MANAMA | MUMBAI, October 13, 2020: Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS), a leading global IT services, consulting and business solutions organization, announced that Bahrain Development Bank (BDB), a development finance institution established by the government of Bahrain, focusing on financing and development of small and medium businesses, to encourage and support entrepreneurship in the Kingdom of Bahrain, has selected the TCS BaNCS Global Banking Platform for its core banking transformation.
BDB offers conventional and Islamic business finance services, venture capital and investment advisory to small and medium enterprises across multiple industries in the Kingdom of Bahrain. Through focused, innovative products, services, and a redefined operating model, BDB has been stimulating and driving entrepreneurial activity in the country. The bank was looking for a modern, digital banking solution that would help it transform customer engagement through the delivery of contextual experiences. Furthering the government’s vision of moving operations and infrastructure to the cloud, BDB wanted to host the entire core banking platform on a public cloud.
The bank selected the front-to-back digital offering, TCS BaNCS Global Banking Platform, enabled with APIs and cognitive tools such as AI and analytics. The platform will help BDB meet the unique needs of the small and medium business segment spanning digital banking channels, origination, core banking, trade finance, treasury and supporting services like AML and reconciliations. It will interface with technology offerings from TCS’ partners for CRM, sales, risk management and other enterprise functions.
TCS BaNCS will enable BDB to launch new innovative products faster. Further, it can leverage TCS’ fintech partner ecosystem to accelerate innovation and create superior and contextual experiences for its customers. The deployment of TCS BaNCS on AWS brings together the transformative power of a modern, future-proof digital core with the scalability, security, availability and cost-efficiency of a trusted global public cloud platform.
Khalid Al Rumaihi, Chairman, Bahrain Development Bank, said, “BDB plays a key role in the Kingdom of Bahrain’s growth by supporting SMEs and entrepreneurs to build, operate, and grow their businesses with confidence. With the selection of the comprehensive suite of offerings from the TCS BaNCS Global Banking Platform, which will be deployed on AWS, we are undertaking the core banking transformation and cloud migration of a three-decade-old platform, making it one of the first of its kind in the world. We will now be able to provide our clientele with an omni-channel digital financial services and a launch pad for their businesses to grow and flourish.”
Sanjeev Paul, Group CEO, Bahrain Development Bank, said, “BDB’s digital transformation program is a key pillar of delivering on the Bank’s vision to build BDB as a sustainable, industry leader and trusted partner for entrepreneurs in Bahrain, helping them to grow their businesses into successful and regionally competitive enterprises. With the full solution stack being implemented by TCS, BDB will be able to transform our clients’ experience delivering new channels, and innovative products. With this visionary project Bahrain is once again leading the way in adopting full digital core banking on cloud, delivered using a SaaS model thereby assuring that the Bank is always at the cutting edge of technology.”
“We are pleased to be partnering with a bank that has a social and economic purpose which goes beyond conventional business objectives. Designed on the Digital First, Cloud First philosophy, TCS BaNCS will help BDB enhance agility, drive superior customer experiences and transform itself to meet the needs of an ever-evolving banking environment,” said Venkateshwaran Srinivasan, Head, TCS Financial Solutions.
The TCS BaNCS Global Banking Platform embodies the Digital First, Cloud First philosophy on which all its components are designed, enabling financial institutions to offer products and services to customers throughout their lifecycle and across all touch points. Anticipating their requirements even before they begin looking for solutions, the platform comprises innovative, adaptive digital apps and a high performing processing engine. It can support a wide range of products and services covering assets and liabilities, cash and securities, and has been deployed at more than 400 financial institutions, with an assured 24x7x365 availability. With functionally granular and extendable APIs, the solution enables financial institutions with choice while also empowering them to leverage larger ecosystems and create new revenue models.
About Bahrain Development Bank
Bahrain Development Bank commenced its operations in 1992 as a specialist Bank and its activities are focused on financing and development of small and medium businesses in addition to encouraging and supporting the entrepreneurship activities in the Kingdom of Bahrain. Working in-line with the Bahrain Economic Vision 2030, BDB adopts a dynamic and effective strategy for stimulating entrepreneurial activity in implementing its plans for financing & advising small and medium businesses. This strategy is in line with the Bank’s mission of being an active participant in national strategy by supporting this sector of the economy. BDB’s role in this context is especially significant given the growing size and contribution of this important segment to domestic economic activity.
About TCS Financial Solutions
TCS Financial Solutions is a strategic business unit of Tata Consultancy Services. Dedicated to providing business solutions to financial institutions globally, TCS Financial Solutions has compiled a comprehensive product portfolio under the brand name of TCS BaNCS. The TCS BaNCS universal financial solution is designed to help financial services institutions enhance end customer experience, enabling them to embrace open and innovative technologies that embody true digital customer engagement. Deployed at more than 450 installations worldwide, it is the largest collection of components, enterprise and consumer apps for the financial industry made available through the cloud, helping firms become more agile and intelligent by leveraging the power of new and extended ecosystems.
To know more about TCS BaNCS, please visit: www.tcs.com/bancs
About Tata Consultancy Services Ltd. (TCS)
Tata Consultancy Services is an IT services, consulting and business solutions organization that has been partnering with many of the world’s largest businesses in their transformation journeys for over 50 years. TCS offers a consulting-led, cognitive powered, integrated portfolio of business, technology and engineering services and solutions. This is delivered through its unique Location Independent AgileTM delivery model, recognized as a benchmark of excellence in software development.
A part of the Tata group, India's largest multinational business group, TCS has over 453,000 of the world’s best-trained consultants in 46 countries. The company generated consolidated revenues of US $22 billion in the fiscal year ended March 31, 2020, and is listed on the BSE (formerly Bombay Stock Exchange) and the NSE (National Stock Exchange) in India. TCS' proactive stance on climate change and award-winning work with communities across the world have earned it a place in leading sustainability indices such as the Dow Jones Sustainability Index (DJSI), MSCI Global Sustainability Index and the FTSE4Good Emerging Index. For more information, visit us at www.tcs.com.
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