Deploying Tata Consultancy Services’ Centralized Banking Platform has Simplified the Bank’s IT Landscape, Made it More Customer Centric, and Enabled Faster Time-to-Market
NEW YORK | MUMBAI, April 15, 2019: Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS), a leading global IT services, consulting, and business solutions organization, announced that Zions Bancorporation, N.A. has completed its next phase of core transformation by successfully deploying the TCS BaNCS Core Banking solution for its commercial, industrial, and real estate lending businesses.
TCS BaNCS has replaced Zions’ legacy loan systems, which had been customized for each of their affiliate community banks, with a single digital core, as part of the bank’s larger strategic vision of modernizing its technology landscape. The bank had earlier deployed TCS BaNCS to transform its retail loans portfolio.
By unifying all lending operations on TCS BaNCS, Zion has become more customer centric, is gaining from the benefits of scale, simplifying its IT landscape, and enabling faster time to market. Zions is also deploying the TCS BaNCS solution to replace its legacy deposits and teller platforms.
Scott McLean, President and COO, Zions Bancorporation, said, “The successful deployment of TCS BaNCS for our commercial lending business marks the next phase of our digital transformation strategy. With TCS BaNCS, we have been able to retire multiple core legacy systems and provide a unified, customer-centric view of information and transactions across our affiliate banks, while also retaining their individual branding. Banking businesses constitute approximately 70 percent of our revenues, and we will now be better positioned to evolve with our customers’ needs in the future and launch new products and services. The centralization of our operations on TCS BaNCS is helping us enhance customer and employee experience and leverage data for insightful analytics and intelligent decision-making.”
Commenting on the successful deployment of TCS BaNCS for commercial and real estate lending at Zions Bancorporation, Venkateshwaran Srinivasan, Vice President and Head, TCS Financial Solutions said, “TCS BaNCS will establish a strong foundation for a more agile business at Zions, empower their digital initiatives and significantly improve customer service and data quality.”
He added, “As part of TCS’ Business 4.0TM vision, TCS BaNCS has been enabling customers who are looking to deploy API enabled solutions with real-time transaction processing and data accessibility to enable a digital enterprise. There are several institutions grappling with the constraints of a legacy platform and the ongoing transformation at Zions should be of interest to them.”
TCS BaNCS for Core Banking helps banks and financial institutions cater to customers’ needs throughout their journey, based on anticipated requirements, and over the devices of their choice. Designed on the Digital First, Cloud First philosophy, the solution comes with a high performing processing engine and open banking capabilities. It is a collection of loosely coupled components, services and APIs that implement standards from BIAN and IFX, which are architected to fit within a wide range of technology environments seamlessly, laying the framework for both digital and analytics preparedness. It supports a wide range of products and services covering assets and liabilities, and can be deployed to fit the business and operating model of a bank with an assured 24x7x365 availability, as evidenced at the 450 sites where it has been installed successfully.
About Zions Bancorporation
Zions Bancorporation, N.A. is one of the nation's premier financial services companies with total assets exceeding $65 billion. Zions operates under local management teams and distinct brands in 11 western states: Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington and Wyoming. The company is a national leader in Small Business Administration lending and public finance advisory services, and is a consistent top recipient of Greenwich Excellence awards in banking. In addition, Zions is included in the S&P 500 and NASDAQ Financial 100 indices. Investor information and links to local banking brands can be accessed at www.zionsbancorp.com
About TCS Financial Solutions
TCS Financial Solutions is a strategic business unit of Tata Consultancy Services. Dedicated to providing business solutions to financial institutions globally, TCS Financial Solutions has compiled a comprehensive product portfolio under the brand name of TCS BaNCS. The TCS BaNCS universal financial solution is designed to help financial services institutions enhance end customer experience, enabling them to embrace open and innovative technologies that embody true digital customer engagement. Deployed at more than 450 installations worldwide, it is the largest collection of components, enterprise and consumer apps for the financial industry made available through the cloud, helping firms become more agile and intelligent by leveraging the power of new and extended ecosystems.
To know more about TCS BaNCS, please visit: http://www.tcs.com/bancs
About Tata Consultancy Services Ltd. (TCS)
Tata Consultancy Services is an IT services, consulting and business solutions organization that has been partnering with many of the world’s largest businesses in their transformation journeys for the last fifty years. TCS offers a consulting-led, cognitive powered, integrated portfolio of business, technology and engineering services and solutions. This is delivered through its unique Location Independent Agile delivery model, recognized as a benchmark of excellence in software development.
A part of the Tata group, India's largest multinational business group, TCS has over 424,000 of the world’s best-trained consultants in 46 countries. The company generated consolidated revenues of US $20.9 billion in the fiscal year ended March 31, 2019, and is listed on the BSE (formerly Bombay Stock Exchange) and the NSE (National Stock Exchange) in India. TCS' proactive stance on climate change and award winning work with communities across the world have earned it a place in leading sustainability indices such as the Dow Jones Sustainability Index (DJSI), MSCI Global Sustainability Index and the FTSE4Good Emerging Index. For more information, visit us at www.tcs.com.
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