April 29, 2024 03:48 (IST)
Follow us:
TCS BaNCS drives next generation banking services at IDFC Bank
Mumbai/Kolkata, Dec 7 (IBNS): Tata Consultancy Services (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, 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.
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
Support objective journalism for a small contribution.
Latest Headlines
Goa Shipyard Limited signs MoU with Netherlands-based Damen Shipyards in field of e-Tugs Sun, Apr 28 2024
After postponing visit to India, Tesla CEO Elon Musk heads to China Sun, Apr 28 2024
AdaniConneX sets benchmark with construction financing framework of USD 1.44 billion Sun, Apr 28 2024
India’s export of premium-quality basmati rice up 22% till Feb 2024 Sat, Apr 27 2024
Small Finance Banks can now apply to become universal banks under the on-tap licesning norms: RBI Sat, Apr 27 2024
Difference Between Demat and Trading Account Fri, Apr 26 2024
SBI Cards Q4FY24 net profit grows 11% YoY to Rs 662.37 cr Fri, Apr 26 2024
Stock market opens in green with Nifty near 22,600 Fri, Apr 26 2024