Bahrain Development Bank (BDB) has selected TCS BaNCS global banking platform for its core banking transformation. The platform from India’s largest IT (information technology) services company will enable the bank to accelerate the launch of new products.
Established by the government of Bahrain, the bank offers conventional and Islamic business finance services, venture capital and investment advisory to small and medium enterprises in the Kingdom of Bahrain. The appointment of TCS BaNCS comes as a part of its plans to provide a digital banking solution to transform customer engagement through the delivery of contextual experiences. BDB also wants to host the entire core banking platform on a public cloud.
“With the full solution stack being implemented by TCS, BDB will be able to transform our clients’ Page 2 of 3 experience delivering new channels, and innovative products.” Sanjeev Paul, group CEO, Bahrain Development Bank said in a statement.
“With the selection of the comprehensive suite of offerings from the TCS BaNCS Global Banking Platform, which will be deployed on AWS, we are undertaking the core banking transformation and cloud migration of a three-decade-old platform, making it one of the first of its kind in the world,” Khalid Al Rumaihi, chairman, Bahrain Development Bank, added.
So far TCS BaNCS has deployed its services to around 400 financial institutions globally. This includes Federal Bank, Sweden-based Länsförsäkringar Bank, Israel’s Bank Yahav and Qatar’s QNB Bank to name a few. The platform can support a wide range of products and services covering assets and liabilities, cash and securities.
In August, the National Bank of Bahrain (NBB) signed up Infosys for the digital transformation of its transaction banking business.