PHOTO - Cheah Tek Kuang, group managing director, AmBank Group (source: AmBank Group site)
Malaysian financial services provider AmBank Group will drive its conventional and Islamic banking services with a solution from IT consulting firm Tata Consultancy Services.
AmBank Group managing director Cheah Tek Kuang said Tata Consultancy Services' (TCS) BaNCS would power the banking group's universal financial services platform.
This integrated banking suite, which spans conventional and Islamic banking, will support both retail banking and lending functionalities, said Cheah, adding that TCS BaNCS was selected after an evaluation process of 18 months.
"To grow our business and support customers across both conventional and Islamic finance, it was critical to have a technically robust and functionally rich core banking system," he said. "Among the many criteria that were evaluated were TCS' implementation experience across multiple markets; the high satisfaction levels of TCS BaNCS customers; and TCS BaNCS' commitment to relevant product development and extensive support. It was only natural that TCS BaNCS would be our preferred solution of choice."
A strategic business unit of Tata Consultancy Services, TCS Financial Solutions' president, N Ganapathy Subramaniam, said that AmBank would see its business expand into new areas, while allowing the flexible development and the scalability required to meet both current and future market and regulatory needs.
"Our partnership with AmBank exemplifies TCS BaNCS value proposition of enabling transformation through a modern, scalable solution, leveraging the best practices consolidated through our 'alpha model office,' " said Subramaniam. "Through this implementation, AmBank will meet the varied needs of a diverse customer base while also positioning itself for future growth. We look forward to taking this partnership further with our regional support centre and Islamic Finance Centre of Excellence in Malaysia."
Tata Consultancy Services is an IT services, consulting and business solutions organisation, which offers a consulting-led, integrated portfolio of IT, BPO, infrastructure, engineering and assurance services.
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