DBS Bank and TCS BaNCS Win “The Asian Banker Award” for Best Financial Markets Technology Implementation
Deepthi | Myequity news | Date : 17-08-2018 16:30:00 IST
Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS), a leading global IT services, consulting and business solutions organization announced today that TCS BaNCS, along with its customer DBS, received the coveted award for Financial Markets Technology Implementation of the Year- Best Custodian System Implementation at The Asian Banker Financial Markets Awards 2018. The award ceremony was held in conjunction with the prestigious Future of Finance Summit 2018 in Beijing, China.
TCS BaNCS is a leader in the custody solution space and helps financial service providers keep pace with the latest market changes, regulations, standards and technologies. DBS worked with TCS to move its existing custody application to the latest technology stack to future-proof its business, extend offerings and normalize operations. The new TCS BaNCS solution at DBS Bank is an integrated system that caters to global, regional and even local requirements. It offers seamless services to end-customers across diverse markets, harnessing the benefits of enhanced local and global custody reach. Adoption of an agile framework ensured that functional modules were developed and handed over at regular intervals, resulting in a much quicker completion of the entire program. The solution was implemented across DBS Bank's operations in Singapore, China, Hong Kong, Indonesia and India in just nine months. Post deployment, in a period of six months, the bank has seen a significant increase in its account base and transaction volumes. Additionally, there has been a significant increase in the straight through processing (STP) rate for operations, enhancing productivity, speed and the quality of process outcomes.
Ee Fang Soh, Managing Director, Securities & Fiduciary Services, Client Management & Implementation, DBS Bank, said, "Transitioning to the new solution was done without any disruption, and in phases across our key markets in Singapore, China, Hong Kong, Indonesia and India over a span of nine months. Since implementation, the project has delivered tangible results for the business in terms of operational efficiency and shorter transaction times. The system has also provided us with greater flexibility and capacity to scale our custody solutions offerings as our business grows in depth and breadth across different markets."
"We are pleased to see the TCS BaNCS program at DBS recognized by The Asian Banker, and congratulate DBS on this accomplishment. With the latest version of TCS BaNCS, we have not only modernized the platform at DBS, but also enabled business growth, which is very gratifying," said R Vivekanand, Vice President and Co-Head, Financial Solutions, TCS. "Our commitment to future proofing our customers, enabling Agile rollouts across multiple markets and expanding their ecosystems makes TCS BaNCS the preferred core platform for our banking customers to launch their Business 4.0 journeys."About TCS Financial Solutions:
TCS Financial Solutions is a strategic business unit of Tata Consultancy Services. Dedicated to providing business solutions to financial institutions globally, TCS Financial Solutions has compiled a comprehensive product portfolio under the brand name of TCS BaNCS. The TCS BaNCS universal financial solution is designed to help financial services institutions enhance end customer experience, enabling them to embrace open and innovative technologies that embody true digital customer engagement. Deployed at more than 450 installations worldwide, it is the largest collection of components, enterprise and consumer apps for the financial industry made available through the cloud, helping firms become more agile and intelligent by leveraging the power of new and extended ecosystems.About Tata Consultancy Services Ltd. (TCS):
Tata Consultancy Services is an IT services, consulting and business solutions organization that has been partnering with many of the world's largest businesses in their transformation journeys for the last fifty years. TCS offers a consulting-led, Cognitive powered, integrated portfolio of IT, Business & Technology Services, and engineering. This is delivered through its unique Location Independent Agile delivery model, recognized as a benchmark of excellence in software development. A part of the Tata group, India's largest multinational business group, TCS has over 400,000 of the world's best-trained consultants in 46 countries. The company generated consolidated revenues of US $19.09 billion for year ended March 31, 2018 and is listed on the BSE (formerly Bombay Stock Exchange) and the NSE (National Stock Exchange) in India.