TCS to Strengthen Bank of Bhutan's Services with BaNCS Platform
Tata Consultancy Services (TCS), the leading IT services, consulting and business solutions organization, announced that it has signed a strategic partnership with the Bank of Bhutan to modernize the bank's digital core and further enhance customer service. In this partnership, TCS will implement its TCS BaNCS™ Global Banking Platform, which will allow the bank to optimize operations and integrate seamlessly with the digital ecosystem and public services of Bhutan.
The Bank of Bhutan is the largest commercial bank in the country, catering to more than 400,000 customers through 45 branches. It offers a wide range of financial products and services. TCS has been a trusted technology partner for the bank since 2016, supporting its growth. Based on this strong foundation, TCS will implement the TCS BaNCS Global Banking Platform, providing the bank with a fully functional suite of tools across banking and payments, including customer deposits, loan management, retail services, trade finance, pricing, and many more.
Dorji Kadin, Chief Executive Officer, Bank of Bhutan, said, “We are happy to reinforce our partnership with TCS with the selection of TCS BaNCS™ Global Banking Platform. We remain committed to continuously innovating and enhancing customer experience. This translates into offering personalized, comprehensive, high-performing financial products and services, including the capabilities required to support the country-wide digitization and digital currency initiatives by the Kingdom of Bhutan. The selection of the TCS BaNCS Global Banking Platform that is designed and built on a modern technology stack with ecosystem enablers reflects this philosophy. The solution will also serve as a platform for future programs such as the implementation of AI technologies across operational workflows to boost productivity.”
Built on an intelligent digital core, TCS’ solution will empower the bank to offer new, innovative products to the market quickly and ensure seamless customer experience. TCS BaNCS’ rich set of APIs will help the Bank connect to third-party applications in the financial services ecosystem and create a platform to meet future business demands.
Venkateshwaran Srinivasan, Global Head, Financial Solutions, TCS, said, “We are delighted with the selection of TCS BaNCS Global Banking Platform by the Bank of Bhutan for its bank-wide transformation program. TCS BaNCS™ will help the Bank enhance operational efficiencies, automate processes across retail and corporate banking, making frictionless customer experiences a reality. TCS BaNCS’s digital core is designed to help banks seamlessly connect with their external and internal ecosystems, ensuring compliance with local and international regulations, while also providing for scalability as their business grows.”
TCS BaNCS for Banking processes banking transactions of over 30% of the global population. Two of the world's largest core banking systems run on TCS BaNCS, handling 1 billion accounts. The TCS BaNCS Global Banking Platform helps financial institutions manage risks, use new ecosystems, and create significant value. It is used by various banks, co-operatives, and financial institutions worldwide. The platform includes many components and apps available on the cloud, helping traditional businesses transition from legacy technologies and connect with APIs.
