The financial and other details of the deal were not disclosed.
TCS said in a statement that it will implement its banking software platform TCS BaNCS to help the bank optimise operations and integrate with the various public services within the digital ecosystem of the country.
“This translates into offering personalised, comprehensive, high-performing financial products and services, including the capabilities required to support the country-wide digitisation and digital currency initiatives by the Kingdom of Bhutan… The solution will also serve as a platform for future programs such as the implementation of AI technologies across operational workflows to boost productivity,” said Dorji Kadin, chief executive officer, Bank of Bhutan.
The deal also comes at a time when Indian outsourcing companies are diversifying their client base outside of its core geographies of North America and Europe.
In the second quarter ending September, TCS’s business in Asia Pacific grew 7.5% and India led the growth with 95.2% largely boosted by its mega-deal win from state-owned telco BSNL.
Discover the stories of your interest
In the past year, the Tata subsidiary’s share of business from North America reduced to 47.6% as of September end from 51.7% a year ago.Bank of Bhutan, the oldest bank in the country formed in 1968, has a database of over four lakh customers serviced through 45 branches and 84 ATMs offering financial products and services including to the public, businesses and the Royal Government of Bhutan.
TCS has been a technology partner for the bank since 2016 after the bank moved out of the Oracle FLEXCUBE core banking system.
“TCS will now deploy TCS BaNCS global banking platform. The platform will give the bank access to an extensive set of components across the banking and payments sector such as customer deposits, loan management, retail services, trade finance, pricing, and other functions,” TCS said in a statement.
“TCS BaNCS will help the Bank enhance operational efficiencies, automate processes across retail and corporate banking, making frictionless customer experiences a reality. TCS BaNCS’s digital core is designed to help banks seamlessly connect with their external and internal ecosystems, ensuring compliance with local and international regulations, while also providing for scalability as their business grows,” said Venkateshwaran Srinivasan, global head for financial solutions at TCS.
TCS BaNCS currently handles banking transactions of over 30% of the global population through partnerships with banks. Two of the world’s largest core banking systems run on TCS BaNCS, handling one billion accounts and helps banks, co-operatives and financial institutions manage risks and use new ecosystems among other services including traditional businesses to transition from legacy technologies and connect with APIs.