National Bank of Bahrain (NBB) announced that it has selected Tata Consultancy Services (TCS), a leading global IT services, consulting and business solutions organisation, to provide its TCS BaNCS solution for core banking.
This is in line with the bank’s digital transformation and efforts to diversify its business lines, deliver superior customer experience, and leverage the power of an extended and connected ecosystem, said a statement from NBB.
TCS BaNCS is a comprehensive and contemporary solution that will standardise and streamline NBB’s operations across multiple countries where the bank operates including its home market of Bahrain as well as in the UAE and Saudi Arabia, where NBB is continuing to expand its presence and activities, it stated.
The solution spans customer management, loans, deposits, payments, origination, Islamic banking and liquidity management for retail and corporate banking and will enable a unified customer experience across multiple channels while leveraging multi-country and multi-entity capabilities.
Additionally, NBB is looking to collaborate and integrate with the emerging ecosystem of Fintechs in the region’s banking and financial industry by leveraging TCS BaNCS’ open APIs, digitalised workflows, and cognitive capabilities.
Chief Operating Officer Iain Blacklaw said: "As part of our ongoing journey of transformation, we are pleased to announce another milestone in this process with the selection of TCS BaNCS. This will modernise our IT landscape, lay a strong foundation for digitalisation and offer a consistent and contextual experience to our customers."
"Our goal is to unlock new revenue streams by leveraging larger and extended ecosystems, introduce new products quickly, and expand our customer base across multiple countries in the region," he stated.
“In the Business 4.0 economy, forward thinking organisations like NBB are empowering consumers, business customers, and partners by leveraging the power of ecosystems and connectedness,” remarked Venkateshwaran Srinivasan, the head of TCS Financial Solutions.
“With the selection of TCS BaNCS for Core Banking, spanning retail and business banking, NBB will be able to establish a customer centric, experience-led, foundation and create newer business models that drive value for their customers and partners alike. We are happy to be partnering with NBB on this transformational journey,” he added.
TCS BaNCS for Core Banking helps banks and financial institutions cater to customers’ needs throughout their life journeys, based on anticipated requirements, and over the devices of their choice.
Designed on the Digital First, Cloud First philosophy, it comes with a high performing processing engine and open banking capabilities.
It supports a wide range of products and services covering assets and liabilities, and can be deployed to fit the business and operating model of a bank with an assured 24x7x365 availability, as evidenced at the 450 sites where it has been installed successfully.
Source: TradeArabia News Service