Tuesday, June 25, 2024
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Burgan Bank Selects TCS BaNCS to Transform Its Core Banking

Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS), a global leader in IT services, consulting, and business solutions, has signed a deal to modernize the core banking technology of Burgan Bank, a leading commercial bank in Kuwait. The bank will deploy TCS BaNCS to consolidate multiple standalone legacy applications into a contemporary universal banking solution that drives innovation and strengthens customer relationships.

Burgan Bank is one of the youngest commercial banks in Kuwait, with a regional network of over 160 branches and 360 ATMs. It will harness the products of the TCS BaNCSTM suite such as core and digital banking, payments, retail and corporate loan origination, wealth management, regulatory compliance, and more to simplify and digitally transform its technology landscape.

The solution will enable the bank to manage higher transaction volumes, enhance automation, and improve staff productivity. With TCS BaNCS rich set of APIs, the bank will serve its diversified customer base of corporate, retail, and private banking segments with an integrated solution.

Tony Daher, Group Chief Executive Officer, Burgan Bank, said, “We have embarked on a very broad technology and digital transformation journey that will create an integrated banking ecosystem; one that not only meets the current market expectations but also exceeds them. Modernizing our core systems will support our ongoing focus on innovation and delivering value to our customers through defining personalized offerings and intuitive, streamlined experiences. This will pave the way for sustainable growth. We have selected TCSBaNCS, which is widely used by banks in the region, to create a complete solution that will address our twin objectives of leading innovation and delivering excellent customer experience.”

TCS BaNCS has been deployed by and garnered several recognitions for various banks in the Middle East region for core banking transformation. It has an intelligent digital core and is built on a modular and open architecture.

Its extensive configurability will enable the bank to develop innovative solutions with quick time to market, ensuring convenient, simplified, and contextual experiences for customers. The bank will benefit from end-to-end AML/KYC capabilities across all business lines by deploying the Quartz for Compliance solution.

Venkateshwaran Srinivasan, Global Head, Financial Solutions, TCS, said, “We are pleased to partner with a progressive institution such as Burgan Bank in their transformation journey. TCS BaNCS has a strong presence in Kuwait and the larger GCC region in the form of multiple mission-critical deployments of our solutions at leading institutions. This selection by Burgan Bank is a testament to our continued investments in the TCS BaNCS product suite to make it market-ready, compliant with regulations and our commitment to successful execution.”

This partnership reaffirms TCS’ position as a digital transformation partner of choice in the MEA region, where the IT major has had a strong presence for over three decades. With operations in nine countries across MEA, TCS boasts a workforce of over 9,000 employees serving more than 150 customers regionally. TCS has also been recognized as a Top Employer by the Top Employers Institute for eight consecutive years in the UAE, Saudi Arabia, and South Africa.

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