TCS Secures Agreement with Regional US Lender, Central Bank

20 Mar 2024 , 08:51 PM

IT behemoth Tata Consultancy Services (TCS) has secured a contract with regional US institution Central Bank to deploy TCS BaNCS to assist upgrade its core technological infrastructure. The size of the transaction was not disclosed by TCS.

Tata Consultancy Services reported in a stock exchange filing that a prominent Midwest regional bank utilizes their advanced banking software to streamline technology, foster organic growth, and accelerate client onboarding processes. The strategic partnership between Central Bank and TCS aims to develop smooth and flexible client onboarding procedures to facilitate the bank’s ongoing expansion efforts.

Central Bank, founded in 1902, manages over $20 billion in assets and serves more than 150 facilities in 78 cities in Missouri, Kansas, Illinois, and Oklahoma.

John Ross, President and CEO of Central Bank, expressed that when they opted to update their core systems as part of a long-range strategy, they extensively explored for a sincere partner. Due to their mutual commitment to technology and its impact on customer experience, TCS and its TCS BaNCS product suite emerged as a clear choice for Central Bank.

TCS BaNCS is a core banking software package created by TCS, India’s largest IT corporation, for retail banks.

TCS’ enduring connections with local community banks, credit unions, and financial institutions in the region persistently expand as we cater to a multitude of such local and regional banks throughout North America.

We’ve been working with major financial institutions to modernise their key systems so they can meet their clients’ ever-changing digital demands. With TCS BaNCS, Central Bank will gain a head start and can now deliver a seamless and flexible onboarding process that matches the demands of its expanding client base,” said Amit Bajaj, President of TCS North America.

For the October to December quarter, the Mumbai-based IT major’s BFSI segment, its largest industry vertical at 31.7% of total sales, reported a 3% drop in growth, while North America, with the greatest market share at 50.6%, also saw a 3% drop in growth.

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