The Central Bank of India (CBI) has contracted with Tata Consultancy Services (TCS) for the supply and implementation of Australia's Financial Network Services (FNS) core banking system, Bancs.
TCS says it has so far completed a pilot implementation of the Bancs core banking platform. The company plans to follow up the initial deployment by converting another 25 branches within the next six months.
Overall the scope of the CBI project involves automation of 1000 branches and includes delivery channels for Internet, phone and mobile banking. As part of the project TCS will also develop and build a data centre, a disaster recovery centre and provide facilities management services to CBI for the next five years.
FNS says its Bancs system was selected by CBI over rival offerings put forward by partnerships between Infosys and Hewlett-Packard and I-flex and IBM. The successful roll out at CBI follows implementations of the technology by TCS at the State Bank of India and Indian Bank in the past 12 months.
TCS CEO and MD, S. Ramadorai, says: "The Centralised Bancs core banking system will result in efficient and personalised customer service, 24x7 banking through multiple delivery channels, faster time-to-market for new banking products and superior relationship management at the bank."
He says the system also allows fees to be centrally monitored, interest rates to be easily changed and reports to be generated centrally.