NBB picks TCS BaNCS to power core banking transformation - GulfToday

NBB picks TCS BaNCS to power core banking transformation

BBN

NBB and TCS officials at the signing ceremony.

Business Bureau, Gulf Today

Manama: The National Bank of Bahrain (NBB) has selected Tata Consultancy Services (TCS), a leading global IT services, consulting and business solutions organisation, to provide its TCS BaNCS solution for core banking in line with the Bank’s digital transformation and efforts to diversify its business lines, deliver superior customer experience, and leverage the power of an extended and connected ecosystem.

TCS BaNCS is a comprehensive and contemporary solution that will standardise and streamline NBB’s operations across multiple countries where the Bank operates including its home market of Bahrain as well as in the UAE and Saudi Arabia, where NBB is continuing to expand its presence and activities.

The solution spans customer management, loans, deposits, payments, origination, Islamic banking and liquidity management for retail and corporate banking and will enable a unified customer experience across multiple channels while leveraging multi-country and multi-entity capabilities. Additionally, NBB is looking to collaborate and integrate with the emerging ecosystem of Fintechs in the region’s banking and financial industry by leveraging TCS BaNCS’ digitalised workflows, and cognitive capabilities.

Commenting on the selection of TCS, Iain Blacklaw, Chief Operating Officer, NBB, said, “As part of our ongoing journey of transformation, we are pleased to announce another milestone in this process with the selection of TCS BaNCS. This will modernise our IT landscape, lay a strong foundation for digitalisation and offer a consistent and contextual experience to our customers. Our goal is to unlock new revenue streams by leveraging larger and extended ecosystems, introduce new products quickly, and expand our customer base across multiple countries in the region.”

“In the Business 4.0TM economy, forward thinking organisations like NBB are empowering consumers, business customers, and partners by leveraging the power of ecosystems and connectedness,” said Venkateshwaran Srinivasan, Head, TCS Financial Solutions. “With the selection of TCS BaNCS for Core Banking, spanning retail and business banking, NBB will be able to establish a customer centric, experience-led, foundation and create newer business models that drive value for their customers and partners alike. We are happy to be partnering with NBB on this transformational journey.”

TCS BaNCS for Core Banking helps banks and financial institutions cater to customers’ needs throughout their life journeys, based on anticipated requirements, and over the devices of their choice. Designed on the Digital First, Cloud First philosophy, it comes with a high performing processing engine and open banking capabilities. It supports a wide range of products and services covering assets and liabilities, and can be deployed to fit the business and operating model of a bank with an assured 24x7x365 availability, as evidenced at the 450 sites where it has been installed successfully.

Established in 1957 as Bahrain’s first locally owned bank, NBB incorporated under the laws and regulations of the Kingdom of Bahrain. NBB has grown steadily to become the Kingdom’s leading provider of retail and commercial banking services. With a major share of the total domestic commercial banking market and the largest network of branches and ATMs, NBB plays a key role in Bahrain’s Economy. NBB continues to diversify and develop capabilities to capture business opportunities in the Gulf region and international markets with the Abu Dhabi and Riyadh branch leading the way in this initiative. NBB is listed publicly on the Bahrain Bourse.

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

Tata Consultancy Services is an IT services, consulting and business solutions organisation that has been partnering 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.