Tata Consultancy Services (TCS) announced that Ikano Bank AB (publ) in Sweden, has selected the TCS BaNCS™ Global Banking SaaS Platform for its pan-Europe core banking transformation, the company announced today through an exchange filing.
The organization offers a range of banking products, including loans, savings accounts, mortgages, and credit cards, catering to small and medium-sized businesses. It operates in eight countries and utilizes various core banking solutions specific to each country. Additionally, it works with multiple broker solutions and agency banking arrangements in each country. However, this fragmented setup has resulted in country-wise silos within the organization, impeding unified risk management and a consistent customer experience.
The bank aims to transform and consolidate its pan-European accounts, deposits, and unsecured retail lending business on TCS BaNCS, starting with Sweden. TCS BaNCS’ component-by-design approach and proven track record in the Nordics will ensure that the bank can incrementally evolve its offerings and mitigate transformation risk while continuing to deliver value to their customers. The new centralized core banking platform will help the bank innovate and launch products faster, enter new markets, standardize processes, comply with local regulations, and enhance resilience.
“Our strategy is to build a bank of the future, one that is fully digital and focused on superior customer experience. Our bank has always dared to be different while also endeavoring to simplify the way we work. This core banking transformation focusing on simplifying our technological landscape with the help of a best-of-breed solution provider is reflective of this philosophy. The TCS BaNCS Global Banking Platform is a proven solution with an established track record of delivery excellence in the Nordics and will help us accelerate innovation, while our customers will benefit from contextual experiences and faster response times,” Mikael Andersson, Head of Digital Delivery, Ikano Bank.
“We are pleased to partner with Ikano Bank in their transformational journey. The TCS BaNCS Global Banking SaaS platform provides a strong, future-ready, cloud-native digital foundation which will support the bank’s innovation and growth strategy. Our track record at executing such transformations, our extensive experience in working with Nordic banks and our product suite’s in-built market and regulatory readiness make us the preferred partner to progressive banks in their growth and transformation aspirations,” said Venkateshwaran Srinivasan, Global Head, Financial Solutions, TCS.
TCS BaNCS solutions are built on the Digital First, Cloud First philosophy with the outcome being a modern platform in the banking and financial industry in a digital world. The TCS BaNCS solution comprises innovative and adaptive digital apps and a digital core richly enabled for business supporting a wide range of products and services across asset types – assets and liabilities, cash, securities, and crypto assets for a wide variety of Page 2 of 3 use cases in the financial services industry.