TCS announces partnership with Bank of Bhutan, shares trade higher

Tata Consultancy Services (TCS) announced on Tuesday, December 3, that it has entered into a strategic partnership with the Bank of Bhutan to modernise the bank’s digital core to enhance its customer service experience.

The leading IT services and business solutions provider will implement its global banking platform, TCS BaNCS, to help the bank optimise operations and seamlessly integrate with various public services within the country's digital ecosystem, the company said in a press release.

Bank of Bhutan is the largest commercial bank in Bhutan, with more than 4,00,000 customers across 45 branches. It offers several financial products and services and has been in a technology partnership with TCS since 2016. The company has helped the bank grow using its technology solutions.

Shares of TCS opened 0.8% up at ₹4,314.35 apiece on the NSE on Tuesday. The stock was trading 0.5% higher at 1:40 pm at ₹4,297.70.

TCS banking platform

The TCS BaNCS platform will give the bank access to a wide range of tools in the banking and payments sector, including customer deposits, loan management, retail services, trade finance, pricing, and other functions, the release added.

“We are happy to reinforce our partnership with TCS with the selection of TCS BaNCS Global Banking Platform. We remain committed to continuously innovating and enhancing customer experience. This translates into offering personalised, comprehensive, high-performing financial products and services, including the capabilities required to support the country-wide digitisation and digital currency initiatives by the Kingdom of Bhutan,” the release quoted Dorji Kadin, Chief Executive Officer, Bank of Bhutan as saying.

Kadin added that the TCS BaNCS Global Banking Platform is built on modern technologies that reflect the bank’s philosophy. The platform will help implement AI technologies across various operational workflows in the bank's future programs, boosting productivity.

The release stated that the TCS BaNCS platform processes banking transactions for more than 30% of the population worldwide. Two of the world's largest core banking systems run on the TCS platform, handling 1 billion accounts.

The platform helps banks manage risks, apply new ecosystems, and add value. It offers many components and applications aimed at helping traditional businesses connect with APIs.

“We are delighted with the selection of TCS BaNCS Global Banking Platform by the Bank of Bhutan for its bank-wide transformation program. TCS BaNCS™ will help the Bank enhance operational efficiencies and automate processes across retail and corporate banking, making frictionless customer experiences a reality,” Venkateshwaran Srinivasan, Global Head, Financial Solutions, TCS said.