Source: Tata Consultancy Services
TCS Financial Solutions, the strategic business unit of Tata Consultancy Services (TCS), (BSE: TCS.BO, NSE: TCS.NS) dedicated to providing business application solutions to the banking, insurance and capital markets, today announced that long term client, National Commercial Bank, has awarded TCS Financial Solutions the contract to upgrade its Core Banking system.
Based in Jeddah, Saudi Arabia, National Commercial Bank is the largest Islamic bank in the region. To drive customer growth and enhance new product development initiatives, National Commercial Bank will be using TCS BαNCS latest release Core Banking, Deposits, Loans, Islamic Banking and Origination software. National Commercial Bank operates over 260 branches dedicated exclusively to Islamic Banking services. As part of the upgrade National Commercial Bank will also be implementing TCS BαNCS Internet banking and browser based front-end solution. National Commercial Bank operates 1,080 Automated Teller Machines and 8,227 Point-of-Sale systems. National Commercial Bank continues to manage a comprehensive array of alternative channels including Al-Ahli Telephone Banking, Al-Ahli Mobile Banking, Al-Ahli Online, Al-Ahli Trade, Al-Ahli Tadawul, and Al-Ahli International Brokerage.
Mr Taha Hussein, Head of Information Technology, National Commercial Bank, says: "National Commercial Bank selected TCS BαNCS Core Banking solution based on TCS Financial Solutions extensive Islamic banking and technology domain expertise, proven implementation skills and growing commitment to Saudi Arabia's banking and financial services market. Since 1992, the advanced functionality of TCS BαNCS Core Banking solution has provided National Commercial Bank with outstanding performance; it was a wise decision to upgrade with TCS BαNCS."
Mr. N. Ganapathy Subramaniam, President, TCS Financial Solutions, adds: "National Commercial Bank in Saudi Arabia is a multi-award winning bank that is one of the most highly respected financial institutions in the region. Over the years we have developed a strong, long-term partnership with National Commercial Bank that has assisted both companies to continue to drive innovation in Islamic banking. This Shari'ah compliant upgrade will certainly add strength to National Commercial Bank's Islamic banking market growth strategy."