Tata Consultancy Services (TCS) has entered a partnership with The Cumberland Building Society in the UK to modernise its core banking infrastructure. The initiative will involve the deployment of TCS BaNCS for Core Banking, a digital solution aimed at improving operational resilience, mortgage services, and overall customer experience.
As of 1:00 PM on March 21, shares of Tata Consultancy Services Ltd shares were trading at ₹3,604.90, up ₹41.75 or 1.17% for the day.
In addition to BaNCS, TCS will implement its Digital Home Lending Solution and Quartz for Compliance as part of the transformation. These tools are to bring efficiency and automation across Cumberland’s banking operations. The solutions are to support a variety of functions, including fraud mitigation, communication management, and credit decisions.
Established in 1850, The Cumberland is among the top 10 building societies in the UK. It manages assets worth £3.2 billion and holds a mortgage lending portfolio of £2.6 billion. The society operates 31 branches across Cumbria, Northumberland, Lancashire, and southwest Scotland.
TCS will also offer access to its TCS COIN (Co-Innovation Network) and the TCS BaNCS Marketplace, which allow financial institutions to integrate with third-party solutions. This setup is intended to give customers more flexibility in managing their finances, whether online, by phone, or in-branch.
TCS currently supports 5 of the top 10 building societies in the UK. Its BaNCS solution is used by 20 financial institutions across the country. The platform has been adopted to replace legacy systems and offer cloud-native, API-driven, and AI-enabled capabilities.
TCS has had a presence in the UK for over 50 years and employs around 24,000 people in the region. The company works with approximately half of the FTSE100 firms and has been ranked first in customer satisfaction among IT service providers in the UK.
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Published on: Mar 21, 2025, 2:22 PM IST
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