Venkateshwaran Srinivasan

Sweden-based Länsförsäkringar Bank has deployed TCS BaNCS for Core Banking with an aim to replace its legacy systems with a modern banking and payments solution. The selection will enable the bank to participate in new business opportunities and meet the growing demands of its Nordic customers.

Sven Eggefalk, CEO, Länsförsäkringar Bank, said, “Our vision was to enhance our ability to adapt to the new landscape of the banking ecosystem and speed up time to market. The successful on-time deployment of a contemporary banking solution such as TCS BaNCS is a testimony to the fact that TCS is the right transformation partner for us. TCS BaNCS has helped us re-align our business model to the digital world, reinforcing our position in the market as a leader and innovator.”

According to the supplier, the solution is expected to provide flexibility in services and pricing and enable the bank to launch products at a faster pace. It also allows for easier integrations with third party systems and enables Open Banking through its API repository. The solution supports the Swedish retail banking portfolio for loans processing, complex payments infrastructure – including integration with Bankgirot (Autogiro, DataClearing, Giro), real-time payments (SWISH), Privatgirot, PlusGirot and the Riksbank and reconciliations.

Venkateshwaran Srinivasan, Head, TCS Financial Solutions, said, “The Business 4.0TM world offers opportunities aplenty to businesses that are willing to transform themselves to take advantage of the market opportunities afforded by pervasive digital adoption. We are delighted at this successful deployment of TCS BaNCS at Länsförsäkringar Bank, which is truly transformative and marks an inflection point in the Bank’s digital transformation journey. The end-to-end transformation and smooth migration set a benchmark in the Nordics market from a program execution standpoint. Länsförsäkringar Bank now offers superior levels of customer experience and enhanced agility in bringing better customer propositions to market.”

by Megha Bhattacharya
Market Analyst at IBS Intelligence