Central Bank partners with Tata Consultancy Services to revolutionize banking infrastructure
In a significant move towards digital transformation within the banking sector, Central Bank, a prominent Midwest regional bank, has announced a strategic partnership with Tata Consultancy Services (TCS) to modernize its core technology infrastructure. This collaboration aims to drive innovation, streamline customer onboarding processes, and support Central Bank’s continued growth. By integrating TCS BaNCS, Central Bank is set to redefine the banking experience for its customers, prioritizing efficiency and flexibility in its services.
Central Bank, managing assets exceeding $20 billion and serving over 150 locations in 78 communities across Missouri, Kansas, Illinois, and Oklahoma, is dedicated to leveraging advanced technology to simplify operations and enhance customer experiences. The bank’s decision to adopt TCS BaNCS underscores its commitment to innovation and its strategic vision for the future. TCS BaNCS will enable Central Bank to tap into an extensive API ecosystem, fostering connectivity across applications, services, and platforms, thus elevating the customer acquisition process and improving employee productivity.
With the implementation of real-time processing, bank employees will gain a comprehensive view of customer relationships, allowing for the rapid creation and deployment of differentiated products. Additionally, TCS BaNCS for Payments, an ISO 20022-ready solution, will equip the bank to offer FedNow services and RTP by The Clearing House, marking a milestone in payment processing capabilities.
John Ross, President and CEO of Central Bank, emphasized the alignment of technology and customer experience as a key factor in the decision to partner with TCS, stating, “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.”
The partnership also highlights the capabilities of TCS BaNCS’ online account opening module, which is expected to optimize Central Bank’s customer acquisition processes, enhance productivity, and provide real-time insights into customer relationships.
Central Bank’s adoption of TCS BaNCS’ multi-bank, multi-entity capabilities and its vast API library positions it for accelerated integration of new banking partners and supports both organic and acquisition-led growth strategies. This approach emphasizes Central Bank’s agility and commitment to innovation in a rapidly evolving financial landscape.
Venkateshwaran Srinivasan, Global Head of Financial Solutions at TCS, expressed enthusiasm for the partnership, citing TCS’s extensive investments in TCS BaNCS and deep industry knowledge as foundational elements of their collaboration with Central Bank. Amit Bajaj, President of TCS North America, further highlighted the importance of modernizing core platforms to adapt to digital needs, ensuring Central Bank is well-equipped to meet the evolving demands of its growing customer base.
This partnership between Central Bank and Tata Consultancy Services through TCS BaNCS not only signifies a pivotal moment in the bank’s digital transformation journey but also sets a new benchmark for innovation and customer-centricity in the banking industry.