Sweden’s Ikano Bank has chosen Tata Consultancy Services’ (TCS) software-as-a-service global banking platform to streamline its fragmented core banking operations and accelerate the launch of new financial services.

What Happened? The partnership will enable Ikano Bank to consolidate its European accounts, deposits, and retail lending business, starting with those in in Sweden, to ensure regulatory compliance, standardised processes and faster product innovation. The bank also said the platform would help it enter new markets.

BaNCS is TCS’ core banking software cloud-native platform that helps financial institutions in structuring and delivering services to customers.

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"Our strategy is to build a bank of the future, one that is fully digital and focused on superior customer experience,” said Mikael Andersson, head of digital delivery at Ikano Bank. He added that the platform would benefit the bank’s customers through “contextual experiences and faster response times.”

Venkateshwaran Srinivasan, TCS’ global head of financial solutions, said that TCS’ “extensive experience in working with Nordic banks” and the platform’s in-built market and regulatory readiness make it a preferred partner for banks looking for growth and transformation.

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