Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS), a leading IT services, consulting and business solutions organization, announced that its universal financial services platform, TCS BaNCS has been selected by AmBank, Malaysia's premier financial services group to replace its core banking engine.
This integrated banking suite, spanning conventional and Islamic banking, will support both retail banking and lending functionalities.
By deploying TCS BaNCS, AmBank will see its banking business expand into new areas, while it will also enable flexible development and the scalability required to meet both current and future market and regulatory needs. TCS BaNCS was selected after an exhaustive evaluation process of 18 months for its advanced depth and breadth of functionality and an excellent track record in implementation and commitment to servicing similar customers in the region. This key win in the ASEAN region further solidified TCS' intent to set up a regional support center for TCS BaNCS in Kuala Lumpur.
Cheah Tek Kuang, Group Managing Director, AmBank Group, said, "To grow our business and support customers across both conventional and Islamic finance, it was critical to have a technically robust and functionally rich core banking system. Among the many criteria that were evaluated were TCS' implementation experience across multiple markets; the high satisfaction levels of TCS BaNCS customers; and TCS BaNCS' commitment to relevant product development and extensive support. It was only natural that TCS BaNCS would be our preferred solution of choice."
N Ganapathy Subramaniam, President, TCS Financial Solutions, says, "Our partnership with AmBank exemplifies TCS BaNCS value proposition of enabling transformation through a modern, scalable solution, leveraging the best practices consolidated through our "alpha model office." Through this implementation, AmBank will meet the varied needs of a diverse customer base while also positioning itself for future growth. We look forward to taking this partnership further with our regional support center and Islamic Finance Center of Excellence in Malaysia."