Länsförsäkringar Bank completes TCS core banking implementation
Länsförsäkringar Bank has deployed Tata Consultancy Services’ TCS Bancs core banking system to power the next leg of their digital transformation.
This comes after three years of the announcement by the bank back in March 2016.
The bank, the fifth largest retail bank in Sweden, aims to meet rising expectations of Nordic consumers, create competitive differentiation, and participate in new business opportunities enabled by digital technologies.
“Our vision was to enhance our ability to adapt to the new landscape of the banking ecosystem, and speed up time to market,” says Sven Eggefalk, CEO at Länsförsäkringar Bank. “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.”
Venkateshwaran Srinivasan, head of TCS Financial Solutions, describes the implementation at Länsförsäkringar Bank as “truly transformative” and that it “marks an inflection point in the bank’s digital transformation journey”.
Srinivasan adds: “The end-to-end transformation and smooth migration set a benchmark in the Nordics market from a programme execution standpoint.”
TCS Bancs supports the bank’s retail 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.
The new solution is expected to enable flexibility in services and pricing and help the bank launch new and innovative products faster. TCS says that the tech’s architectural features enable easier integration with third party systems.