TCS Bags another Client in Nordic Banking Sector

Announces engagement with Sweden’s leading digital banking services provider Länsförsäkringar Bank as it selects TCS BaNCS for future growth and transformation

Tata Consultancy Services has 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.

As per the press release, the landmark engagement comes on the back of the recent adoption of TCS BaNCS by Euroclear, the Central Securities Depository, for its Market Infrastructure platform in the Nordics. With two high profile engagements, TCS has cemented its positions as a fully integrated transformation agent for the Nordic banking sector.

Länsförsäkringar Bank is 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, said the release.

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.”

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 personalized 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 & Euroclear Nordics position us as the future platform for financial institutions in the Nordics looking to re-align their business model to the digital world”

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