Ikano Bank Selects TCS BaNCS to Build a Bank for the Future
MUMBAI : Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS)announced that Ikano Bank AB (publ) in Sweden, has selected the TCS BaNCS™ Global Banking SaaS Platform for its pan-Europe core banking transformation.
Ikano Bank operates across Europe, offering a range of financial services and banking products such as loans, savings, mortgages, and credit cards, including leasing and factoring to small and medium sized businesses. It runs on different core banking solutions in the eight countries it operates in, working with multiple broker solutions and agency banking arrangements in each. This led to country-wise silos within the organization, hindering unified risk management and a consistent customer experience.
In pursuit of its vision of becoming a bank of the future, Ikano Bank has embarked on a transformation journey that will result in a flexible, digital core that will support rapid launch of new products and expansion into new markets. In line with its objective of building multi-country capabilities on a single core banking platform, the bank selected TCS BaNCS for its future-proof event-based streaming architecture and best-of-breed functionality.
The bank aims to transform and consolidate its pan-European accounts, deposits, and unsecured retail lending business on TCS BaNCS, starting with Sweden. TCS BaNCS’ component-by-design approach and proven track record in the Nordics will ensure that the bank can incrementally evolve its offerings and mitigate transformation risk while continuing to deliver value to their customers. The new centralized core banking platform will help the bank innovate and launch products faster, enter new markets, standardize processes, comply with local regulations, and enhance resilience.
Mikael Andersson, Head of Digital Delivery, Ikano Bank, said, “Our strategy is to build a bank of the future, one that is fully digital and focused on superior customer experience. Our bank has always dared to be different while also endeavoring to simplify the way we work. This core banking transformation focusing on simplifying our technological landscape with the help of a best-of-breed solution provider is reflective of this philosophy. The TCS BaNCS Global Banking Platform is a proven solution with an established track record of delivery excellence in the Nordics and will help us accelerate innovation, while our customers will benefit from contextual experiences and faster response times.”
Venkateshwaran Srinivasan, Global Head, Financial Solutions, TCS, said, “We are pleased to partner with Ikano Bank in their transformational journey. The TCS BaNCS Global Banking SaaS platform provides a strong, future-ready, cloud-native digital foundation which will support the bank’s innovation and growth strategy. Our track record at executing such transformations, our extensive experience in working with Nordic banks and our product suite’s in-built market and regulatory readiness make us the preferred partner to progressive banks in their growth and transformation aspirations.”
Tata Consultancy Services has been a transformation partner to leading institutions in the Nordics for more than three decades. It has powered banks on their digital core transformation journeys, enabled real-time payments for one of the largest Swedish banks and enhanced settlements platforms for leading central securities depositories in the region.
TCS BaNCS solutions are built on the Digital First, Cloud First philosophy with the outcome being a modern platform in the banking and financial industry in a digital world. The TCS BaNCS solution comprises innovative and adaptive digital apps and a digital core richly enabled for business supporting a wide range of products and services across asset types – assets and liabilities, cash, securities, and crypto assets for a wide variety of use cases in the financial services industry. This solution accelerates the digital transformation of traditional businesses by unshackling them from the constraints of legacy technology and powering the ambition to play into the overall ecosystem powered with a rich catalogue of APIs.