Source Name: Tata Consultancy Services Ltd.

Sweden's Leader in Digital Banking Selects TCS BaNCS for Growth and Transformation

Mar 29, 2016 13:40 IST

Mumbai, Maharashtra, India; Stockholm, Sweden

Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS) a leading global IT services, consulting and business solutions organization, has today announced that Sweden’s Länsförsäkringar Bank has selected its TCS BaNCS platform as the engine to power its future growth and transformation. In addition, TCS will also provide system integration and support services to ensure a smooth transition for Länsförsäkringar Bank’s current environment.

This, landmark engagement together with the recent adoption of TCS BaNCS for its Market Infrastructure platform by Euroclear, the Central Securities Depository in the Nordics is proof of TCS’s strength as a fully integrated transformation agent for the Nordic banking sector.

Rikard Josefson, CEO, Länsförsäkringar Bank, commented: “We believe that TCS is the right transformation partner for us with a strong track record and a clear cultural alignment. In our evaluation, we found TCS BaNCS to be a superior solution that is very well capable of supporting our ambition of being a digital market leader. TCS' long term commitment to Länsförsäkringar Bank and to the Nordic market was an important factor behind our decision to partner with them. With TCS BaNCS we are confident of achieving our business transformation objectives.”

Länsförsäkringar Bank is a customer owned bank with a strong local presence. In just 20 years of operations it has become the fifth largest retail bank in Sweden and has Sweden’s most satisfied retail customers according to Swedish Quality Index (SKI). It is also a leader in digital banking services and has recently won awards for Sweden’s best mobile bank, best app and mobile site.

Speaking about the contract N Ganapathy Subramaniam, President, TCS Financial Solutions, said: “We are privileged to be partnering with Länsförsäkringar Bank in their transformation journey. TCS BaNCS' robust functionality will underpin Länsförsäkringar Bank's next-generation digital banking services and offer a highly personalized customer experience. At the same time TCS BaNCS will reduce the time to market for new products, time to compliance for regulations, and cost of operations.”

Amit Bajaj, Head, North Europe, TCS commented: “The Nordic market has been on the forefront of digital adoption driven by rich customer experience and hyper-connected local market infrastructure. Our partnership with a digital leader like Länsförsäkringar Bank will create a new standard in a highly advanced Nordic market and serve as an inspiration. Our engagements with both Länsförsäkringar Bank &Euroclear Nordics position us as the future platform for financial institutions in the Nordics looking to re-align their business model to the digital world”

About TCS Nordic

Present in the Nordic region since 1991, TCS has continuously invested in the market for the benefit of its customers. TCS has around 9,000 professionals working in Sweden, Finland, Norway, Denmark, Iceland and across TCS’ Global Network Delivery Model™ (GNDM™), servicing leading Nordic companies. Since 2010, TCS has tripled the size of its operations in the region, with significant increase in local hiring. TCS has been consistently rated as number one in Nordic IT services customer satisfaction over the past 6 years, in multiple surveys (by KPMG and Whitelane Research/PA Consulting). Several prominent Nordic companies have benefited from TCS’ unique service offering, including Ericsson, TDC, ABB, Telenor, NETS, and DNB. In 2015, for the third year in a row, Top Employers Institute granted TCS the Top Employer in Europe certificate, with Sweden, Norway and Denmark among the eight markets where TCS was number one.

About TCS Financial Solutions

TCS Financial Solutions is a strategic business unit of Tata Consultancy Services. Dedicated to providing business application solutions to financial institutions globally, TCS Financial Solutions has compiled a comprehensive product portfolio under the brand name of TCS BaNCS. Our mission is to provide best–of-breed solutions that drive growth, reduce costs, mitigate risk and offer a faster speed-to-market for our clients. With a global customer base of more than 280 institutions operating in over 80 countries, TCS Financial Solutions deliver state-of-the-art software solutions for the banking, insurance and capital markets industries worldwide. For more information, visit us at www.tcs.com/bancs.

About Tata Consultancy Services Ltd (TCS)

Tata Consultancy Services is an IT services, consulting and business solutions organization that delivers real results to global business, ensuring a level of certainty no other firm can match. TCS offers a consulting-led, integrated portfolio of IT, BPS,infrastructure, engineering and assurance services. This is delivered through its unique Global Network Delivery Model™, recognized as the benchmark of excellence in software development. A part of the Tata group, India’s largest industrial conglomerate, TCS has over 344,000 of the world’s best-trained consultants in 46 countries. The company generated consolidated revenues of US $15.5 billion for year ended March 31, 2015 and is listed on the National Stock Exchange and Bombay Stock Exchange in India. For more information, visit us at www.tcs.com.