Tata Consultancy Services (TCS), (BSE: TCS.BO, NSE: TCS.NI), a leading global IT services and consulting firm, announced today that its client Indian Bank, a premier bank owned by the Government of India has been selected as a Model Bank for their core banking modernization program by Celent, a research and advisory firm.
Celent's Model Bank research was designed to try to answer an apparently simple question: "What would it look like for a bank to do everything right with today's technology? Celent had undertaken to offer, at a high level, some key best practices in the use of technology that a “model bank” would use to fulfill their mission.
Indian Bank has been serving customers for more than a century and is seen as a front-runner in specialized banking as well as rural development. By deploying TCS BaNCS across 1647 branches, Indian Bank has re-engineered its IT infrastructure to offer finely tailored products to its corporate and retail customers.
Speaking on the occasion, M.S. Sundara Rajan, Chairman & MD of Indian Bank said “Our mission is to take banking technology to the common man and we are delighted to receive this acknowledgement that reinforces the same. To be benchmarked among the finest, global institutions around the world can only spur us to further heights. I must also commend TCS Financial Solutions for their strong commitment to our bank as we together search for innovative ways to redefine banking in this region”
“Indian Bank is a classic example of the leapfrogging that is happening throughout Asia. Banks are moving from branch-based systems [where customer account information is kept at a specific branch] to starting with a clean sheet with respect to IT infrastructure. Indian Bank chose TCS BaNCS to create a state-of-the-art core system with business workflow, rules-based routing, electronic transactions, and cash management services. Because Indian Bank has entirely scrapped their legacy systems, the bank is able to jump to a state-of-the-art infrastructure with increased back office and IT efficiency and a broader product offering”, said Bart Narter, Senior Vice President, Banking Group, Celent.
Commenting on the accolade received by Indian Bank, N. Ganapathy Subramaniam, President TCS Financial Solutions, said, “It has been a joy to witness firsthand how a fine institution like Indian Bank has harnessed change to serve their customers. Their vision and total commitment to the modernization program merits this award, and we are only glad to play a support role by delivering certainty throughout this transformation program. This is the second year in a row that a TCS BαNCS customer has been cited in the Celent Model Bank Report.”
