PostFinance deploys TCS BaNCS for Core Banking Transformation

Deepthi | Myequity news | Date : 29-08-2018 16:00:00 IST

Tata Consultancy Services (TCS), a leading global IT services, consulting and business solutions organization announced that its flagship product, TCS BaNCS was deployed by PostFinance, one of the five largest financial institutions in Switzerland.

With a vision to become Switzerland's leading digital retail bank by 2020, PostFinance embarked on an ambitious program to replace its legacy core systems with a new platform that would help deliver a consistently positive customer experience and support future digital innovation.

"The IT landscape consisted of more than 80 disparate applications creating a complex environment that was impacting our flexibility and agility", said Hansruedi Koeng, CEO, PostFinance. "Our vision when we embarked upon this 'open heart surgery' was to simplify and harmonize our processes and to cut operational costs. Our decision to partner with TCS proved most excellent as despite all the massive challenges, the team demonstrated unparalleled commitment”.

"The go-live, on schedule and within budget is a huge testimony not just to the robust platform functionality but also to their mature and world tested delivery methodology," said Markus Fuhrer, CIO of PostFinance. "In a marketplace fraught with failed implementations, the migration path and on-target deployment of TCS BaNCS is a big milestone. A successful core banking transformation program impacting over a billion customer transactions per year and sixty percent of Swiss payment transactions, reinforces our leadership position in Banking and Payments in Switzerland".

"The ability to tailor the digital experience to the end customers is critical to competitive differentiation in the Business 4.0 world, and a digital core platform which is robust, modern, scalable and connected is at the heart of such a capability,"said Venkateshwaran Srinivasan, Head - TCS Financial Solutions. "PostFinance chose TCS BaNCS to be at the center of their journey to transform to a digital powerhouse and we are delighted that the program has been delivered to the scope and plan envisioned. This enables Post Finance to pursue their strategy and growth ambitions without the constraints of a legacy, fragmented core architecture."

About Tata 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:

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


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