PostFinance Switzerland deploys TCS BaNCS for core banking transformation

MUMBAI: Tata Consultancy Services (TCS), a leading global IT services, consulting and business solutions organisation, announced that its flagship product, TCS BaNCS, was deployed by PostFinance, one of the five largest financial institutions in Switzerland.

With a vision to become Switzerland’s leading digital retail bank by 2020, PostFinance embarked on an ambitious programme to replace its legacy core systems with a new platform that would help deliver a consistently positive customer experience and support future digital innovation.

“The IT landscape consisted of more than 80 disparate applications creating a complex environment that was impacting our flexibility and agility,” said Hansruedi Koeng, CEO, PostFinance. “Our vision when we embarked upon this ‘open heart surgery’ was to simplify and harmonise our processes and to cut operational costs. Our decision to partner with TCS proved most excellent as despite all the massive challenges, the team demonstrated unparalleled commitment.”

“The go-live, on schedule and within budget, is a huge testimony not just to the robust platform functionality but also to their mature and world-tested delivery methodology,” said Markus Fuhrer, CIO, PostFinance. “In a marketplace fraught with failed implementations, the migration path and on-target deployment of TCS BaNCS is a big milestone. A successful core banking transformation programme impacting over a billion customer transactions per year and 60 percent of Swiss payment transactions, reinforces our leadership position in banking and payments in Switzerland.”

“The ability to tailor the digital experience to the end customers is critical to competitive differentiation in the Business 4.0 world, and a digital core platform which is robust, modern, scalable and connected is at the heart of such a capability,” said Venkateshwaran Srinivasan, head, TCS Financial Solutions. “PostFinance chose TCS BaNCS to be at the centre of their journey to transform to a digital powerhouse and we are delighted that the programme has been delivered to the scope and plan envisioned. This enables PostFinance to pursue their strategy and growth ambitions without the constraints of a legacy, fragmented core architecture.”