Great Southern Bank Wins Model Bank Award with TCS

Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS) announced that its customer Great Southern Bank has won the Celent Model Bank 2023 Award for Open Banking.

Compliance with Consumer Data Right (CDR) Act 2019 required Great Southern Bank to invest in technology that would enable sharing of customer account information with accredited data recipients upon request and with customer consent. The bank saw this as an opportunity to go beyond compliance and extend the project to build the foundation for their strategic enterprise data platform.

To drive its Open Banking program, the bank turned to TCS, its long-standing partner of over 13 years, which currently manages its core banking platform using TCS BaNCS™.

Leveraging its deep contextual knowledge and technology expertise, TCS designed, built, and tested a new Open Banking platform. The new platform leverages TCS BaNCS' Open Banking APIs specifically developed for the Australian market and its knowledge and experience building similar banking and customer APIs for global clients. These APIs will enable Great Southern Bank to launch new products and services in collaboration with ecosystem partners.

To align with the bank's Cloud First strategy, all the components of the Open Banking platform are hosted on a public cloud and extensively use cloud-native services. TCS integrated a third-party identity and access management solution to support customer authentication and management of consent and authorisation for external data recipients to access customer data.

"TCS is an important strategic partner and it's the strength of that relationship that helped us think outside the box when it came to finding the optimum Open Banking solution for our business. We were able to pivot what started out as a narrow compliance challenge into a broader enterprise opportunity that is helping deliver a modern data platform and improved data quality across our whole organization," said Carol-Ann Gough, Chief Information Officer, Great Southern Bank.

"Today, banks are unlocking the power of APIs and making effective use of data to contextualize products and propel innovation within their organisations. TCS has been at the forefront of the revolution, helping banking, financial services and insurance customers across the globe with industry-leading services and solutions in Open Banking," said Mohan Veeturi, Business Unit Head, BFSI - ANZ, TCS. "We are delighted to partner with Great Southern Bank in their journey towards becoming a futureproof, data-driven enterprise. We congratulate them on this much deserved recognition from Celent and look forward to our continued partnership to drive sustainable growth and bring innovative offerings to the bank's customers."

"The Celent Model Bank Award for Open Banking recognizes best practice when it comes to technology-led innovation in this emerging ecosystem. Great Southern Bank demonstrated leadership in this area in 2022, extending its necessary investment to be compliant with the CDR to build the foundation for product innovation across the organisation," said Kieran Hines, Principal Analyst, Celent. "Rather than deliver only what was necessary, the bank took the opportunity to go further and create a series of re-usable components to support the bank's growth strategy. Great Southern Bank's partnership with TCS was central to this initiative."

Shares of Tata Consultancy Services Limited was last trading in BSE at Rs. 3394.20 as compared to the previous close of Rs. 3369.60. The total number of shares traded during the day was 71143 in over 9912 trades.

The stock hit an intraday high of Rs. 3413.40 and intraday low of 3371.00. The net turnover during the day was Rs. 241550910.00.

Source : Equity Bulls

Keywords

TataConsultancyServices INE467B01029 TCS GreatSouthernBank CelentModelBank2023Award OpenBanking