Zions Bancorporation Selects TCS BaNCS for Core Banking Transformation Focus on Achieving Enterprise-Wide Standardization, Straight Through Processing and Enhanced Customer Experience
NEW YORK and MUMBAI, India, Nov. 5, 2013 /PRNewswire/ -- Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS), a leading global IT services, consulting and business solutions organization, today announced that Zions Bancorporation, one of America's premier financial services companies, has chosen TCS BaNCS for its core banking transformation program to achieve standardization, centralization and straight through processing across the enterprise. In addition to the cost saving benefits, the ability to have a single, 360 degree view of its end-user customers is a key focus of the core replacement program.
The depth of TCS BaNCS' capabilities, its implementation track record and overall quality of banking and technology experts were among the major factors that influenced this selection by Zions Bancorporation, which consists of a collection of great banks in select Western U.S. markets with combined total assets exceeding $50 billion. The transformation will be completed in phases, with Zions' management expecting significant improvements in operational efficiency and customer experience, and reduced operational and financial risk stemming from older legacy systems.
"TCS' demonstrated commitment and focus during the engagement process and earnestly showed us how we could leverage TCS BaNCS technology to achieve our objectives," said Joe Reilly, CIO of Zions Bancorporation. "The flexibility of the solution and speed of deployment were key criteria in our selection process. The modular components and multi-entity capability of TCS BaNCS tightly fits into our technology landscape."
"We are delighted that Zions Bancorporation has chosen TCS as technology partner to transform their enterprise," said N Ganapathy Subramaniam, President of TCS Financial Solutions. "We are taking the model bank approach to translate Zions Bancorporation's vision into a reality. By deploying TCS BaNCS, they can streamline and standardise their entire suite of products from both the bank's and the customer's point of view in the United States"
About TCS Financial Solutions
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 280 institutions operating in over 80 countries, TCS Financial Solutions deliver state-of-the-art software solutions for the banking, insurance and capital markets industries worldwide. For more information, visit us at www.tcs.com/bancs.
About Tata Consultancy Services (TCS)
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, BPO, 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 285,000 of the world's best-trained consultants in 44 countries. The company generated consolidated revenues of US $11.6 billion for year ended March 31, 2013 and is listed on the National Stock Exchange and Bombay Stock Exchange in India. For more information, visit us at www.tcs.com.
SOURCE Tata Consultancy Services