The Cumberland Building Society taps TCS for core banking upgrade
The Cumberland Building Society has selected Indian tech firm Tata Consultancy Services (TCS) to modernise its core banking ecosystem.
The Cumberland becomes the latest UK firm to adopt TCS Bancs
Through the new partnership, the Cumbria-based building society aims to improve customer experience and strengthen operational resilience by implementing TCS’s flagship cloud-based core banking solution, TCS Bancs.
FinTech Futures understands that the new solution will replace The Cumberland’s long-standing MSS core banking platform from SBS (formerly known as Sopra Banking Software prior to its rebrand last year following its €330m acquisition by Axway).
According to TCS, the building society will be able to integrate third-party solutions via its new core system, enabled by TCS COIN (Co-Innovation Network) and the TCS Bancs Marketplace, offering customers “greater flexibility in managing their finances, whether online, by phone, or in-branch”.
Furthermore, The Cumberland will adopt TCS’s digital home lending service and its AI-driven Quartz solution for compliance. TCS claims its products will “future-proof” the building society’s banking infrastructure by leveraging open banking and data standards to enhance credit decisioning, fraud mitigation, and customer communication.
Founded in 1850, The Cumberland operates 31 branches in Cumbria, Lancashire, Northumberland, and Southwest Scotland. With a mortgage lending portfolio of £2.6 billion and total assets of £3.2 billion, the building society offers a variety of savings, current accounts, finance options, and more.
The Cumberland joins a host of UK building societies, such as Chorley Building Society and Mansfield Building Society, in partnering with TCS for its banking technology. The Indian vendor, employing 24,000 people in the UK and Ireland, claims that 20 British financial institutions currently utilise TCS Bancs.
