Kuwait Times, Sat, May 25, 2024 | Dhu al-Qadah 17, 1445
Burgan Bank signs deal with TCS BaNCS
Kuwait:
In continued efforts to enhance and fortify its technology
infrastructure, Burgan Bank announced signing an agreement with market-leading
Tata Consultancy Services to upgrade its core banking system by implementing the
TCS BaNCS suite of products. This monumental deal marks a significant leap in
Burgan Bank’s expansive technology and digital transformation strategy, which
aims to facilitate a smooth transition from traditional to digital banking. It
also confirms Burgan’s commitment to technology and digital transformation as a
primary pillar of its strategy and a core tenet of its vision to become Kuwait’s
most modern and progressive Bank, where customer service and employee
productivity are always on an upward trajectory.
“We have embarked on a very broad technology and digital transformation journey
that will create an integrated banking ecosystem; one that not only meets the
current market expectations but also exceeds them,” said Tony Daher, Group Chief
Executive Officer at Burgan Bank. “Modernizing our core systems will support our
ongoing focus on innovation and delivering value to our customers through
defining personalized offerings and intuitive, streamlined experiences. This
will pave the way for sustainable growth.”
Venkateshwaran Srinivasan, Global Head, Financial Solutions, TCS, said: “We are
pleased to partner with a progressive institution such as Burgan Bank in their
transformation journey. TCS BaNCS has a strong presence in Kuwait and the larger
GCC region in the form of multiple mission-critical deployments of our solutions
at leading institutions. This selection by Burgan Bank is a testament to our
continued investments in the TCS BaNCS product suite to make it market-ready,
compliant with regulations, and our commitment to successful execution.”
The Bank’s decision to deploy TCS BaNCS reflects its commitment to adopting the
latest technology to enhance customer service and employee productivity, which
resonates with Burgan’s strategy and vision to become the most modern and
progressive Bank in Kuwait. With the new centralized core banking platform, the
Bank has a greater capacity to innovate and launch products faster, standardize
processes, enhance customer journeys, and significantly optimize operational
efficiency by enhancing digitization and automation. It also enables the Bank to
build better and stronger relationships with its customers, ensuring that it
remains a reliable financial partner.
It serves to note that Burgan Bank remains one of the most dedicated champions
of technology and digital transformation in the Kuwaiti banking and financial
sector. Under the umbrella of its digital transformation strategy, the Bank has
launched numerous products and services that offer customers faster and safer
ways to fulfill their everyday banking needs. This includes the development of
Burgan’s flagship product, ‘Tijarati’, an unprecedented one-stop-shop platform
for merchants. Other efforts include the introduction of virtual cards, an
enhanced AI-powered chatbot assistant, and the constant development of the
Bank’s digital banking platform.