Tata Consultancy Services (TCS) has announced that its customer, Shanghai Rural Commercial Bank (SRCB), and TCS Financial Solutions have won the China Retail Financial Services Awards for2014 for China Best Core banking Implementation from The Asian Banker.
TCS BaNCS has been deployed across 16 banks in China, the IT services, consulting and business solutions organization said in a statement on 10 June.
The core banking project at SRCB was completed in a span of three years and is expected to help the Bank save RMB 1.4 BN in the form of both cost reduction and high availability. The Bank, since the TCS BaNCS solution went operational six months back, has been able to double the average daily transaction volumes, and provide more unified customer and Bank views through its integrated front-end interface.
The new core banking system adopts a model of a 'thin core, big peripheral system' approach in its application system architecture, covering 88 core accounting and peripheral systems at the Bank.
"TCS BaNCS now puts us fast on our goal of rapid and efficient product innovation," said Zhang Qing Ming - Head, IT, SRCB. "It has helped us offer differentiated services, improve customer service and enhance performance, thereby, increasing traction for our Bank in the rural and commercial banking space in China."
Shanghai Rural Commercial Bank ("SRCB") was established on August 25th 2005, which was reincorporated from Shanghai Rural Credit Cooperatives of more than 50 years history. At present, SRCB has registered capital of RMB 50 billion, established a business network of more than 390 outlets, and employs more than 6,000 staff.
TCS Financial Solutions is a strategic business unit of Tata Consultancy Services.
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