Tata Consultancy Services will deploy its flagship global banking platform, TCS BaNCS™, positioning Mongolia’s Khan Bank for growth, enhance experience for its 2.9 million customers and focus on improved operational efficiencies
Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS), a global leader in IT services, consulting, and business solutions, has entered into a strategic alliance with Mongolia’s Khan Bank to help modernize its core digital banking platform and transform its banking operations. Leveraging the flagship TCS BaNCS™ Global Banking Platform (GBP), Khan Bank is set to embark on a digital transformation program to streamline processes, improve efficiency, and enhance customer experience.
Khan Bank is a leading Mongolian national commercial bank with 548 branches spanning the country. It provides comprehensive banking and financial services to over 82 percent of Mongolia’s total population (2.9 million customers). Khan Bank has been an existing customer for TCS’ BaNCS platform for close to 25 years. Building on this long-standing partnership, the TCS BaNCS Global Banking Platform will help the Bank streamline and modernize several critical business functions, including the Customer Information File (CIF), trade finance, treasury, international payments, and loans and deposits. The TCS BaNCS product suite will be deployed across Khan Bank’s operations including a consolidated treasury management platform supporting the wide range of asset classes offered by the bank, alongside real-time monitoring, risk exposure analysis, and advanced reporting capabilities.
Munkhtuya R. (TUYA), CEO, Khan Bank, said, “This strategic partnership with TCS aligns with Khan Bank’s ambitious growth plans, with the TCS BaNCS Global Banking Platform poised to play a pivotal role in our technology modernization program. By helping us realize our strategic objectives of streamlining operations for quick time-to-market and future-proofing our banking technology platform and environment, TCS BaNCS will empower our Bank to achieve its growth ambitions, explore initiatives in the space of AI, and solidify its position as the leading bank in Mongolia.”
TCS BaNCS, an innovative and adaptive digital-first core banking solution, which has proven to support several leading global banks, will help Khan Bank enhance its digital portfolio, reduce time to market, and streamline operations. The solution will help accelerate time-to-market for new products and services allowing Khan Bank to fast-track response to customer demands and roll out new innovative offerings. TCS will help the bank in scaling its digital banking operations, in turn ensuring that the bank’s services seamlessly reach a wider customer base contributing to its pure digital bank strategy.
TCS BaNCS’ ISO 20022-ready payment solution that supports SWIFT GPI and SWIFT Go standards will enable the Bank to offer high and low value international payments to its customers. TCS BaNCS, with its digital core, will provide a componentized core banking solution deployed as containers, thereby simplifying data streaming and propelling innovation in AI/ML from a future ready platform.
Venkateshwaran Srinivasan, Global Head, Financial Solutions, TCS, said, “We are happy with the selection of the TCS BaNCS Global Banking Platform by Khan Bank for its core modernization program. This selection reinforces our commitment to the two-decade-long partnership with the Bank which began in 2001. Khan Bank will gain from TCS’ experience in spear-heading large-scale core banking transformation programs globally, and the solution’s superior technology and architecture. The solution will enable quick time to market of new products and innovative offerings, enable mass personalization and help sustain Khan Bank’s market leadership in the country.”
The TCS BaNCS Global Banking Platform helps financial institutions manage risks, tap into the potential of new ecosystems, and create significant value. TCS BaNCS for Banking processes banking transactions of over 30% of the global population. It helps financial institutions manage risks, leverage new and extended ecosystems, and create significant value. It is used by various banks, co-operatives, and financial institutions worldwide. The solution includes many components and apps available on the cloud, helping traditional businesses transition from legacy technologies and connect with Application Programming Interfaces (APIs).
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