 "TCS to modernise Bank of Bhutan's digital system, improve customer service")
Tata Consultancy Services (TCS) on Tuesday announced a strategic partnership with the Bank of Bhutan to modernise the lender’s digital system and improve customer service.
The Indian IT company will implement its TCS BaNCS Global Banking Platform to optimise the bank’s operations and integrate with various public services within the digital ecosystem of Bhutan.
Bank of Bhutan, the country's largest commercial bank, has data of more than 400,000 customers who are served through 45 branches and a range of financial products and services. TCS has been the bank's technology partner since 2016.
Dorji Kadin, chief executive officer of Bank of Bhutan, said: “We remain committed to continuously innovating and enhancing customer experience. This (partnership with TCS) translates into offering personalised, comprehensive, high-performing financial products and services, including the capabilities required to support the countrywide digitisation and digital currency initiatives by the Kingdom of Bhutan.”
TCS said its solution will empower the bank to offer new, innovative products in the market quickly and ensure "seamless customer experience". TCS BaNCS’ APIs will help the bank connect to third-party applications in the financial services ecosystem and create a platform to meet future business demands. (API stands for application programming interface, which are mechanisms that enable two software components to communicate with each other.)
“TCS BaNCS will help the Bank enhance operational efficiencies, automate processes across retail and corporate banking, making frictionless customer experiences a reality,” said Venkateshwaran Srinivasan, Global Head, Financial Solutions, TCS.
TCS BaNCS processes banking transactions of more than 30 per cent of the global population, said the company. Two of the world's largest core banking systems run on TCS BaNCS, handling 1 billion accounts. TCS BaNCS helps financial institutions manage risks, use new ecosystems, and create significant value. It is used by banks, cooperatives and financial institutions worldwide. The platform includes many components and apps available on the Cloud, helping traditional businesses transition from legacy technologies and connect with APIs.