Loading...

Tata Consultancy Services rolls out CASA platform for Federal Bank, BaNCS for Taiwan lender KGI

Tata Consultancy Services rolls out CASA platform for Federal Bank, BaNCS for Taiwan lender KGI
Photo Credit: Photo Credit: Reuters
18 Jun, 2019

Information technology company Tata Consultancy Services (TCS) and Kochi-based Federal Bank have announced the successful deployment of Digital CASA Account Opening and KYC Services Platform. CASA is current account and savings account.

“The development of the unique account opening solution, in partnership with TCS, has transformed the account opening experience for customers,” said Shalini Warrier, chief operating officer, Federal Bank.

Based on its Business 4.0 thought leadership framework, Machine First Delivery Model and Enterprise Agile framework, TCS deployed its CASA Account Opening Platform on a business utility model – tablet and web based – on the TCS Cloud.

The new platform enables account opening through straight-through processing (STP) as well as non-STP, using mobile, cognitive and optical character recognition (OCR) to improve turnaround time. With the use of OCR and automation, the customer’s documents, along with the account opening form, can be scanned and submitted electronically.

“The contextual knowledge that we have gained over the years, coupled with our Business 4.0 framework, Machine First approach and Location Independent Agile methods are helping our customers in their transformation journeys,” said Ujjwal Mathur, country head, TCS India.

The company revealed that the platform also seamlessly and automatically integrates with the Digital India ecosystem and the bank’s internal systems.

The new platform has helped Federal Bank to improve the end-to-end turnaround time for account opening. The bank also recently piloted these services for NRI customers, it added.

Last week, the IT firm had said that it will be rolling out a pan-Europe talent programme to help graduate trainees accelerate their career.

Also, in the last week, the company had said that Sweden-based Länsförsäkringar Bank has deployed TCS BaNCS (bank assessment for non-point source consequences of sediment) to power the next leg of its digital transformation journey.

KGI Bank 

TCS has announced that Taiwan-based KGI Bank has deployed TCS BaNCS (bank assessment for non-point source consequences of sediment) for corporate and consumer operations.

“We also decided to tackle both local and foreign currency deposits with this initiative, which in Taiwan is a full-fledged project by itself,” said Leo Weng, information chief, KGI Bank.

TCS said that KGI Bank’s information technology (IT) landscape had become very complex, with multiple legacy core banking systems acquired through various mergers. These systems were hampering the bank’s ability to grow, keep up with changing customer needs and limiting its plans for international expansion.

“KGI Bank now has a firm foundation to accelerate its digital transformation journey, evolve into a future-ready organisation and expand into the Asia-Pacific markets. By empowering its digital initiatives and significantly improving time to market, this deployment of TCS BaNCS is representative of one of the key principles of the TCS Business 4.0 framework, where we empower our customers to drive exponential value,” said Venkateshwaran Srinivasan, head, TCS financial solutions.

Weng said, “We are now able to consolidate information across service channels and business lines to have a single view of the customer, enabling a superior experience and better risk management. TCS BaNCS has helped us to improve time to market for new products, effortlessly meet the heavy processing workloads and performance requirements of retail banking, while improving operational efficiencies.”

Designed on the digital-first, cloud-first philosophy, TCS BaNCS comes with a high-performing processing engine and open-banking capabilities.