TCS to modernise Kuwait-based Burgan Bank's core banking system

India's largest IT services provider, Tata Consultancy Services (TCS) signed a deal on Wednesday to modernise the core banking systems of Burgan Bank,  one of Kuwait's largest commercial banks. 

The bank will deploy TCS BaNCS, the tech major’s core banking software suite, to consolidate multiple standalone legacy applications into a contemporary universal system.

Burgan Bank, one of the youngest commercial banks in Kuwait, with a regional network of over 160 branches and 360 ATMs, will utilise TCS BaNCS products 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 a rich set of APIs, the bank will serve its diversified customer base of corporate, retail, and private banking segments with an integrated solution," the company said in a regulatory filing.

Tony Daher, Group Chief Executive Officer of Burgan Bank, said in a statement, “We have embarked on a broad technology and digital transformation journey that will create an integrated banking ecosystem; one that not only meets current market expectations but also exceeds them.”

He added, “Modernising our core systems will support our ongoing focus on innovation and delivering value to our customers through defining personalised offerings and intuitive, streamlined experiences. This will pave the way for sustainable growth. We have selected TCS BaNCS, widely used by banks in the region, to create a complete solution that will address our twin objectives of leading innovation and delivering an excellent customer experience.”

TCS BaNCS has been deployed by and received several recognitions from various banks in the Middle East and  Africa (MEA) region for core banking transformation. Notably, the Central Bank of Kuwait (CBK) - the banker to the Government of Kuwait - also partnered with the IT services major in 2019 and successfully implemented TCS BaNCS to upgrade the IT infrastructure systems.

The solution has an intelligent digital core and is built on a modular and open architecture. Its extensive configurability enables banks to develop innovative solutions with quick time to market, ensuring convenient, simplified, and contextual experiences for customers. Burgan 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 of Financial Solutions at 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 through 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 recognised as a 'Top Employer' by the Top Employers Institute for eight consecutive years in the UAE, Saudi Arabia, and South Africa.