Thimphu/Mumbai: IT major Tata Consultancy Services TCS  has announced a strategic partnership with the Bank of Bhutan to modernize the bank’s digital core for enhanced customer service.

TCS will implement its TCS BaNCS Global Banking Platform to help the bank optimize operations and seamlessly integrate with the various public services within the digital ecosystem of the country.

Bank of Bhutan, the largest commercial bank in Bhutan, has a database of over four hundred thousand customers serviced through 45 branches, with a broad range of financial products and services.

TCS has been a technology partner for the bank since 2016, enabling its business growth.

Building on this longstanding partnership, TCS will now deploy TCS BaNCS Global Banking Platform.

The platform will give the bank access to an extensive set of components across the banking and payments sector such as customer deposits, loan management, retail services, trade finance, pricing, and other functions.

Dorji Kadin, Chief Executive Officer, Bank of Bhutan, said, “We are happy to reinforce our partnership with TCS with the selection of TCS BaNCSTM Global Banking Platform. We remain committed to continuously innovating and enhancing customer experience.”

Kadin said the partnership with TC will enable the bank to provide personalized, comprehensive, high-performing financial products and services, including the capabilities required to support the country-wide digitization and digital currency initiatives by the Kingdom of Bhutan.

“The selection of the TCS BaNCS Global Banking Platform that is designed and built on a modern technology stack with ecosystem enablers reflects this philosophy,” he added.

The solution will also serve as a platform for future programs such as the implementation of AI technologies across operational workflows to boost productivity, he said.

Built on an intelligent digital core, TCS’ solution will empower the bank to offer new, innovative products to the market quickly and ensure seamless customer experience.

“TCS BaNCS’ rich set of APIs will help the Bank connect to third-party applications in the financial services ecosystem and create a platform to meet future business demands,” TCS said in the statement.

Venkateshwaran Srinivasan, Global Head, Financial Solutions, TCS, said, “TCS BaNCSTM will help the Bank enhance operational efficiencies, automate processes across retail and corporate banking, making frictionless customer experiences a reality. TCS BaNCS’s digital core is designed to help banks seamlessly connect with their external and internal ecosystems, ensuring compliance with local and international regulations, while also providing for scalability as their business grows.”

TCS BaNCS for Banking processes banking transactions of over 30% of the global population. Two of the world's largest core banking systems run on TCS BaNCS, handling 1 billion accounts.

The TCS BaNCS Global Banking Platform helps financial institutions manage risks, use new ecosystems, and create significant value. It is used by various banks, co-operatives, and financial institutions worldwide.

The platform includes many components and apps available on the cloud, helping traditional businesses transition from legacy technologies and connect with APIs.