FEBRUARY 2015/ISSUE 24.5
GLOBAL INDEPENDENT PERSPECTIVE ON FINANCIAL TECHNOLOGY
Zions Bank changes roll-out plan for TCS Bancs project Consumer lending is now the initial focus at the US bank, with commercial lending to follow
Utah-based Zions Bancorp, a large regional bank, is now 18 months into a project aimed at stand- ardising on the TCS Bancs core banking system across eight subsidiary banks. Zions is implement- ing the latest release of the system, version 14. The core system implementation effort began in 2013, and is expected to span five to seven years. The transformation, dubbed Future Core, has been divided into three stages: consumer lending, commercial lending and deposits. ‘We have now completed the consumer lending spec- ifications, and are nearing completion of the com- mercial banking specifications, with this expected to finish in the next two or three months,’ says Aar- on Schlenz, the bank’s senior vice-president, core
programme management. In the original plans, commercial lending was
to be implemented first. As the effort progressed, it became clear that, due to the complexities and activities around commercial lending, it would be more sensible to start with consumer lending. This was not a difficult change for the project, as the first phase was a combined requirements effort for both consumer and commercial. ‘Consumer lend- ing tends to be more straightforward than com- mercial lending, and therefore requires fewer US localisations,’ states Schlenz.
...continued on page 6 BIL and Avaloq scrap joint venture in Luxembourg The country’s oldest private bank is yet to find a new core system as it fails to agree terms with Avaloq
Banque Internationale à Luxembourg (BIL), the oldest private bank in the country and one of the largest, has abandoned its roll-out of the Avaloq Banking Suite. The bank has also scrapped its plan to establish a joint venture company with the ven- dor, to provide business process outsourcing (BPO) services based on the Avaloq platform to banks in the Benelux region. In a statement provided to IBS, the bank said:
‘BIL and Avaloq have agreed to end the discussion regarding the creation of a joint BPO centre in Lux- embourg.’ In addition, ‘BIL will continue to work with its own core banking system’. It is understood that the biggest stumbling point between the two parties was the doubling
of the originally estimated budget. In response, Avaloq said to IBS: ‘The two com-
panies didn’t find each other on a commercial level. Avaloq and BIL remain in good faith. Avaloq continues to execute its BPO strategy and will build up a BPO centre in Luxembourg.’ All refer- ences regarding the deal, published this summer, have now been completely removed from the Avaloq website. This is the second time that Avaloq has been
selected by BIL, only for the project to fail to get off the ground.
...continued on page 7 inside
BANKING TECHNOLOGY IN THE MIDDLE EAST
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Salt Lake City, home of Zions Bank ©Garrett, Flickr
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