Burgan Bank signs TCS core overhaul

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By David Brooks

Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS), a global leader in IT services, consulting and business solutions, has signed an agreement to modernize the core banking technology of Burgan Bank, a leading commercial bank in Kuwait.

The bank will use TCS BaNCS to consolidate multiple standalone legacy applications into a modern, universal banking solution that drives innovation and strengthens customer relationships.

Burgan Bank is one of the youngest commercial banks in Kuwait with a regional network of over 160 branches and 360 ATMs. It will leverage TCS BaNCSTM suite of products such as core and digital banking, payments, retail and corporate lending, wealth management, regulatory compliance and more to simplify and digitally transform its technology landscape.

The solution will enable the bank to manage higher transaction volumes, improve automation and increase employee productivity. With TCS BaNCS’ comprehensive set of APIs, the bank will serve its diversified customer base across corporate, retail and retail segments with an integrated solution.

Tony Daher, Group Chief Executive Officer of Burgan Bank, said: “We have embarked on a very comprehensive technology and digital transformation journey that will create an integrated banking ecosystem; one that not only meets current market expectations, but even exceeds them. Modernizing our core systems will support our continued focus on innovation and creating value for our customers by defining personalized offerings and intuitive, optimized experiences. This will pave the way for sustainable growth. We chose TCSBaNCS, which is widely used by banks in the region, to create a complete solution that meets our dual goals of driving innovation and delivering an excellent customer experience.”

TCS BaNCS has been used by various banks in the Middle East for core banking transformation and has received several recognitions from them. It has an intelligent digital core and is based on a modular and open architecture.

The extensive configurability will enable the bank to bring innovative solutions to market in a short time and provide customers with convenient, simplified and contextual experiences. By using the Quartz for Compliance solution, the bank will benefit from comprehensive AML/KYC functions across all business areas.

Venkateshwaran Srinivasan, Global Head, Financial Solutions, TCS, said, “We are delighted to partner with a progressive institution like Burgan Bank on its transformation journey. TCS BaNCS has a strong presence in Kuwait and the greater GCC region with multiple mission-critical deployments of our solutions to leading institutions. This selection by Burgan Bank is a testament to our continued investment in the TCS BaNCS product suite to make it market ready and compliant with regulations, and our commitment to successful implementation.”

This partnership reinforces TCS’ position as the preferred partner for digital transformation in the MEA region, where the IT group has had a strong presence for over three decades. With offices in nine countries across MEA, TCS has a workforce of over 9,000 employees serving more than 150 customers in the region. TCS has also been recognized as a Top Employer by the Top Employers Institute in the UAE, Saudi Arabia and South Africa for eight consecutive years.

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