“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…Central Bank’s strategic partnership with TCS aims to create frictionless and flexible customer onboarding processes, enabling continued growth for the bank,” TCS said in a stock exchange filing.
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Established in 1902, Central Bank manages more than $20 billion in assets serving more than 150 locations in 78 communities throughout Missouri, Kansas, Illinois, and Oklahoma.
“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,” said John Ross, President and CEO, Central Bank.
TCS BaNCS is a core banking software suite developed by TCS, India’s largest IT firm, for use by retail banks.
“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,” said Amit Bajaj, President, TCS North America.
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For October to December period, the Mumbai-based IT major’s BFSI segment, its largest sector vertical at 31.7% share of the total revenues, showed a dip in growth by 3% and geographically North America, with the largest market share at 50.6%, also decelerated in growth by 3%.TCS’ total revenues for the third quarter ending December stood at $7.28 billion growing 2.9% in dollar terms and 1.7% in constant currency.
While its total contract value (TCV) of deals in the BFSI segment stood at $2.6 billion, the North America TCV was at $4.2 billion.
