TCS partners with Bank of Bhutan to modernise digital core

India’s largest IT services company Tata Consultancy Services (TCS) on Tuesday said it has partnered with the Bank of Bhutan to modernise its digital core for enhanced customer service.

The tech major will implement its TCS BaNCS’ Global Banking Platform to help the bank optimise operations and integrate with the various public services within the digital ecosystem of the country, according to a regulatory filing.

Bank of Bhutan has more than 4,000 customers and 45 branches and TCS has been its technology partner since 2016. The TCS BaNCS Global Banking Platform will give the bank access to an extensive set of components across the banking and payments sector such as loan management, customer deposits, retail services, pricing, trade finance, and other functions. “The solution will also serve as a platform for future programs such as the implementation of AI technologies across operational workflows to boost productivity,” said Darji Kadin, the CEO of Bank of Bhutan.

TCS BaNCS' APIs will also help the bank connect to third-party applications in the financial services ecosystem and create a platform to meet future business demands, the company said.

“TCS BaNCS' digital core is designed to help banks seamlessly connect their external and internal ecosystems, ensuring compliance with local and international regulations, while also providing for scalability as their business grows,” Venkateshwaran Srinivasan, the global head, of financial solutions, at TCS said.

The Banking, financial services and insurance (BFSI) segment contributes nearly one-third of TCS' revenue growth. In May 2024, TCS announced that it would modernise the core banking system of Burgan Bank, a Kuwait-based bank. The bank will use TCS BaNCS, a core banking platform from TCS. 

The company also won a deal to modernise the core technology of a Central Bank in the U.S., earlier this year. Some customers of TCS BaNCS include Indian Bank, HDFC Bank Ltd, CenturyLink, and Vanguard, to name a few.