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Indian Bank Does It Right With TCS Solution|
- By CXOtoday Staff, Jul 03, 2009 1219 hrs IST
- Tags : Indian Bank, model bank, core banking, CXOtoday, TCS, Celent, TCS BaNCS, M. S. Sundara Rajan
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Indian Bank, which has deployed Tata Consultancy Services' TCS BaNCS core banking solution across 1,647 branches, has emerged as a model bank for doing everything right with today's technology, in a study conducted by research firm Celnet.
The study had put a simple question to the respondents: "What would it look like for a bank to do everything right with today's technology?" Celent had undertaken to offer, at a high level, some key best practices in the use of technology that a model bank would use to fulfil their mission.
Bart Narter, senior vice president, banking group, Celent, said, "Indian Bank is a classic example of the leapfrogging that is happening throughout Asia. Banks are moving from branch-based systems where customer account information is kept at a specific branch to starting with a clean sheet with respect to IT infrastructure.
"Indian Bank chose TCS BaNCS to create a state-of-the-art core system with business workflow, rules-based routing, electronic transactions, and cash management services."
Because Indian Bank has entirely scrapped their legacy systems, the bank is able to jump to a state-of-the-art infrastructure with increased back office and IT efficiency and a broader product offering, he said.
M. S. Sundara Rajan, chairman & MD of Indian Bank, said, "Our mission is to take banking technology to the common man. To be benchmarked among the finest, global institutions around the world can only spur us to further heights." He also acknowledged TCS Financial Solutions for their strong commitment to the bank.
Indian Bank has been serving customers for more than a century and is seen as a front-runner in specialized banking as well as rural development.
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