Two Chinese FIs live with TCS Bancs core banking system
TCS gains new core banking system clients in China
Gansu Bank and Hunan Rural Credit Union in China have gone live with new core banking software, TCS Bancs from TCS Financial Solutions.
Gansu Bank, the only provincial city commercial bank directly managed by the Gansu Provincial Government, went through “a complex overhaul of the IT infrastructure”, TCS says, including the TCS Bancs integration with 100 other peripheral systems.
“With the rapid changes in the Chinese banking industry, the role of technology has now evolved from business support to a major competitive differentiator,” observes Li Xin, the bank’s president.
Xin describes TCS Bancs as “a proven, fully localised platform” that will help the bank to become “progressive, modern, highly competitive and IT savvy”.
The contract was signed in Q3 2015, FinTech Futures understands. The implementation was completed in 18 months – “truly a feather in our cap”, in the words of Venkateshwaran Srinivasan, head of TCS Financial Solutions.
Gansu Bank focuses on local economy, namely agriculture, urban and rural residents, and SMEs.
Hunan Rural Credit Cooperative Union (HNRCC), the largest financial services organisation in Hunan province (Central China), has centralised 100 disparate systems and operations with a new platform.
HNRCC consists of 126 credit unions, which collectively amount to six million individual and co-operative customers, 120 million accounts, 4,207 branches and 40,000 employees.
The go-live was accomplished within 30 months “amidst ambitious timelines”, TCS says. The contract was signed in 2015.
More than 830 banking functions were integrated for digital banking without disruption of customer service or day-to-day business operations, the vendor adds.
Zhang Zhijun, chairman of HNRCC, says the union’s “vision to drive innovation and growth has been jump-started by this implementation of TCS Bancs”.
He explains: “The platform functionality is robust and is totally adaptable, especially to our complex credit Cooperative domestic banking requirements.”
He adds that the go-live took place ahead of a “pressing schedule”.
TCS says it has 23 banking software customers in the country. TCS Bancs users include Bank of Hangzhou, China Construction Bank, Guangdong Rural Credit Co-operative Union, Hua Xia Bank, Hubei Rural Credit Union, Panzhihua Commercial Bank, Qinghai Rural Credit Union, Shanghai Rural Commercial Bank and Tai Fung Bank.
