March 29, 2016

Sweden's leader in digital banking selects TCS BaNCS for growth and transformation

Stockholm | Mumbai: Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS) a leading global IT services, consulting and business solutions organisation, has today announced that Sweden’s Länsförsäkringar Bank has selected its TCS BaNCS platform as the engine to power its future growth and transformation. In addition, TCS will also provide system integration and support services to ensure a smooth transition for Länsförsäkringar Bank’s current environment.

This, landmark engagement together with the recent adoption of TCS BaNCS for its market infrastructure platform by Euroclear, the Central Securities Depository in the Nordics is proof of TCS’s strength as a fully integrated transformation agent for the Nordic banking sector.

Rikard Josefson, CEO, Länsförsäkringar Bank, commented: “We believe that TCS is the right transformation partner for us with a strong track record and a clear cultural alignment. In our evaluation, we found TCS BaNCS to be a superior solution that is very well capable of supporting our ambition of being a digital market leader. TCS' long term commitment to Länsförsäkringar Bank and to the Nordic market was an important factor behind our decision to partner with them. With TCS BaNCS we are confident of achieving our business transformation objectives.”

Länsförsäkringar Bank is a customer-owned bank with a strong local presence. In just 20 years of operations it has become the fifth largest retail bank in Sweden and has Sweden’s most satisfied retail customers according to Swedish Quality Index (SKI). It is also a leader in digital banking services and has recently won awards for Sweden’s best mobile bank, best app and mobile site.

Speaking about the contract N Ganapathy Subramaniam, president, TCS Financial Solutions, said: “We are privileged to be partnering with Länsförsäkringar Bank in their transformation journey. TCS BaNCS' robust functionality will underpin Länsförsäkringar Bank's next-generation digital banking services and offer a highly personalised customer experience. At the same time TCS BaNCS will reduce the time to market for new products, time to compliance for regulations, and cost of operations.”

Amit Bajaj, head, North Europe, TCS, commented: “The Nordic market has been on the forefront of digital adoption driven by rich customer experience and hyper-connected local market infrastructure. Our partnership with a digital leader like Länsförsäkringar Bank will create a new standard in a highly advanced Nordic market and serve as an inspiration. Our engagements with both Länsförsäkringar Bank and Euroclear Nordics position us as the future platform for financial institutions in the Nordics looking to realign their business model to the digital world.”