TCS BaNCS to Drive Core Infrastructure Upgrade
Tata Consultancy Services (TCS), India’s leading IT firm, has clinched a significant deal with Central Bank, a regional US-based lender, to deploy TCS BaNCS for modernizing its core technology infrastructure.
The size of the deal remains undisclosed, but TCS aims to simplify Central Bank’s technology landscape, foster organic growth, and expedite client onboarding processes.
Empowering Banks with Cutting-Edge Solutions
Central Bank, established in 1902 and managing over $20 billion in assets across multiple US states, chose TCS as its strategic partner for technology modernization. John Ross, President and CEO of Central Bank, emphasized TCS’s commitment to technology and customer experience as pivotal in their decision-making process. TCS BaNCS, a core banking software suite, promises to revolutionize Central Bank’s operations, enabling seamless customer onboarding and facilitating continued growth.
TCS’s Financial Performance and Market Position
Despite challenges in the BFSI segment, which accounts for 31.7% of TCS’s total revenues, and a slight deceleration in growth in North America, TCS continues to demonstrate resilience and strategic prowess. With total revenues of $7.28 billion for the third quarter ending December, TCS recorded a modest growth of 2.9% in dollar terms. Notably, its total contract value (TCV) of deals in the BFSI segment reached $2.6 billion, with North America contributing significantly with a TCV of $4.2 billion.
