TCS helps Indian Bank to be 'Model Bank'

BANGALORE, INDIA: Tata Consultancy Services (TCS), a provider in IT services and consulting firm, announced on Thursday that its client Indian Bank, a 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 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, said a press release. The bank has deployed TCS BáNCS core banking solution across 1,647 branches.

M.S. Sundara Rajan, chairman and 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.”

He added that to be benchmarked among the finest, global institutions around the world could only spur them to further heights.

Sundar Rajan, added, “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 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,” said Bart Narter, senior vice president, Banking Group, Celent.

He added that 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.

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.”

He added that this is the second year in a row that a TCS BáNCS customer has been cited in the Celent Model Bank Report.