TCS deploys banking software at Swedish lender for digital transformation

Information technology services firm Tata Consultancy Services (TCS) said that Sweden-based Länsförsäkringar Bank has deployed TCS BaNCS (bank assessment for non-point source consequences of sediment) to power the next leg of its digital transformation journey.

Based on the digital-first, cloud-first philosophy, the BaNCS solution helps banks and financial institutions to cater to customer needs.

Mumbai-based TCS said that the BaNCS solution enables flexibility in services and pricing, and will help the bank launch new and innovative products faster. Its architectural features enable easier integration with third-party systems, it added.

“The end-to-end transformation and smooth migration set a benchmark in the Nordics market from a programme execution standpoint. The bank now offers superior levels of customer experience and enhanced agility in bringing better customer propositions to market,” said Venkateshwaran Srinivasan, head, TCS financial solutions.

The solution supports the Swedish retail banking portfolio for loans’ processing and complex payments’ infrastructure. TCS BaNCS also ensures compliance with European Union (EU) and local rules, the IT company said.

Further, the company explained the BaNCS solution is a collection of loosely coupled components, services and application programme interfaces (APIs). It supports a variety of products and services covering assets and liabilities and can fit the business and operating model of a bank with an assured 24x7x365 availability, as evidenced at the 450 sites where it is installed successfully, the company said.

The bank is customer-owned. In 20 years of operations, it has become the fifth-largest retail bank and has Sweden’s most satisfied retail customers, according to the Swedish Quality Index (SKI).

TCS in news 

• June: The IT firm said that it is updating its MasterCraft TransformPlus to version 4.0 by adding new cognitive features for analysis and modernisation of legacy applications.
• May: The company signed a deal with Scandinavian airline SAS to help it transform digitally.
• May: The company announced the deployment of its financial payment solution TCS BaNCS for Payments in Canada.