Tata Consultancy Services announced that Ikano Bank AB in Sweden has selected the TCS BaNCS™ Global Banking SaaS Platform for its pan-Europe core banking transformation. Ikano Bank operates across Europe, offering a range of financial services and banking products such as loans, savings, mortgages, and credit cards, including leasing and factoring to small and medium-sized businesses. It runs on different core banking solutions in the eight countries it operates in, working with multiple broker solutions and agency banking arrangements in each. This led to country-wide silos within the organization, hindering unified risk management and a consistent customer experience.
The bank aims to transform and consolidate its pan-European accounts, deposits, and unsecured retail lending business on TCS BaNCS, starting with Sweden. TCS BaNCS’ component-by-design approach and proven track record in the Nordics will ensure that the bank can incrementally evolve its offerings and mitigate transformation risk while continuing to deliver value to its customers. The new centralized core banking platform will help the bank innovate and launch products faster, enter new markets, standardize processes, comply with local regulations, and enhance resilience.
Tata Consultancy Services is the flagship company and a part of the Tata Group. It is an IT services, consulting and business solutions organization that has been partnering with many of the world’s largest businesses in their transformation journeys for over 50 years.
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