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Expanded possibilities for products and
services: UK credit unions, including workforce-
based credit unions and community-oriented
credit unions, have been successful in lobbying
to expand the range of their product and
service offerings. For example, UK credit unions
have only recently started offering credit and
debit card products. Yet many credit unions’
core and ancillary systems lag behind, unable to
support the expanded range of offerings now
permissible by regulation. For credit unions to
take advantage of these nontraditional avenues
for lending, they need to enable open banking
with a wide range of partners, which in turns
requires core systems capable of simple, API-
based, real-time integration.
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What does it take to modernize
a credit union in the UK?
As with any major transformation project, the foundation
of success starts with suitable technology combined with
experienced management.
TCS has, by far, the industry’s best track record in completing
core banking system transformations and the accompanying
data migrations. Whether from analyst surveys or customer
testimonials, TCS has demonstrated the ability to organize and
implement large-scale transformations and migrations in the UK,
in Europe, and around the world.
We have years of experience working with financial
institutions of every size and configuration. We know what has
to go right for a transformation to be successful, and just as
importantly, we know what can go wrong.
Our unparalleled experience is valuable for smaller
organizations with relatively limited IT resources, for whom
the prospect of a combined transformation and migration may
Increased regulatory scrutiny: Although
not the highest-profile targets for cyberattacks,
smaller banks and credit unions nevertheless
otherwise be an overwhelming challenge, and as well as for
larger organizations facing the largest risks.
The cloud-based deployment of TCS BaNCS for UK credit
face the same risks as do larger banks without unions and banks includes a full range of market adaptations
the benefit of large IT staffs backing them up. to UK regulations, including connectivity with the various types
Recognizing the potential vulnerabilities and of payment schemes used in the market. For example, smaller
exposures, UK regulators are now looking more banks and credit unions in the UK must connect through an
closely at the operations of smaller financial intermediary bank to access either of the systems run by
institutions, including the business practices the UK’s New Payment System Operator (NPSO)— Bacs for
involved with managing cloud-based platforms. automated payments, or to Faster Payments for immediate
As they become reliant upon a growing number payments. TCS BaNCS supports the required position-keeping,
of cloud-based software providers in the open reporting, risk management, and operational procedures that
banking landscape, credit unions and smaller have to be followed for UK financial institutions.
banks will need to increasingly rely upon
TCS has also built an extensive partner network in the UK,
their core banking solutions to coordinate the enabling financial institutions to embrace the open banking
various information flows and access privileges, trend by instantly offering an expanded set of products and
providing an auditable and maintainable record services.
of customer and employee interactions.
Considering these
business drivers,
the only thing riskier
than undergoing
a transformation
would be doing nothing.
The cloud-based core banking solution of TCS BaNCS has
been live for over two years in the UK, supporting London
Mutual Credit Union, Community Savings Bank Association,
Cussco in Scotland, and others.
With TCS BaNCS in the Cloud, UK credit unions and banks can
safely modernize their core systems to best prepare themselves
for the rapidly-emerging future.
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