Australian bank selects TCS online banking platform

by CXO staff    Oct 21, 2011

Credit Union Australia (CUA), Australia’s largest customer-owned financial institution selected BaNCS Online Banking Platform from Tata Consultancy Services (TCS) to transform its online banking system.

The selection of TCS to deliver CUA’s online banking platform follows the announcement made earlier this year that TCS and its BaNCS banking platform would be delivering CUA’s new core banking system.

The online banking transformation program is expected to be delivered over the next two years.

“Following the selection of TCS to implement our core banking system, we also reviewed TCS BaNCS online banking platform and determined it would meet the needs of both our business and our customers for the long-term,” said Chris Whitehead, Chief Executive Officer, CUA.

As part of the transformation program CUA online banking customers will have access to mobile banking applications and a more streamlined, easy-to-use and visually appealing service with improved functionality and capability.

According to N. Ganapathy Subramaniam, President, TCS Financial Solutions, the company will also provide CUA with an integrated retail banking solution that includes TCS BaNCS Online and Mobile Banking software.

“TCS BaNCS will connect customers to CUA’s broad range of products and services including deposits, loans and payments in a highly interactive and user friendly mobile banking environment,” he said.

TCS has about 40 corporate clients in Australia with few names like Qantas, Woolworths, AGL, ING Direct, Vodafone Hutchison Australia and New Zealand Stock Exchange. Reports state that TCS has been growing at 65 per cent year-on-year in the country.

As per the September quarter results of TCS, BFSI continued to be the anchor industry segment and generated incremental revenue and reported 5.2 percent quarter-on-quarter growth.