Following this announcement, the regional bank is expected to use Tata Consultancy Services’ efficient and secure banking software in order to simplify its technology landscape, accelerate its overall organic development, as well as improve client onboarding processes.
In addition, by leveraging TCS BaNCS, Central Bank will be enabled to update its overall core technology infrastructure, optimise its digitalisation procedure, as well as strengthen customer relationships by meeting their needs, preferences, and demands in an ever-evolving market. Furthermore, the collaboration is focused on creating frictionless and flexible user onboarding processes while remaining compliant with the regulatory requirements and laws of the local industry.
The TCS BaNCS universal financial solution was developed in order to optimise the manner in which financial services institutions improve end-customer experiences, allowing them to integrate with open and secure technologies.
According to the official press release, the financial institution decided to deploy TCS BaNCS in order to prioritise the development of its strategy to incorporate optimised and secure technology, simplify operations, as well as improve its overall customer experiences. Central Bank is set to leverage the solution provided by Tata Consultancy Services in order to foster interconnectedness across multiple applications, platforms, and tools. This process is expected to optimise Central Bank’s client acquisition procedure, as well as improve employee productivity.
In addition, by using real-time processing, the bank’s employees will be given the possibility to gain a holistic view of its client relationships, while also designing and deploying differentiated products in a secure and fast manner. The solution is expected to come pre-integrated with TCS BaNCS for Payments, an ISO 20022-powered tool, which will allow the Central Bank to offer FedNow services, as well as RTP by The Clearing House.
The partnership will also enable Central Bank to use the online account opening module of TCS BaNCS in order to optimise its customer acquisition processes, improve productivity, as well as allowing them to gain real-time, detailed, and safe insights into client relationships. At the same time, Central Bank is expected to adopt TCS BaNCS’s multi-bank, multi-entity capabilities and extensive API library in order to accelerate its integration with new banking collaborators, while also facilitating both organic and acquisition-led growth strategies.
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