Tata Consultancy Services (TCS) partners with The Cumberland Building Society to modernise its core banking ecosystem

The country's largest IT services firm, Tata Consultancy Services Ltd (TCS) on Thursday (March 20) said it has partnered with The Cumberland Building Society in the UK to

Tata Consultancy Services Ltd (TCS) (NS: 532315 ) is helping The Cumberland Building Society to modernise its core banking ecosystem with its next-generation TCS BaNCS for core banking solution.

This engagement will also see TCS integrate its Digital Home Lending Solution and Quartz for Compliance to drive innovation and efficiency in Cumberland’s banking operations.

Established in 1850, the Cumberland is one of the UK’s top 10 building societies. It manages assets of £3.2 billion and has a mortgage lending portfolio of £2.6 billion. The society operates 31 branches in four regions: Cumbria, Northumberland, Lancashire and southwest Scotland.

This partnership will see TCS provide an integrated core banking ecosystem that will include TCS COIN (CoInnovation Network) and the TCS BaNCS Marketplace, which will facilitate the adoption of best-in-class third-party solutions.

This will bring greater flexibility to Cumberland’s customers in how they manage their finances – whether online, by phone or in-branch. It will also enable the society to introduce new products and services at pace to meet evolving customer needs.

“We are delighted to partner with TCS on this important journey to modernise our core banking systems and technology. This partnership is about more than technology – it’s about aligning with a company that shares our values and commitment to customers, colleagues and communities. We were particularly impressed by TCS’s vision for the future of banking and its ability to deliver complex programs at scale. We are confident that this partnership will enable us to achieve our strategic goals and continue to provide excellent service to our members.” said Des Moore, Chief Executive at The Cumberland.

This partnership will see TCS bring together its core banking expertise with cutting-edge technologies from its strategic third-party partners to create a highly resilient and future-proof ecosystem for the society.

The partnership will also leverage open banking and data standards to enable best-in-class solutions for fraud mitigation, customer communication management and credit decisions.