National Bank of Bahrain (NBB) has selected Tata Consultancy Services (TCS) to support the bank in its digital transformation with its BaNCS solution.
Image: Officials of NBB and TCS at the signing ceremony. Photo: Courtesy of Tata Consultancy Services Limited.
TCS BaNCS is touted to be a comprehensive solution that can standardize and streamline the operations of NBB across the several countries it operates including its home market Bahrain, the UAE, and Saudi Arabia and to expand its presence to other countries.
The BaNCS solution supports customer management, loans, deposits, payments, origination, Islamic banking and liquidity management for retail and corporate banking. It can also offer unified customer experience across multiple channels.
Furthermore, the solution will also support NBB in collaborating with the emerging ecosystem of fintechs in the region by using open APIs, digitized workflows and cognitive capabilities.
NBB chief operating officer Iain Blacklaw said: “As part of our ongoing journey of transformation, we are pleased to announce another milestone in this process with the selection of TCS BaNCS. This will modernize our IT landscape, lay a strong foundation for digitalization and offer a consistent and contextual experience to our customers.
“Our goal is to unlock new revenue streams by leveraging larger and extended ecosystems, introduce new products quickly, and expand our customer base across multiple countries in the region.”
TCS financial solutions head Venkateshwaran Srinivasan said: “In the Business 4.0TM economy, forward thinking organizations like NBB are empowering consumers, business customers, and partners by leveraging the power of ecosystems and connectedness.
“With the selection of TCS BaNCS for Core Banking, spanning retail and business banking, NBB will be able to establish a customer centric, experience-led foundation and create newer business models that drive value for their customers and partners alike. We are happy to be partnering with NBB on this transformational journey.”
Recently, the Indian software services provider’s banking solution BaNCSwas selected by China’s Harbin Bank.
The bank aims to grow from a mid-sized player in the domestic market to an international brand. The banking solution will integrate all of its products, channels and operations to support the bank in its digital transformation.