India-based Tata Consultancy Services (TCS) has formed a partnership with Khan Bank modernise the Mongolian lender’s digital banking platform.
This collaboration aims to transform the bank’s operations by implementing the TCS BaNCS Global Banking Platform, which is set to optimise processes and improve customer service.
Khan Bank has 548 branches across Mongolia. It serves over 2.9 million customers, accounting for more than 82% of the country’s population.
TCS and Khan Bank have maintained a long-term relationship through the BaNCS platform for nearly 25 years. The renewed partnership will focus on streamlining multiple critical business functions, including the Customer Information File, trade finance, treasury services, international payments, loans, and deposits.
Khan Bank CEO Munkhtuya R. (TUYA) said: “This strategic partnership with TCS aligns with Khan Bank’s ambitious growth plans, with the TCS BaNCS Global Banking Platform poised to play a pivotal role in our technology modernisation program.
“By helping us realise our strategic objectives of streamlining operations for quick time-to-market and future-proofing our banking technology platform and environment, TCS BaNCS will empower our Bank to achieve its growth ambitions, explore initiatives in the space of AI, and solidify its position as the leading bank in Mongolia.”
The TCS BaNCS suite will be integrated throughout Khan Bank’s operations, facilitating improved treasury management and providing advanced reporting capabilities along with real-time risk assessment.
The TCS BaNCS solution is designed to enable banks to enhance their digital portfolios, reduce time-to-market for new offerings, and streamline operations.
This solution will allow Khan Bank to accelerate its response to customer demands and rapidly introduce innovative products and services. TCS will assist the bank in scaling its digital banking operations, aligning with Khan Bank’s strategy to expand its pure digital banking services.
Moreover, the ISO 20022-ready payment solution within TCS BaNCS will enable Khan Bank to offer both high and low value international payments through compliance with SWIFT GPI and SWIFT Go standards. The componentised core banking solution will employ containers for easier data streaming, thereby fostering AI/ML innovation from a future-ready platform.
TCS financial solutions global head Venkateshwaran Srinivasan said: “Khan Bank will gain from TCS’ experience in spear-heading large-scale core banking transformation programs globally, and the solution’s superior technology and architecture.
“The solution will enable quick time to market of new products and innovative offerings, enable mass personalization and help sustain Khan Bank’s market leadership in the country.”
TCS BaNCS is claimed to support over 30% of worldwide banking transactions and aids financial institutions in managing risks while participating in new ecosystems to generate significant value.
The platform offers components and applications available on the cloud, assisting traditional businesses in transitioning from legacy systems to modern technologies using application programming interfaces (APIs).
