Source Name: Tata Consultancy Services Ltd.

TCS BaNCS Drives Next Generation Banking Services at IDFC Bank

Dec 07, 2015 18:18 IST

Mumbai, Maharashtra, India

Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS), a leading IT services, consulting and business solutions organization, announced that IDFC Bank has gone operational with TCS BaNCS for Core Banking, thereby enabling next generation banking services that are more personalized, convenient and faster. IDFC Bank started operations on October 1, 2015, with 23 branches, powered by TCS BaNCS. The Core Banking solution equips IDFC Bank with a flexible, easy-to-scale system that will help it deliver a differentiated customer experience.

Commenting on the implementation of TCS BaNCS. Dr. Rajiv Lall, Managing Director & CEO, IDFC Bank, said, “IDFC Bank intends to use technology to relentlessly drive efficiency, with a new approach to service and inclusive banking. To achieve this, it requires a system that is nimble, smart, and one that would host all products and processes within a common architecture. Our selection of TCS BaNCS was based on this fundamental premise.”

N. Ganapathy Subramaniam, President, TCS Financial Solutions, said, “We are pleased to report the go live of TCS BaNCS at IDFC Bank within a year, laying the foundation for customer-centricity, business resiliency, and operational efficiency. It is really gratifying to see that a modern bank is taking shape, supporting digitally empowered customers and corporates as well as reaching out to the unbanked as a focused business.”

TCS was selected by IDFC Bank for its best-of-breed technology and established track record of having deployed more than 300 similar projects worldwide, including those at some of the world’s largest banks. In about 9 months, IDFC Bank has implemented solutions for core banking, corporate loan origination, financial inclusion and Global Limits and Exposure Management (GLEM) from the TCS BaNCS suite and has integrated them with a host of additional systems within the Bank. Thereby, it has created a complete and efficient ecosystem to acquire and service customers across retail and corporate segments.

IDFC Bank is committed to offering new-age, tech savvy banking solutions, backed by a unique distribution network. The Bank has started operations in rural banking, corporate and wholesale banking and treasury, in the first phase. It is expected to soon roll out personal and SME banking services.

About IDFC Bank

IDFC Bank (BSE: 539437, NSE: IDFCBANK) is a subsidiary of India’s leading integrated infrastructure finance company, IDFC Ltd (NSE: IDFC). Headquartered in Mumbai, IDFC Bank is a universal bank, offering financial solutions through its nationwide branches, internet (www.idfcbank.com) and mobile. Envisioned as a new age bank, IDFC Bank seeks to set a new standard in customer experience, using technology and a service-oriented approach, to make banking simple and accessible, anytime and from anywhere. In keeping with IDFC’s legacy of building the nation, IDFC Bank will focus on serving the rural underserved communities and the self-employed, while continuing to support the country’s infrastructure sector. IDFC Bank provides customized financial solutions to corporates, individuals, small and micro-enterprises, entrepreneurs, financial institutions and the government. With best-in-class corporate governance, rigorous risk management, experienced management and a diversified team, IDFC Bank is uniquely positioned to meet the aspirations of its customers and stakeholders.

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 335,000 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.