Tata Consultancy Services, (TCS), (BSE: 532540, NSE: TCS) a leading global IT services, consulting and business solutions organization, announced today that Zions Bancorporation has gone live on TCS BaNCS for Core Banking with the successful transition of Zions Bancorporation’s Consumer Lending business over to the TCS BaNCS platform, a major milestone in the North American Banking industry’s march towards modernization.
Zions Bancorporation selected TCS BaNCS after an extensive review of U.S. and global core banking vendors. The core transformation program, titled “FutureCore,” is divided into phases and Consumer Lending for the 7 affiliate banks is the first phase to go live, with other phases to follow.
Scott McLean, President & COO of Zions Bancorporation said. “The completion of this consumer lending installation represents our first step toward having a fully integrated core loan and deposit system. This project has served as an impetus for us to address customer and employee frustration points, simplify and de-risk how we do business, and make us more agile in adapting to future digital technology, customer and regulatory expectations. Ultimately, having a simplified back office and providing significantly greater information to our frontline bankers has a meaningful impact to customers,” “This core transformation initiative is foundational to our digital transformation objectives: to improve the customer experience, digitize and streamline operations, and better leverage our data assets to better serve our customers.”
Ashvini Saxena, Head – Americas for TCS BaNCS said, “The successful deployment of TCS BaNCS at Zions is testimony to the commitment from both Zions and TCS to make this happen. It’s a significant landmark not just for TCS and for Zions, but for the banking industry in North America. The TCS BaNCS deployment provides Zions a parameterized, US market compliant, real-time solution, sets up Zions to go Digital, be nimble & efficient and shift to a customer centric approach.
Commenting on the go-live, Joe Reilly Chief Technology Strategist of Zions Bancorporation, said “TCS' experience in large program delivery has been demonstrated extensively throughout the FutureCore program. We selected TCS because of the TCS BaNCS product’s rich functionality, their extensive track record of successful implementations around the world, and their focus and flexibility in ensuring that our program is a success and really stands out,”
Zions Bancorporation is one of the nation's premier financial services companies with total assets exceeding $65 billion. Zions operates under local management teams and distinct brands in 11 western states: Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington and Wyoming. The company is a national leader in Small Business Administration lending and public finance advisory services, and is a consistent top recipient of Greenwich Excellence awards in banking. In addition, Zions is included in the S&P 500 and NASDAQ Financial 100 indices.
TCS Financial Solutions is a strategic business unit of Tata Consultancy Services. Dedicated to providing business application solutions to financial institutions globally, TCS Financial Solutions has compiled a comprehensive product portfolio under the brand name of TCS BaNCS. Our mission is to provide best of breed solutions that drive growth, reduce costs, mitigate risk and offer a faster speed to market for our clients. With a global customer base of more than 370 institutions operating in over 80 countries, TCS Financial Solutions delivers state-of-the-art software solutions for the banking, capital markets and insurance industries worldwide.
Tata Consultancy Services is an IT services, consulting and business solutions organization that delivers real results to global business, ensuring a level of certainty no other firm can match. TCS offers a consulting-led, integrated portfolio of IT, BPS, infrastructure, engineering and assurance services. This is delivered through its unique Global Network Delivery Model™, recognized as the benchmark of excellence in software development. A part of the Tata group, India’s largest industrial conglomerate, TCS has over 385,000 of the world’s best-trained consultants in 46 countries. The company generated consolidated revenues of US $17.58 billion for year ended March 31, 2017 and is listed on the BSE (formerly Bombay Stock Exchange) and the NSE (National Stock Exchange) in India.