TCS Wins Deal to Modernise Mongolia’s Khan Bank's Core Banking System
Khan Bank has been an existing customer for TCS’ BaNCS platform for close to 25 years.
Tata Consultancy Services has entered into a strategic alliance with Mongolia’s Khan Bank to help modernise its core digital banking platform and transform its banking operations.
Khan Bank has been an existing customer for TCS’ BaNCS platform for close to 25 years.
The TCS BaNCS Global Banking Platform will help the Bank streamline and modernise several critical business functions, including the Customer Information File (CIF), trade finance, treasury, international payments, and loans and deposits.
The TCS BaNCS product suite will be deployed across Khan Bank’s operations including a consolidated treasury management platform supporting the wide range of asset classes offered by the bank, alongside real-time monitoring, risk exposure analysis, and advanced reporting capabilities.
The solution will help accelerate time-to-market for new products and services allowing Khan Bank to fast-track response to customer demands and roll out new innovative offerings. TCS will help the bank in scaling its digital banking operations, in turn ensuring that the bank’s services seamlessly reach a wider customer base contributing to its pure digital bank strategy.
Khan Bank is a leading Mongolian national commercial bank with 548 branches spanning the country. It provides comprehensive banking and financial services to over 82 percent of Mongolia's total population (2.9 million customers).
"By helping us realize our strategic objectives of streamlining operations for quick time-to-market and future-proofing our banking technology platform and environment, TCS BaNCS will empower our Bank to achieve its growth ambitions, explore initiatives in the space of AI, and solidify its position as the leading bank in Mongolia,” Munkhtuya R. (TUYA), CEO, Khan Bank, said.
“Khan Bank will gain from TCS’ experience in spear-heading large-scale core banking transformation programs globally, and the solution’s superior technology and architecture. The solution will enable quick time to market of new products and innovative offerings, enable mass personalization and help sustain Khan Bank’s market leadership in the country," Venkateshwaran Srinivasan, Global Head, Financial Solutions, TCS, said.
TCS BaNCS for Banking processes banking transactions of over 30% of the global population. It helps financial institutions manage risks, leverage new and extended ecosystems, and create significant value. It is used by various banks, co-operatives, and financial institutions worldwide.
This week, TCS also announced that it has partnered with Dhofar Insurance Company (DIC), the largest insurance enterprise in Oman, to modernise its core insurance platform.