Under the new partnership, TCS will enhance SBI’s core banking, trade finance, financial reporting applications, and financial inclusion with new features
India’s public sector bank State Bank of India (SBI) and Tata Consultancy Services (TCS, a provider of IT services, consulting and business solutions, have extended their existing partnership for another five years.
The extended partnership is aimed at supporting the bank’s next step of a growth strategy based on the three pillars of technology, resilience and people.
It builds on a two-decade-long relationship, which started with SBI using TCS’ BaNCS core banking solution in 2001.
Under the new partnership, TCS will enhance SBI’s core banking, trade finance, financial reporting applications, and financial inclusion with new features.
Also, the tech firm will use its contextual knowledge of the bank’s business and technology landscape to help the lender with large transformation programmes.
The partnership is said to support the bank’s capabilities to launch new offerings and respond to business and regulatory changes.
SBI DMD and CIO Ravindra Pandey said: “Technology and innovation have been at the core of SBI’s growth and transformation journey over the last two decades.
“TCS has been a valuable partner since the beginning and has supported us in building and running a high-performing, resilient and scalable core banking platform that is foundational to all our digital initiatives.
“We are pleased to extend our relationship with TCS as we continue to work together to launch new initiatives for enhanced customer experience.”
Recently, TCS has supported the SBI and the Government of India in creating Bharat Craft, an omnichannel, online B2B e-commerce platform for MSMEs.
Also, the IT services provider has previously partnered with SBI for planning and executing the simultaneous merger of five associate banks and Bharatiya Mahila Bank.
This execution has seen the integration of more than 200 business processes, 43 IT applications, 17,500 products, and database records running into 50 billion, said TCS.
TCS India country head Ujjwal Mathur said: “TCS’ two-decades-long relationship with SBI is a testament to our customer-centricity and our approach of harnessing collective knowledge to create greater futures.
“We are delighted to continue this partnership as the bank embarks on its next wave of growth. We look forward to an exciting journey ahead, filled with energy, innovation, and a passion for excellence.”