Ikano Bank selects TCS BaNCS for its pan-Europe core banking transformation

Hyderabad: Tata Consultancy Services announced that Ikano Bank AB in Sweden has selected the TCS BaNCS global banking SaaS platform for its pan-Europe core banking transformation.

Ikano Bank operates across Europe, offering a range of financial services and banking products such as loans, savings, mortgages, and credit cards, including leasing and factoring to small and medium sized businesses. It runs on different core banking solutions in the eight countries it operates in, working with multiple broker solutions and agency banking arrangements in each. This led to country-wise silos within the organization.

Ikano Bank has embarked on a transformation journey and aims to transform and consolidate its pan-European accounts, deposits, and unsecured retail lending business on TCS BaNCS, starting with Sweden. The new centralised core banking platform will help the bank innovate and launch products faster, enter new markets, standardize processes, comply with local regulations, and enhance resilience.

“Our strategy is to build a bank of the future, one that is fully digital and focused on superior customer experience. 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,” said Mikael Andersson, head of digital delivery, Ikano Bank.

“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,” said Venkateshwaran Srinivasan, global head, financial solutions, TCS, in a release.