IDFC Bank selects TCS BaNCS for core banking


Tata Consultancy Services (TCS), a leading IT services, consulting and business solutions organisation, has announced that IDFC Bank has selected TCSBSE 0.73 % BaNCS for core banking, a move that will enable it to offer next generation banking services that are more personalised, convenient and faster.

IDFC Bank selects TCS BaNCS for core banking

MUMBAI: Tata Consultancy Services (TCS), a leading IT services, consulting and business solutions organisation, has announced that IDFC Bank has selected TCS BaNCS for core banking, a move that will enable it to offer next generation banking services that are more personalised, convenient and faster.

IDFC Bank started using TCS BaNCS’ solution from October 1 at 23 branches, the lender said on Monday, adding that the core banking solution equips IDFC Bank with a flexible, easy-to-scale system that will help it deliver a differentiated customer experience.

“IDFC Bank intends to use technology to relentlessly drive efficiency, with a new approach to service and inclusive banking. To achieve this, it requires a system that is nimble, smart, and one that would host all products and processes within a common architecture,” IDFC Bank managing director and chief executive Rajiv Lall said in a statement. “Our selection of TCS BaNCS was based on this fundamental premise.”

N Ganapathy Subramaniam, president of TCS Financial Solutions, said, “We are pleased to report the going live of TCS BaNCS at IDFC Bank within a year, laying the foundation for customer-centricity, business resiliency, and operational efficiency.”

TCS was selected for its technology and established track record of having deployed more than 300 similar projects worldwide, including those at some of the world’s largest banks, IDFC Bank said.
In about nine months, IDFC Bank has implemented solutions for core banking, corporate loan origination, financial inclusion and global limits and exposure management (GLEM) from the TCS BaNCS suite and has integrated them with a host of additional systems within the bank.

IDFC Bank has started operations in rural banking, corporate and wholesale banking and treasury. It is expected to soon roll out personal and SME banking services.