Tata Consultancy Services added 1.15% to Rs 4,506.70 after the IT major has entered into a strategic partnership with Mansfield Building Society in the UK to digitally transform its business.
TCS will deploy its digital banking solution, TCS BaNCS for core banking, along with its digital home lending solution, to enhance member and intermediary experiences and support Mansfields ambitious growth plans.
TCS BaNCS for core banking will accelerate the building societys digital transformation, providing a truly enriched digital experience for members. TCS digital home lending solution will streamline the mortgage value chain, from application to completion and beyond, ensuring Mansfield Building Society remains customer-centric, operationally resilient, future-ready, and compliant.
This transformation will see TCS migrating the Building Societys digital banking solutions to the cloud and integrating with best-in-class ecosystem partners to enhance accessibility and efficiency across digital and intermediary channels. Members will benefit from a seamless experience leveraged through TCS digital technologies, data-enhanced decision making, and innovative product design, stated in the regulatory filling.
TCS solutions will help Mansfield Building Society accelerate the growth of its mortgage and savings customer base by providing a scalable solution that creates efficiency whilst supporting expansion into niche market segments that the society has identified for growth. This tech-enabled solution will also make it easier for both customers and mortgage intermediaries to deal with the building society.
Iain Lister, IT executive, at The Mansfield, said We pride ourselves on our excellent service and personal approach and, therefore, finding a partner that can support our physical branch operation and provide a state-of-the-art digital experience is critical in ensuring that we meet the needs of all our members now, and in future.
After a strenuous selection process, it was clear that there was only one solution which met all our requirements, especially when you consider TCS experience of delivering successful transformation programs, their ethical approach to business, and their relationship with existing clients which dovetails well with our mutual ethos and core values.
Amit Kapur, head of UK & Ireland, TCS said, We are happy that the Mansfield Building Society has selected us for this transformative program. TCS BaNCSTM and TCS Digital Home Lending will provide Mansfield Building Society with a best-in-class and modern banking solution that will help them meet their members growing expectations in the online savings and mortgage lending space, while retaining their personal approach which is centered around the customer.
This partnership strengthens our presence in the building societies sector which is reinforced by our strong track record of providing transformative solutions to the credit union and other organisations across the UK.
TCS is an IT services, consulting and business solutions organization. It offers a consulting-led, cognitive powered, integrated portfolio of business, technology and engineering services and solutions.
The IT major’s consolidated net profit declined 3.17% to Rs 12,040 crore in Q1 FY25 as against Rs 12,434 crore reported in Q4 FY24. However, revenue from operations grew by 2.25% quarter on quarter (QoQ) to Rs 62,613 crore in Q1 FY25.
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First Published: Sep 10 2024 | 3:05 PM IST
