Saudi Arabia’s Banque Saudi Fransi has signed on Mumbai-based information technology services giant Tata Consultancy Services to improve its customer service experience.
Under the partnership, the IT giant will deploy its TCS BaNCS platform, a software-as-a service-based integrated suite that helps banks and financial companies in their process digital transformation. Financial details of the agreement were not disclosed.
The platform will be deployed across BSF’s corporate and retail banking groups in compliance with the guidelines put forth by the Saudi Arabian Monetary Authority.
TCS’ SaaS platform will also help BSF participate in larger banking ecosystems through the IT major’s blockchain offering, Quartz.
The deal comes at a time when Indian IT firms are facing headwinds in the form of weak growth in banking, financial services and insurance (BFSI) across the world, the largest segment for these companies.
BSF was established in 1977 and has an employee count of close to 3000, with a net income of $941 million as of 2017. It has over 120 branches with its headquarters in Riyadh.
“Progressive banks are seeking to differentiate themselves in a Business 4.0 world by investing in technology to enable mass personalisation and to leverage ecosystems,” Venkateshwaran Srinivasan, Head, TCS Financial Solutions said in a statement.
TCS said that the BaNCS platform possesses a large collection of application program interface-enabled components addressing wealth management in retail, corporate and private banking, including digital banking.
Some competitors for TCS BaNCS include Finacle by Infosys, Temenos, EdgeVerve by Oracle and SAP.
The IT services giant recently partnered with Bajaj Allianz General insurance to accelerate the insurance firm’s digital transformation journey.
TCS saw its net profit remain flat at 0.2% during the third quarter of the current financial year. In terms of the BFSI sector, TCS reported a 5.3% growth as compared to last quarter.