Sweden’s Leader in Digital Banking Selects Tata Consultancy Services BaNCS for Growth and Transformation

Tata Consultancy Services

Tata Consultancy Services (TCS) has today announced that Sweden’s Länsförsäkringar Bank has selected its TCS BaNCS platform as the engine to power its future growth and transformation.

TCS will also provide system integration and support services to ensure a smooth transition for Länsförsäkringar Bank’s current environment.

This landmark engagement together with the recent adoption of TCS BaNCS for its Market Infrastructure platform by Euroclear, the Central Securities Depository in the Nordics is proof of TCS’s strength as a fully integrated transformation agent for the Nordic banking sector.

Länsförsäkringar Bank’s CEO Rikard Josefson, commented, “We believe that TCS is the right transformation partner for us, with a strong track record and a clear cultural alignment. In our evaluation, we found TCS BaNCS to be a superior solution that is very well capable of supporting our ambition of being a digital market leader. TCS’ long term commitment to Länsförsäkringar Bank and to the Nordic market was an important factor behind our decision to partner with them. With TCS BaNCS, we are confident of achieving our business transformation objectives.”

Länsförsäkringar Bank is a customer owned bank with a strong local presence. In just 20 years of operations, it has become the fifth largest retail bank in Sweden and has Sweden’s most satisfied retail customers according to Swedish Quality Index (SKI). It is also a leader in digital banking services and has recently won awards for Sweden’s best mobile bank, best app and mobile site.

Speaking about the contract, N Ganapathy Subramaniam, President, TCS Financial Solutions, said, “We are privileged to be partnering with Länsförsäkringar Bank in their transformation journey. TCS BaNCS’ robust functionality will underpin Länsförsäkringar Bank’s next-generation digital banking services and offer a highly personalized customer experience. TCS BaNCS will also reduce the time to market for new products, time to compliance for regulations, and cost of operations.”

Amit Bajaj, Head, North Europe, TCS commented, “The Nordic market has been on the forefront of digital adoption, driven by rich customer experience and hyper-connected local market infrastructure. Our partnership with a digital leader like Länsförsäkringar Bank will create a new standard in a highly advanced Nordic market and serve as an inspiration to the market. Our engagements with both Länsförsäkringar Bank & Euroclear Nordics position us as the future platform for financial institutions in the Nordics looking to re-align their business model to the digital world”