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KGI Bank Prepares for its Next Phase of Growth with TCS BaNCS

Posted On: 2019-06-18 11:32:04

Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS), a leading global IT services, consulting and business solutions organization, announced that its customer, KGI Bank in Taiwan, has successfully deployed TCS BaNCS for its corporate and consumer banking operations, creating a strong foundation for its next phase of growth.

KGI Bank's IT landscape had become very complex, with multiple legacy core banking systems acquired through various mergers. These systems were hampering the bank's ability to grow, keep up with changing customer needs, and limiting its plans for international expansion. KGI Bank decided to replace them and move to a single, modern, integrated banking solution that would support its growth and transformation agenda. Following numerous rigorous evaluations, KGI Bank selected TCS BaNCS to help achieve both its short term goals and its strategic objectives. The successful implementation unified the Bank's corporate and consumer banking businesses, and is one of the fastest core banking deployments in Taiwan.

Leo Weng, CIO, KGI Bank, said 'The successful deployment of TCS BaNCS has helped us establish a robust technology environment to support our growth objectives and unify o wide range of business functions spanning deposits, loans, channels and payments for both corporate and consumer banking. We also decided to tackle both local and foreign currency deposits with this initiative, which in Taiwan is a full-fledged project by itself, and I am happy to say that in record time we were able to achieve these goals with the help of the continuous support from TCS and our staff, including our CEO. We are now able to consolidate information across service channels and business lines to have a single view of the customer, enabling a superior experience and better risk management. TCS BaNCS has helped us improve time to market for new products, effortlessly meet the heavy processing workloads and performance requirements of retail banking, while improving operational efficiencies. With TCS, we believe that we hove selected the most reliable partner for our long-term expansion into the Asia-Pacific region and beyond."

Commenting on the successful deployment of TCS BaNCS at KGI Bank, Venkateshwaran Srinivasan, Head, TCS Financial Solutions, said, "KGI Bank now has a firm foundation to accelerate its digital transformation journey, evolve into o future-ready organization and expand into the Asia-Pacific markets. By empowering its digital initiatives ond significantly improving time to market, this deployment of TCS BaNCS as representative of one of the key principles of the TCS Business 4.0 framework, where we empower our customers to drive exponential value."

TCS BaNCS helps banks and financial institutions cater to customer needs throughout their life journeys, based on anticipated requirements and over the devices of their choice. Designed on the Digital First, Cloud First philosophy, the solution comes with a high performing processing engine and open banking capabilities. It is a collection of loosely coupled components, services and APIs that implement standards from BIAN and IFX for a wide range of technology environments seamlessly, laying the framework for both digital and analytics preparedness. It supports a variety of products and services covering assets and liabilities and can fit the business and operating model of a bank with an assured 24x7x365 availability, as evidenced at the 450 sites where it is installed successfully.

Shares of TATA CONSULTANCY SERVICES LTD. was last trading in BSE at Rs.2245.6 as compared to the previous close of Rs. 2252.3. The total number of shares traded during the day was 107409 in over 3347 trades.

The stock hit an intraday high of Rs. 2262.8 and intraday low of 2240.05. The net turnover during the day was Rs. 241706855.


Source: Equity Bulls

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