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CUA selects TCS BaNCS for its Core Banking System overhaul

Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS), a leading global IT services, consulting and business solutions firm, announced today that CUA, Australia’s largest customer-owned financial institution, has selected its world-leading TCS BaNCS banking platform to deliver CUA’s new core banking system.

CUA will revolutionize its core banking system and back office processes over the next two years to provide greater flexibility and integration across the business and deliver an enhanced customer experience. This major project will underpin CUA’s growth strategy.

NG Subramaniam, President, TCS Financial Solutions, said, “We are very pleased to be working with CUA on its core banking transformation program. TCS BaNCS Core Banking solution will definitely assist to drive new product development and improve efficiencies for CUA. We will be utilizing our local industry knowledge and extensive global experience to ensure CUA’s new banking platform will be scalable and flexible enough to meet its long-term customer service expectations as well as its back-end operational and data management requirements. Looking forward, this is a very exciting project for all stakeholders.”

According to Chris Whitehead, Chief Executive Officer, CUA, replacing CUA’s core banking system is a significant and essential investment for the future of the business.“The implementation of a new core banking system will enhance our business capabilities, enabling us to meet our growth objectives and bring greater efficiencies across the business. It will also ensure our customers get greater and faster access to innovative products and a consistently good customer experience every time they bank with us. TCS was awarded the contract following a rigorous selection process and we are confident it will be able to deliver a world-class core banking system that will meet our needs and those of our customers for the years ahead,” said Whitehead.

A recent report by Forrester Research Inc – The Forrester Wave™: Global Banking Platforms, Q4 2010 – rated TCS as a “leader” in world-leading banking platform products. TCS BaNCS received high scores for banking platform functionality, deployment and operations, and both product and corporate strategy.