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Central Bank in US selects TCS BaNCS™ to modernise its core technology

By Delisha Fernandes

March 20, 2024

  • Central Bank
  • core technology.
  • Credit Unions
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Central Bank, core technology, TCS BaNCS™, online account, financial landscape, credit unions, FinTech news, FinTech USTata Consultancy Services has announced that Central Bank, a Midwest regional bank, will use TCS BaNCS™ to update its core technology infrastructure, drive innovation, and strengthen customer relationships.

Central Bank’s strategic partnership with TCS aims to create frictionless and flexible customer onboarding processes, enabling continued growth for the bank.

John Ross, President and CEO, Central Bank, said, “When the decision was made to modernize our core as part of a long-term strategy, we looked extensively for a true partner. Given our shared commitment to technology and its role in the customer experience, TCS, with its TCS BaNCS product suite, was a natural choice for Central Bank.”

Central Bank manages more than $20 billion in assets serving more than 150 locations in 78 communities throughout Missouri, Kansas, Illinois, and Oklahoma. The bank’s decision to deploy TCS BaNCS underscores its commitment to embracing advanced technology to simplify operations and enhance customer experiences. The bank will harness the full potential of TCS BaNCS’ API ecosystem, fostering interconnectedness across applications, services, and platforms.

This will enhance the Central Bank’s customer acquisition process and improve employee productivity. With real-time processing, the bank’s employees will gain a holistic view of its customer relationships and create and deploy differentiated products rapidly. The solution will come pre-integrated with TCS BaNCS for Payments, an ISO 20022-ready solution, enabling the Bank to offer FedNow® services and RTP® by The Clearing House.

The online account opening module of TCS BaNCS will optimize Central Bank’s customer acquisition processes, improve productivity, and help them gain real-time insights into customer relationships. It will also accelerate the process for the Central Bank to create and deploy products that meet its customers’ evolving needs.

Central Bank’s adoption of TCS BaNCS’ multi-bank, multi-entity capabilities and extensive API library positions it for accelerated integration of new banking partners, facilitating both organic and acquisition-led growth strategies. This streamlined approach underscores Central Bank’s commitment to staying agile in an ever-changing financial landscape.

Venkateshwaran Srinivasan, Global Head, Financial Solutions, TCS, said, “We are happy to partner with the US bank in their digital transformational journey. Our extensive investments in TCS BaNCS, contextual knowledge of the financial services industry, and strong track record in execution make us the preferred solution partner for preeminent institutions such as Central Bank that are dedicated to innovating at scale.”

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