Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS), a leading global IT services, consulting and business solutions organization, announced that its customer and one of Sweden's largest banks, Länsförsäkringar Bank has won the 2020 Celent Model Bank Award for Core Technology Replatforming, for its successful core transformation powered by the TCS BaNCS™ Global Banking Platform.
Länsförsäkringar Bank sought to transform its legacy technology stack and adopt a modern banking and payments platform that would enable participation in new digital banking opportunities and faster product launches. It selected TCS as its growth and transformation partner and successfully deployed the TCS BaNCS Global Banking Platform in April 2019. This entailed a complex data migration, integration with other applications in the Bank’s IT landscape and extensive change management.
The new solution transformed Länsförsäkringar Bank’s operations and IT landscape. It supports the entire Swedish retail banking portfolio and payments infrastructure, including integration with Bankgirot (Autogiro, DataClearing, Giro), real-time payments (SWISH), Privatgirot, PlusGiro and Riksbank. TCS also set up an API gateway for PSD2 and Open Banking compliance to enable participation in the larger ecosystem.
The modern core banking platform has helped the Bank improve data quality, enhance cyber security, and smoothly handle monthly peaks in concurrent payment transactions. The new platform has also streamlined loan processing, enabled smoother payments reconciliations, and supported regulatory compliance. TCS BaNCS enables flexibility in customer services and product pricing and will help Länsförsäkringar Bank launch new and innovative products faster.
Venkateshwaran Srinivasan, Head, TCS Financial Solutions, said, “We congratulate Länsförsäkringar Bank on this recognition from Celent and celebrate the partnership, which contributed to this outcome. TCS BaNCS is now powering the full range of products for the Bank and has made them available to their end customers through new digital experiences. We are also glad to see the Bank leveraging TCS BaNCS to harness the power of ecosystems to deliver differentiated offerings to its customers, an idea that is at the heart of TCS’ Business 4.0™ vision.”
According to Craig Focardi, Senior Analyst, Celent, “The Model Bank Awards recognize financial institutions that are using technology to change the face of banking. These banks serve as an inspiration to others looking for strong examples of best practice implementations that have a truly meaningful impact on business results and the industry overall. The entry from Länsförsäkringar Bank clearly demonstrates this. It modernized its core banking system and payments platform to continue improving on its digital banking innovation, prepare for and take advantage of digital payments modernization in the EU and Nordic markets, and create rapid time to market competitive advantage for new product and service introductions.”