Cussco selects TCS BaNCS Core Banking to Transform IT

by p b    Oct 25, 2011

Tata Consultancy Services (TCS) has said that Scotwest and Capital Credit Unions (CU) have chosen its BaNCS Core Banking as their IT platform to transform their infrastructure.

The deployment will address emerging opportunities in Community Banking in the United Kingdom.

Cussco, the joint company set up by both these credit unions, will deploy the common platform and support its entire IT architecture throughout the UK to serve its existing customers as well as seek growth avenues, as new regulations open more opportunities in community banking.

Outlining their IT strategy, Marlene Shiels, CEO of Capital CU, said, “Our new vision is to bring high street banking to our customers in community banking. To provide the needed relationship-driven customer experience, an agile and flexible core banking platform is essential.”

While changing the overall experience of customers by offering state-of-the-art banking, this transformation program will help Cussco move into newer geographies and tap into opportunities that open up with the evolving regulations in the UK.

TCS BaNCS is hosted on an infrastructure provided by Tata Communications Limited.

Rod Ashley, CEO Scotwest Credit Union, said, “To offer competitive and compelling products while retaining the ethos of a credit union is a challenge that can be overcome by using a smart core system like TCS BaNCS. We can now expand our customer base while boosting the overall speed and quality of customer transactions.”

As per the September quarter results of TCS, revenue from developed economies such as US, UK and Continental Europe grew by 5.7 percent, 6.1 percent and 6.8 percent quarter-on-quarter. BFSI continued to be the anchor industry segment and generated incremental revenue and reported 5.2 percent quarter-on-quarter growth.

“While serving the needs of the largest banks around the world, TCS BaNCS also can wrap around the needs of niche credit unions like Cussco and enable them to be agile and competitive,” said N. Ganapathy Subramaniam, President, TCS Financial Solutions.

According to Mumbai-based equity research firm, Angel Broking, TCS is proving to be a beneficiary of its domain-focused approach towards BFSI, as spending momentum is strong in this vertical.

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