Zions Bancorporation Wins Celent Model Bank for Legacy Transformation with TCS BaNCS
Leading Advisory Firm Lauds Zions’ Migration to TCS BaNCS in Comprehensive Case Study
MUMBAI, April 24, 2018: Tata Consultancy Services (TCS), (BSE: 532540, NSE:TCS), a leading IT services, consulting and business solutions organization, announced that its customer Zions Bancorporation has won Celent’s Model Bank award for the Best Legacy Transformation, after the successful implementation of TCS BaNCS for Core Banking.
Commenting on the award, Zions’ Chief Information Officer - Jennifer Smith said, “This accolade is a testimony to our vision, which was shared by TCS from the outset. We embarked on a mission to solve customer and employee pain points; simplify and substantially reduce risk for Zions; become agile in adapting digital technology to exceed customer expectations and fulfil regulatory compliance. Receiving a Model Bank award from Celent is an exciting recognition of the complex roadmap and compelling journey that we have embarked upon together.”
Venkateshwaran Srinivasan, Head - TCS Financial Solutions said, “We congratulate Zions on this accomplishment and are glad to be preferred partners in its transformation. At the heart this program was a focus on customers, simplification and operating efficiency in addition to reducing risk. This TCS BaNCS program is helping Zions to get future ready in terms of customer and employee experience and we believe that a number of banks have compelling reasons to travel a similar path.”
The selection process for the Model Bank Awards involves a rigorous evaluation of the nominations submitted by financial institutions by Celent’s Banking analyst team. Submissions are judged on three primary criteria: demonstrable business benefits of implemented initiatives; the degree of innovation relative to the industry’s standards; and the technology or implementation excellence.
“We rarely see this depth of partnership between a bank and a vendor, and Zions’ willingness to be a trailblazer by using an international firm to implement a modern, modular, and flexible core system speaks to the vision of its leadership.” Outlining the importance of culture in such a huge transformation Stephen Greer, Senior Analyst at Celent, added “Zions is undergoing a major shift in operations and technology to reach its strategic goals. Through an extended migration process and comprehensive change management, Zions has been able to achieve a significant shift in culture as it drives towards a frictionless customer experience.”
About Zions Bancorporation
Zions Bancorporation is one of the nation's premier financial services companies with total assets exceeding $65 billion. Zions operates under local management teams and distinct brands in 11 western states: Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington and Wyoming. The company is a national leader in Small Business Administration lending and public finance advisory services. In addition, Zions is included in the S&P 500 and NASDAQ Financial 100 indices. Investor information and links to local banking brands can be accessed at www.zionsbancorporation.com
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. 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, capital markets and insurance industries worldwide. For more information, visit us at https://www.tcs.com/bancs.
About Tata Consultancy Services Ltd. (TCS)
Tata Consultancy Services is an IT services, consulting and business solutions organization that partners with many of the world’s largest businesses in their transformation journeys. TCS offers a consulting-led, Cognitive powered, integrated portfolio of IT, Business & Technology Services, and engineering. 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 394,000 of the world’s best-trained consultants in 46 countries. The company generated consolidated revenues of US $ 19.09 billion for year ended March 31, 2018 and is listed on the BSE (formerly Bombay Stock Exchange) and the NSE (National Stock Exchange) in India. For more information, visit us at www.tcs.com.
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