TCS Set To Provide First Ever Digital Banking Platform In Israel
Digital Banking Platform
Leading world technology and consulting experts, Tata Consultancy Services (TCS) has announced that it has partnered with Israel’s digital banking giant as its first client for the newly launched Banking Service Bureau. Appointed by the Finance ministry in Israel, this new development would be powered by TCS BaNCS and would aim to transform the banking sector in the country. The transformation would come into place by building a strong banking network that would serve as a shared, plug and play and digital banking platform across the country.
According to reports in Israel, this new development should be able to trigger healthy and responsible competition between banking firms while pushing them to provide adequate service to their clients and customers. Since this innovation would be an online platform, it would serve as a superstore that houses a large chain of service providers, thereby bringing them close to their clients. Services that would be available on the platform include services such as insurance, credit card services, and services that aim to bring out innovations for new digital markets.
The digital platform is currently unnamed but is set to be the first financial outfit to be given a banking license in the country in over 40 years, with the first set of services set to be carried out in 2021. It has been confirmed that the financial outfit will have no physical branch in the country but will attend to Israelites the way a regular physical financial institution would. Loans, credits, deposits, account management, security training are amongst the services the institution is planning to provide to it’s customers.
Head of TCS in Israel, Eyal Moskal, greeted the innovation with a thumbs up when he said “The government of Israel is on a path to transform banking in the country with the services bureau transformation initiative. TCS is proud to be the preferred partner and play a vital part in the democratization of the financial services industry in the country. Our platform will embrace an ecosystem led approach to innovation and deliver enhanced outcomes for the Israeli banking landscape. Other sectors, too, could leverage this business model to provide financial services to customers.”
While echoing in the same vein, Head of TCS financial solution Venkateshwaran Srinivasan said, “TCS Platform will help new and existing banks in Israel quickly adopt a modern digital core banking solution and benefit from our continuous investments and product roadmap. “We are committed to the success of this transformational initiative.” he further said.
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