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CTBC Bank Selects TCS BaNCS to Digitally Transform its Banking and Wealth Landscape

Posted On : 2023-01-04 13:49:22( TIMEZONE : IST )

CTBC Bank Selects TCS BaNCS to Digitally Transform its Banking and Wealth Landscape

Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS) announced that CTBC Bank, Taiwan, has selected TCS BaNCS™ for Banking and Wealth Management to digitally transform its business and drive its future growth.

CTBC Bank is one of the pioneering banks in Taiwan and a strong force in the region with an extensive international presence. It selected TCS BaNCS to simplify its IT landscape and create new and engaging digital experiences for its customers.

TCS BaNCS' next-generation digital core will enable the bank to provide specialized financial services across retail, wealth and corporate banking, including money trusts, as well as trade finance and international remittance. The new core banking system will offer solutions for loans, deposits, international and domestic remittances, payments/collection, facility limits and collaterals across both consumer and corporate banking business, while supporting customer services 24x7. It will enhance the banking experience for all customers and support the bank's growth aspirations over the next decade.

TCS BaNCS' depth and breadth of functionality and microservices-based, cloud native architecture will help CTBC innovate and drive its digital strategy, identify new business opportunities, and grow its footprint across the region.

Titan Chia, CTO, CTBC Bank, Taiwan, said, "Our bank has grown to play a significant role at the forefront of Taiwan's financial services industry, with a proud history of many firsts. We selected TCS BaNCS for our digital transformation initiatives and to help differentiate our offerings by providing contextual, innovative solutions across banking and wealth management. TCS BaNCS' cloud native solutions will help simplify our IT landscape, spanning consumer, corporate banking, and trade finance in alignment with our vision for a tiered architecture through front-end agile delivery, and mid-platform shareable modules backed by an intelligent digital core. We look forward to fulfilling our vision of becoming a champion in Taiwan and a leading Bank in Asia."

Venkateshwaran Srinivasan, Global Head, TCS Financial Solutions, said, "The TCS BaNCS solution will bring CTBC Bank onto a modern core across their product lines of banking and wealth management based on a microservices architecture, leveraging cloud native capabilities. This will help the bank deliver customercentric solutions, and enhance scalability and resilience. The solution's rich APIs and orchestration capabilities will help the bank integrate larger ecosystems into their core processes and improve time-to-market for innovative new offerings."

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 use cases in the financial services industry. This solution accelerates the digital transformation of traditional businesses by unshackling them from the constraints of legacy technology and powering the ambition to play into the overall ecosystem powered with a rich catalogue of APIs.

Shares of Tata Consultancy Services Limited was last trading in BSE at Rs. 3310.85 as compared to the previous close of Rs. 3260.65. The total number of shares traded during the day was 45996 in over 3922 trades.

The stock hit an intraday high of Rs. 3319.55 and intraday low of 3247.70. The net turnover during the day was Rs. 151467918.00.

Source : Equity Bulls


TataConsultancyServices INE467B01029 TCS CTBCBank Taiwan TCSBaNCS