June 24, 2024

Burgan Bank And TCS BaNCS Inks Vital Banking Deal As Part of DT Strategy

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Burgan Bank signs core banking deal with TCS BaNCS to facilitate a smooth transition from traditional to digital banking
A group photo of Mr. Tony Daher, Mr. Faisal Sarkhou, Mr. Waleed Mandani and the Burgan team during the announcement of signing an agreement with market-leading Tata Consultancy Services. Image Courtesy: Burgan Bank

In continued efforts to boost and fortify its technology infrastructure, Burgan Bank signed an agreement with market-leading Tata Consultancy Services to upgrade its core banking system by implementing the TCS BaNCS suite of products.

Industry sources added that this monumental deal marks a huge leap in Burgan Bank’s expansive technology and digital transformation strategy, which focuses on facilitating a smooth transition from traditional to digital banking. It also affirms 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 client service and employee productivity are always on an upward trajectory.

From L To R – Mr. Tony Daher, Group CEO Burgan Bank And Mr. Venkateshwaran Srinivasan, Global Head, Financial Solutions, TCS

Mr. Tony Daher, Group Chief Executive Officer at Burgan Bank stated “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. 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.”

Mr. Venkateshwaran Srinivasan, Global Head, Financial Solutions, TCS, stated: “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.”

Industry sources added that the Bank’s decision to display 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. 

Industry sources further affirmed that with the latest centralized core banking platform, the Bank has a huge capacity to innovate and launch products quicker, standardize processes, boost client 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.

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