Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS), a leading global IT services, consulting and business solutions organization, announced that Bahrain Development Bank (BDB), a development finance institution established by the government of Bahrain focusing on financing and development of small and medium businesses, to encourage and support entrepreneurship in the Kingdom of Bahrain, has selected the TCS BaNCS™ Global Banking Platform for its core banking transformation.
The bank was looking for a modern, digital banking solution that would help it transform customer engagement through the delivery of contextual experiences. Furthering the government’s vision of moving operations and infrastructure to the cloud, BDB wanted to host the entire core banking platform on a public cloud.
The bank selected the front-to-back digital offering, TCS BaNCS Global Banking Platform, enabled with APIs and cognitive tools such as AI and analytics. The platform will help BDB meet the unique needs of the small and medium business segment spanning digital banking channels, origination, core banking, trade finance, treasury and supporting services like AML and reconciliations. It will interface with technology offerings from TCS’ partners for CRM, sales, risk management and other enterprise functions.
TCS BaNCS will enable BDB to launch new innovative products faster. Further, it can leverage TCS’ fintech partner ecosystem to accelerate innovation and create superior and contextual experiences for its customers. The deployment of TCS BaNCS on AWS brings together the transformative power of a modern, future-proof digital core with the scalability, security, availability and cost-efficiency of a trusted global public cloud platform.
Khalid Al Rumaihi, Chairman, Bahrain Development Bank, said, “BDB plays a key role in the Kingdom of Bahrain’s growth by supporting SMEs and entrepreneurs to build, operate, and grow their businesses with confidence. With the selection of the comprehensive suite of offerings from the TCS BaNCS Global Banking Platform, which will be deployed on AWS, we are undertaking the core banking transformation and cloud migration of a three-decade-old platform, making it one of the first of its kind in the world. We will now be able to provide our clientele with omni-channel digital financial services and a launch pad for their businesses to grow and flourish”
Sanjeev Paul, Group CEO, Bahrain Development Bank, said, “BDB’s digital transformation program is a key pillar of delivering on the Bank’s vision to build BDB as a sustainable, industry leader and trusted partner for entrepreneurs in Bahrain, helping them to grow their businesses into successful and regionally competitive enterprises. With the full solution stack being implemented by TCS, BDB will be able to transform our clients’ experience delivering new channels, and innovative products. With this visionary project Bahrain is once again leading the way in adopting full digital core banking on cloud, delivered using a SaaS model thereby assuring that the Bank is always at the cutting edge of technology”.
“We are pleased to be partnering with a bank that has a social and economic purpose which goes beyond conventional business objectives. Designed on the Digital First, Cloud FirstTM philosophy, TCS BaNCS will help BDB enhance agility, drive superior customer experiences and transform itself to meet the needs of an ever-evolving banking environment,” said Venkateshwaran Srinivasan, Head, TCS Financial Solutions.
Last Updated: 09 Jun 2021