TCS BaNCS chosen by Ikano Bank to build a bank for future

30 May 2023 , 12:26 PM

Tata Consultancy Services (TCS) announced that TCS BaNCS has been chosen by Ikano Bank AB (publ) in Sweden, for its pan-European core banking transformation.

Ikano Bank operates throughout Europe, providing a variety of financial services and banking products to small and medium-sized businesses, including loans, savings, mortgages, and credit cards, as well as leasing and factoring.

It operates in eight countries, each with its own core banking solutions, multiple broker solutions, and agency banking arrangements. As a result, the organisation developed country-specific silos, impeding unified risk management and providing a consistent customer experience.

To achieve its vision of becoming a bank of the future, Ikano Bank has started a transformation journey that will result in a flexible, digital core that will enable faster launch of new products and expansion into new markets. 

The bank chose TCS BaNCS for its future-proof event-based streaming architecture and best-in-class functionality to help it achieve its goal of building multi-country capabilities on a single core banking platform.

On TCS BaNCS, the bank plans to transform and consolidate its pan-European accounts, deposits, and unsecured retail lending business.

For more than three decades, Tata Consultancy Services has been a transformation partner to leading Nordic institutions. It has aided banks in their digital core transformation journeys, enabled real-time payments for one of Sweden’s largest banks, and enhanced settlement platforms for the region’s leading central securities depositories.

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