Ikano Bank in Europe-wide core banking tech overhaul with TCS Bancs
Banking tech heavyweight Tata Consultancy Services (TCS) has signed Sweden’s Ikano Bank for its flagship TCS Bancs core banking system.
Ikano Bank in tech overhaul with TCS
The solution will be delivered on a Software-as-a-Service (SaaS) basis and will support the bank’s pan-European core banking modernisation.
Started by the founder of IKEA, Ingvar Kamprad, Ikano Bank operates in eight markets – Sweden, Norway, Denmark, Finland, Germany, Poland, the UK, and Austria – and is part of the Ikano Group, which owns 51% of the bank. Ingka Group, a strategic partner in IKEA’s franchise system, owns 49%.
The bank offers a range of financial services and banking products such as loans, savings, mortgages, and credit cards, including leasing and factoring to small and medium-sized businesses (SMBs).
It runs on different core banking solutions in the eight countries it operates in, working with multiple broker solutions and agency banking arrangements in each.
This has resulted in siloed operations, inconsistency in customer experience, and risk management pressures.
Ikano Bank has embarked on a transformation journey with a view to build multi-country capabilities on a single core banking platform. Its pan-European accounts, deposits, and unsecured retail lending business will be consolidated on the new core banking platform, starting with Sweden.
“Our strategy is to build a bank of the future, one that is fully digital and focused on superior customer experience. Our bank has always dared to be different while also endeavouring to simplify the way we work,” says Mikael Andersson, head of digital delivery at Ikano Bank.
“This core banking transformation focusing on simplifying our technological landscape with the help of a best-of-breed solution provider is reflective of this philosophy.
“TCS Bancs is a proven solution with an established track record of delivery excellence in the Nordics and will help us accelerate innovation, while our customers will benefit from contextual experiences and faster response times.”
