Bahrain Development Bank selects TCS BaNCS Global Banking platform
By Megha Bhattacharya
Tata Consultancy Services (TCS) today announced that Bahrain Development Bank has selected its TCS BaNCS Global Banking Platform for its transforming its core banking infrastructure. The front-to-back digital offering is expected to help the Bank to cater to the needs of the small and medium business segment spanning digital banking channels, origination, core banking, trade finance, treasury and supporting services like AML and reconciliations.
The solution will also assist the Bank in launching new products, speed up innovation and develop enhanced superior experiences for its customers.
Khalid Al Rumaihi, Chairman, Bahrain Development Bank, said, “BDB plays a key role in the Kingdom of Bahrain’s growth by supporting SMEs and entrepreneurs to build, operate, and grow their businesses with confidence. With the selection of the comprehensive suite of offerings from the TCS BaNCS Global Banking Platform, which will be deployed on AWS, we are undertaking the core banking transformation and cloud migration of a three-decade-old platform, making it one of the first of its kind in the world.”
TCS stated that its Global Banking Platform comprises adaptive digital apps and a high performing processing engine for supporting a range of products and services covering assets and liabilities, cash and securities.
Bahrain Development Bank offers conventional and Islamic business financial services, venture capital and investment advisory to SMEs across the Kingdom of Bahrain.
Sanjeev Paul, Group CEO, Bahrain Development Bank, said, “BDB’s digital transformation program is a key pillar of delivering on the Bank’s vision to build BDB as a sustainable, industry leader and trusted partner for entrepreneurs in Bahrain, helping them to grow their businesses into successful and regionally competitive enterprises. With the full solution stack being implemented by TCS, BDB will be able to transform our clients’ experience delivering new channels, and innovative products. With this visionary project, Bahrain is once again leading the way in adopting full digital core banking on cloud, delivered using a SaaS model thereby assuring that the Bank is always at the cutting edge of technology.”
“We are pleased to be partnering with a bank that has a social and economic purpose which goes beyond conventional business objectives. Designed on the Digital First, Cloud First™ philosophy, TCS BaNCS will help BDB enhance agility, drive superior customer experiences and transform itself to meet the needs of an ever-evolving banking environment,” said Venkateshwaran Srinivasan, Head, TCS Financial Solutions.
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