trained consultants in 46 countries. The company generated consolidated revenues of US $22.2 billion in the fiscal year ended March 31, 2021 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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