Tata Consultancy Services (TCS) disclosed to stock exchanges on March 19, that Central Bank, a prominent Midwest regional bank in the US, has opted to employ TCS BaNCS to modernise its fundamental technology infrastructure, foster innovation and fortify customer connections.
TCS BaNCS is a universal financial solution that empowers financial institutions to improve customer experience through innovative technologies.
According to TCS, an IT services, consulting and business solutions company, the strategic alliance between Central Bank, headquartered in Jefferson City, Missouri, and TCS is intended to establish seamless and adaptable customer onboarding procedures, facilitating the bank's ongoing expansion efforts.
TCS highlighted that the Central Bank oversees assets exceeding $20 billion serving over 150 locations across 78 communities in Missouri, Kansas, Illinois and Oklahoma. The bank's decision to implement TCS BaNCS reflects its dedication to adopting cutting-edge technology to streamline operations and enrich customer interactions, it further stated.
Leveraging the comprehensive capabilities of TCS BaNCS' API ecosystem will facilitate seamless connectivity across various applications, services, and platforms. This initiative is poised to streamline the Central Bank's customer acquisition process and bolster employee efficiency, TCS said.
TCS noted that with real-time processing capabilities, the bank's staff will gain comprehensive insights into customer relationships, enabling them to swiftly develop and deploy innovative products. Moreover, the solution will come pre-integrated with TCS BaNCS for Payments, an ISO 20022-ready solution, empowering the bank to provide FedNow services and RTP by The Clearing House.
Venkateshwaran Srinivasan, Global Head of Financial Solutions at TCS, on partnering with Central Bank for their digital transformation journey, emphasized TCS BaNCS' suitability for institutions dedicated to large-scale innovation.
“We are happy to partner with Central Bank in their digital transformational journey. Our extensive investments in TCS BaNCS, contextual knowledge of the financial services industry, and strong track record in execution make us the preferred solution partner for preeminent institutions such as Central Bank that are dedicated to innovating at scale,” Srinivasan said.
John Ross, President and CEO of Central Bank, stated that choosing TCS as a partner for their core modernization was a natural decision due to shared commitment to technology and customer experience. Ross said, “When the decision was made to modernize our core as part of a long-term strategy, we looked extensively for a true partner. Given our shared commitment to technology and its role in the customer experience, TCS, with its TCS BaNCS product suite, was a natural choice for Central Bank.”
Amit Bajaj, President of TCS North America, highlighted TCS' successful partnerships with regional banks and institutions in North America, emphasizing TCS BaNCS' role in enabling the Central Bank to offer a seamless and adaptable onboarding process for its expanding customer base.
"TCS’s longstanding partnerships with regional community banks, credit unions, and financial institutions continue to expand as we serve multiple such local and regional banks in North America. We have been working with these financial institutions to modernize their core platforms so they can adapt to their customers’ ever evolving digital needs. With TCS BaNCS, Central Bank will get a jumpstart and now offer a frictionless and flexible onboarding process that meets the needs of its growing customer bass," Bajaj said.
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