IT services, consulting and business solutions organisation Tata Consultancy Services (TCS) has announced that its 20-year long partnership with India’s largest public lender – State Bank of India (SBI)—has been extended for five more years as SBI goes ahead with its next leg of growth based on technology, resilience and people. The partnership between TCS and SBI started with the implementation of the TCS BaNCS core banking solution in 2001.
TCS will maintain and enhance SBI’s application estate which focuses on areas like core banking, trade finance, financial reporting and financial inclusion with added features and functionality as per the official contract. It further states that this will augment the bank’s capacity to roll out new offerings and respond to business as well as regulatory changes.
The Mumbai-headquartered IT services giant will also utilise its understanding of SBI’s business and technology landscape to help the bank with larger transformation programs to make their day-to-day banking accessible, intuitive, easy and secure.
“Technology and innovation have been at the core of SBI’s growth and transformation journey over the last two decades. TCS has been a valuable partner since the beginning and has supported us in building and running a high-performing, resilient and scalable core banking platform that is foundational to all our digital initiatives. We are pleased to extend our relationship with TCS as we continue to work together to launch new initiatives for enhanced customer experience,” said Ravindra Pandey, DMD & CIO, SBI on the five-year extension of the TCS-SBI partnership.
This, however, is not the first time that TCS and SBI have worked together. Currently, TCS is working on building an omnichannel, online B2B e-commerce portal Bharat Craft which would work as a marketplace for MSMEs and will be jointly driven by SBI and the Government of India.
Prior to this, TCS had also teamed up with SBI to execute the merger of five associate banks and the Bhartiya Mahila Bank. This involved more than 200 business processes, over 43 IT applications, 17,500 products, and over 50 billion database and impacting over 50,000 tellers across 7,000 branches.
Edited by Mehak Agarwal
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