CTBC Bank, one of Taiwan’s largest privately owned banks, with operations across the region, has partnered with Indian IT service provider Tata Consultancy Services (TCS) to digitally transform its banking and wealth management business to drive future growth.
The bank will use TCS’ core banking software suite, BaNCS, to “offer specialised financial services” across retail, wealth and corporate banking.
It will further support trade financing and international remittance services.
CTBC Bank’s Taiwan CTO, Titan Chia, said the bank selected TCS BaNCS to “help differentiate offerings” by providing contextual, innovative solutions across banking and wealth management.
“TCS BaNCS’ cloud-native solutions will help simplify the IT landscape, spanning consumer, corporate banking, and trade finance in alignment with the vision for a tiered architecture through front-end agile delivery, and mid-platform shareable modules backed by an intelligent digital core,” he added.
According to CTBC Bank, the new core banking solution will “support customer service” around-the-clock, and solutions for loans, deposits, international and domestic remittances, payments or collection, facility limits and collaterals across both consumer and corporate banking business.
TCS BaNCS’ functionality as well as its microservices-based, cloud-native design is expected to help CTBC advance its digital strategy, spot new business opportunities, and expand its footprint across the region.
TCS Financial Solutions’ Global Head, Venkateshwaran Srinivasan, said the TCS banking solution will “bring” CTBC Bank to a modern (banking) core across their product lines of banking and wealth management based on a microservices architecture, leveraging cloud-native capabilities.
“The solution’s rich APIs and orchestration capabilities will help the bank integrate larger ecosystems into their core processes and improve time-to-market for innovative new offerings,” Srinivasan added.
