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Head Office: Tata Consultancy Services, Unit 6, Plot No.78, 79 & 83, Whitefield, Bangalore - 560066, Karnataka, India Tel: +91 80 6725 3000 Other offices: TCS has offices in more than 40 countries. TCS’s Bancs solution is managed through eight regional offices worldwide. These comprise Bangalore, Beijing, Dubai, London, New York, Singapore, Sydney, and Zurich Email: tcs.bancs@tcs.com Website: http://sites.tcs.com/tcsbancs/ Twitter: @tcs_bancs Contact: Dennis Roman, chief marketing officer, TCS Financial Solutions Tel: +1 954 423 3560, Email: dennis.roman@tcs.com Founded: TCS in 1968. TCS Financial Solutions in 2007 Ownership: TCS is part of the Tata Group. TCS floated in August 2004 on the Mumbai and National Stock Exchanges. TCS Financial Solutions was set up as a strategic business unit of TCS Number of staff: TCS employs 394,000+ staff, 4200 in TCS Financial Solutions


Windows, the latter with SQL Server. A retail teller front-end, BTM 2000, went live in 1999 in a first site, National Bank of Dubai in London. An important customer was ANZ Grindlays. This bank took BaNCS as its retail back office system and planned to implement it across 25 of its 47 country operations. FNS undertook a number of modifications to the system to fit specific country requirements, including Islamic banking support for ANZ’s Pakistan operation. ANZ also intimated that it was prepared to look at BaNCS for the rest of its international operations, all of which were largely wholesale-oriented. This came to a halt when, in April 2000, much of the network was sold to Standard Chartered.


The fact that FNS remained focused on a single product was a Islamic customisation


Elsewhere, the system was further customised to provide Shari’ah banking, with the full Islamic version going live at Bank Negara in Indonesia (now known as BNI). One of the largest banks in Indonesia, it selected Bancs in late 2002 versus System Access’ Symbols (which now resides with Sungard as Ambit Core Banking). According to TCS, prior to the overhaul, it was a very outdated bank in terms of technology but it has subsequently been able to launch new products, including Islamic ones, and increase marketshare. On the


Islamic banking side, there was a broad range of products by 2012 including musharakah, mudarabah, murabahah, wadiah, qardh, ijarah, ala a’mal, ijarah muntahia bittamlik, a rahn and ‘BNI Haji’, a Hajj pilgrimage savings account which includes free insurance. Shari’ah accounts still made up only a small part of the bank’s assets but this was a growing area, aided in Indonesia by supporting regulations from the central bank and the emergence of a secondary market for Shari’ah assets, plus growing customer awareness. Other Islamic clients gained around the same period included Amlak Finance in Dubai and Bank Keshavarzi in Iran. At a corporate level, in August 2004, TCS achieved India’s largest


Islamic Report www.ibsintelligence.com 242


source of strength down the years. It won a relatively healthy number of deals each year but, in late 2002, it was to gain a win which over- shadowed all of the rest in terms of sheer size. This was at State Bank of India (SBI). By September 2004, there were 100 live branches, with this rising to 5300 by October 2005 and 7000 by early 2006, at which point the bank’s domestic subsidiary banks were also live. This represented impressive progress, putting SBI well ahead of its fellow Indian banks in terms of live branches. BaNCS was not, however, chosen for SBI’s international operations, with this deal going to Infosys. Two further huge deals were gained after the takeover by TCS, at Bank of China and Deutsche Bank.


company details


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