Ikano Bank selects TCS BaNCS to drive core transformation journey

By Gloria Methri

Tata Consultancy Services (TCS) has announced that Ikano Bank in Sweden has chosen the TCS BaNCS Global Banking SaaS Platform for its pan-Europe core banking transformation.

Ikano Bank aims to provide a flexible, digital core that will support the rapid launch of new products and expansion into new markets. With the objective of building multi-country capabilities on a single core banking platform, the bank selected TCS BaNCS for its event-based streaming architecture and functionality.

The bank aims to transform its pan-European accounts, deposits, and unsecured retail lending business on TCS BaNCS, starting with Sweden.

Ikano Bank provides banking services across Europe, offering a range of financial services such as loans, savings, mortgages, and credit cards, including leasing and factoring to small and medium sized businesses.

TCS BaNCS will ensure that the bank can incrementally evolve its offerings and mitigate transformation risk while continuing to deliver value to its customers. The new centralized core banking platform will help the bank innovate and launch products faster, enter new markets, standardize processes, comply with local regulations, and enhance resilience.

Mikael Andersson, Head of Digital Delivery, Ikano Bank, said, “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. The TCS BaNCS Global Banking Platform 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.”

Venkateshwaran Srinivasan, Global Head, Financial Solutions, TCS, said, “We are pleased to partner with Ikano Bank in their transformational journey. The TCS BaNCS Global Banking SaaS platform provides a strong, future-ready, cloud-native digital foundation that will support the bank’s innovation and growth strategy. Our track record at executing such transformations, our extensive experience in working with Nordic banks, and our product suite’s in-built market and regulatory readiness make us the preferred partner to progressive banks in their growth and transformation aspirations.”