Bank of Bhutan goes operational with TCS BaNCS, displacing Oracle Flexcube
14 September 2016 | 3256 views | 0
Tata Consultancy Services (BSE: 532540, NSE: TCS), the leading IT services, consulting and business solutions organization, announced that its customer, Bank of Bhutan, deployed TCS BaNCS for Core Banking in 10 months, resulting in ability to handle increased transaction volumes and improved success rate of delivery channel transactions.
All existing customers, accounts, lending and internet banking subscribers were migrated from the erstwhile Oracle FLEXCUBE system to TCS BaNCS as part of this transformation initiative. The Bank selected TCS BaNCS for Core Banking, a market ready, fully componentized and scalable solution for core and internet banking in June 2015 and went operational in March 2016.”
Said, Mr Pema Nadik, CEO and MD, Bank of Bhutan, “We selected the TCS BaNCS solution for its superior design and advanced breadth and depth of functionality, and in keeping with our vision of enhancing— and enriching-- customer experience levels at our Bank. Designed around a component model, this solution has transformed our banking technology ecosystem, empowering us to service the evolving business needs and objectives of our customers. The solution went successfully operational in a short span of 10 months.
N Ganapathy Subramaniam, President, TCS Financial Solutions, said,” We congratulate Bank of Bhutan on this successful banking transformation exercise. The deployment of TCS BaNCS at Bank of Bhutan signifies a critical milestone for TCS, as the Bank is our first customer in the country. We look forward to a long and rich partnership with Bank of Bhutan and in deepening our relationship with the financial services industry in Bhutan in the future.”
Bank of Bhutan is the largest and most profitable commercial bank in the Kingdom Of Bhutan. Prior to the TCS BaNCS deployment, the Bank faced challenges with slow responses in some delivery channels, and staff had to spend considerable amount of time in reconciling transactions and settling customer complaints. Employees had to be trained for long hours on common operations due to a not-so user friendly interface that slowed customer service at the Bank. The inability to parameterize mandated changes to the Bank’s legacy core system caused delays in the roll out of new products.
With this deployment, the Bank now has an enhanced and responsive user interface and new digital banking functionality that supports up load features. TCS BaNCS is designed around a business component model thereby empowering the Bank with a faster time to market for new products alongside automating key business processes, supporting multiple currencies and improving reporting, auditing and compliance.
With TCS BaNCS, Bank of Bhutan was able to simplify end-of-day and end-of-period runs and reduce manual intervention and related errors. The availability of industry-standard SOA compliant APIs facilitated seamless integration with various customer delivery channels. The Bank is now able to respond faster across all its delivery channels, resulting in higher transactions volumes and greater accuracy.