Central Bank in US Selects TCS BaNCS™ to Modernize its Core Technology

The leading Midwest regional bank taps Tata Consultancy Services’ next-generation banking software to simplify the technology landscape, spark organic growth and accelerate client onboarding

JEFFERSON CITY, MISSOURI | MUMBAI, March 19, 2024: Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS) announced that Central Bank, a leading Midwest regional bank, will use TCS BaNCS™ to update its core technology infrastructure, drive innovation, and strengthen customer relationships. Central Bank’s strategic partnership with TCS aims to create frictionless and flexible customer onboarding processes, enabling continued growth for the bank.

Central Bank manages more than $20 billion in assets serving more than 150 locations in 78 communities throughout Missouri, Kansas, Illinois, and Oklahoma. The bank’s decision to deploy TCS BaNCS underscores its commitment to embracing advanced technology to simplify operations and enhance customer experiences. The bank will harness the full potential of TCS BaNCS’ API ecosystem, fostering interconnectedness across applications, services, and platforms. This will enhance the Central Bank’s customer acquisition process and improve employee productivity. With real-time processing, the bank’s employees will gain a holistic view of its customer relationships and create and deploy differentiated products rapidly. The solution will come pre-integrated with TCS BaNCS for Payments, an ISO 20022-ready solution, enabling the Bank to offer FedNow® services and RTP® by The Clearing House.

John Ross, President and CEO, Central Bank, commented, “When the decision was made to modernize our core as part of a long-term strategy, we looked extensively for a true partner. Given our shared commitment to technology and its role in the customer experience, TCS, with its TCS BaNCS product suite, was a natural choice for Central Bank.”

The online account opening module of TCS BaNCS will optimize Central Bank’s customer acquisition processes, improve productivity, and help them gain real-time insights into customer relationships. It will also accelerate the process for the Central Bank to create and deploy products that meet its customers’ evolving needs.

Central Bank’s adoption of TCS BaNCS’ multi-bank, multi-entity capabilities and extensive API library positions it for accelerated integration of new banking partners, facilitating both organic and acquisition-led growth strategies. This streamlined approach underscores Central Bank’s commitment to staying agile in an ever-changing financial landscape.

Venkateshwaran Srinivasan, Global Head, Financial Solutions, TCS, said, “We are happy to partner with Central Bank in their digital transformational journey. Our extensive investments in TCS BaNCS, contextual knowledge of the financial services industry, and strong track record in execution make us the preferred solution partner for preeminent institutions such as Central Bank that are dedicated to innovating at scale.”

Amit Bajaj, President, TCS North America, said, “TCS’ longstanding partnerships with regional community banks, credit unions, and financial institutions continue to expand as we serve multiple such local and regional banks in North America. We have been working with these financial institutions to modernize their core platforms so they can adapt to their customers’ ever evolving digital needs. With TCS BaNCS, Central Bank will get a jumpstart and now offer a frictionless and flexible onboarding process that meets the needs of its growing customer base.”