Indian IT company Tata Consultancy Services (TCS) has inked a deal to modernise the core banking technology of Kuwait-based Burgan Bank.
According to the terms of the deal, the commercial bank will leverage TCS BaNCS to integrate multiple standalone legacy applications into a modern universal banking solution. This is expected to help in fostering innovation and enhancing customer relationships.
Founded in 1977, Burgan Bank focuses mainly on the corporate and financial institutions sectors. It is also said to have an expanding retail and private bank customer base.
The bank, which was established as a joint-stock company with the government of Kuwait as a majority shareholder, was fully privatised in 1997.
Through the partnership with TCS, Burgan Bank will be able to utilise the products of the TCS BaNCS portfolio.
The suite includes core and digital banking, payments, regulatory compliance, retail and corporate loan origination, wealth management, and others to streamline and digitally modernise the bank’s technology landscape.
Burgan Bank group CEO Tony Daher said: “Modernising our core systems will support our ongoing focus on innovation and delivering value to our customers through defining personalised offerings and intuitive, streamlined experiences.
“This will pave the way for sustainable growth. We have selected TCS BaNCS, which is widely used by banks in the region, to create a complete solution that will address our twin objectives of leading innovation and delivering excellent customer experience.”
The suite of financial solutions will also allow the Kuwaiti bank in handling higher transaction volumes, improving automation, and increasing staff productivity.
Besides, the TCS BaNCS suite of application programming interfaces (APIs) will help Burgan Bank to offer an integrated solution to its diversified customer base of corporate, retail, and private banking segments.
The bank is also expected to benefit from anti-money laundering/know your customer (AML) offerings across all business lines by employing the Quartz for Compliance solution.
TCS financial solutions global head Venkateshwaran Srinivasan said: “TCS BaNCS has a strong presence in Kuwait and the larger GCC region in the form of multiple mission-critical deployments of our solutions at leading institutions.
“This selection by Burgan Bank is a testament to our continued investments in the TCS BaNCS product suite to make it market-ready, compliant with regulations and our commitment to successful execution.”
