Sweden-based Ikano Bank has selected the TCS BaNCS global banking software-as-a-service (SaaS) platform from Indian-based IT firm Tata Consultancy Services (TCS) to transform its pan-Europe core banking. 

Ikano Bank provides a portfolio of financial services and banking products including loans, savings, mortgages, and credit cards as well as leasing and factoring to small and medium sized businesses. 

The consumer finance bank operates in eight countries across Europe. 

Beginning with Sweden, the bank plans to transform and consolidate its pan-European accounts, deposits, and unsecured retail lending business on TCS BaNCS.   

With TCS BaNCS, Ikano Bank hopes to develop multi-country capabilities on a single core banking platform. 

Ikano Bank digital delivery head Mikael Andersson said: “This core banking transformation focusing on simplifying our technological landscape with the help of a best-of-breed solution provider is reflective of this philosophy.  

“The TCS BaNCS Global Banking Platform is a proven solution with an established track record of delivery excellence in the Nordics and will help us accelerate innovation, while our customers will benefit from contextual experiences and faster response times.” 

The component-by-design approach used by TCS BaNCS is expected to guarantee that the bank can gradually improve its services and reduce transformation risk while still providing value to its clients. 

Besides, the new centralised core banking platform is anticipated to support the bank to innovate and launch products faster. 

It will also help the bank enter new markets, standardise processes, comply with local regulations, and improve resilience. 

TCS financial solutions global head Venkateshwaran Srinivasan said: “The TCS BaNCS Global Banking SaaS platform provides a strong, future-ready, cloud-native digital foundation which will support the bank’s innovation and growth strategy.  

“Our track record at executing such transformations, our extensive experience in working with Nordic banks and our product suite’s in-built market and regulatory readiness make us the preferred partner to progressive banks in their growth and transformation aspirations.” 

In August last year, South Africa-based Absa Corporate and Investment Bank (CIB) selected the TCS BaNCS to transform its investment banking services digitally.