Indian IT services firm Tata Consultancy Services (TCS) has signed a digital transformation deal with Qatar-based QNB Bank, one of the largest banks in the Middle Eastern region.
As part of the deal, TCS will provide a solution for the bank's capital market operations using its proprietary BaNCS global securities platform, the company said in a regulatory filing.
QNB Bank, which is 50% owned by the Qatar Investment Authority (50%), plans to expand operations by leveraging artificial intelligence (AI) and machine learning (ML) technologies to provide superior customer experience on its trade lifecycle.
QNB and associate companies operate in more than 31 countries across three continents.
“We believe that for firms to become agile and create exponential value for their customers, they will have to proactively harness new technologies and create innovative value propositions. The TCS BaNCS global securities platform offers QNB a rich set of features to meet future performance needs, and rapid growth in channels, users, markets and applications," said R Vivekanand, co-Head, TCS Financial Solutions.
BaNCS will help the bank integrate its securities product into its back-office across multiple asset classes, channels, markets and users, according to the regulatory filing.
“With the ongoing upgrade to the TCS BaNCS global securities platform, we will be able to tap into a comprehensive and contemporary solution tailor-made to the market demands of today. Our vision is to grow our global footprint while keeping a firm eye on our local roots, and this is where a superior solution like TCS BaNCS will give us the scale that we are looking for and the ability to connect and tap into larger ecosystems,” said Adel Al-Malki, general manager, information technology division, QNB Group.
TCS has been signing large digital deals in the quest of delivering double-digit growth for the second quarter of the fiscal year 2020.
This month, the company signed a partnership agreement with automaker General Motors to help the company expand its global vehicle engineering services division.
TCS has signed a deal with Nordic postal and logistics group Posten Norge to improve customer experience.
In July, the company had successfully deployed a hybrid cloud for insurance firm Scottish Widows.
As part of its European expansion, the company has rolled out a pan-Europe talent programme to help graduate trainees accelerate their careers. Called Grow@TCS, the programme was started in Germany in 2017 and then rolled out in the Netherlands and Hungary in 2018.
The programme consists of an onboarding period in the respective home countries with workshops on soft skills and working across different cultures.