TCS BaNCS to Power
Israel’s First Fully
Digital Bank
TCS BaNCS partners with first new
digi-bank to receive a banking
license in Israel in 40 years
Israel’s first fully digital bank will be the first customer of
Israel’s new banking service bureau, created and powered
by TCS BaNCS for Israel’s Ministry of Finance.
istockphoto
TCS was selected by Israel’s Ministry of Finance to
transform its banking sector by building a banking
service bureau that would serve as a shared, plug-andplay,
digital banking operations platform, powered
by TCS BaNCS, to help start-up banks launch their
operations very quickly. This initiative is seen as a bid to
boost competition in the financial services sector, spark
greater innovation and enhance customer experience
by democratizing access to banking in Israel by making
financial services accessible to the consumer. The
banking service bureau will serve as an online financial
superstore for everything from banking and credit cards
to insurance, through which an ecosystem of providers
of services and products can reach out to the new
generation of digital natives.
The yet-to-be-named digital bank is set to launch in 2021.
The new bank was the first to receive a banking license
in the country in over 40 years. It will have no physical
branches and will provide Israeli citizens with all the services
offered by regular brick and mortar banks, including credit,
deposits, loans, account management, securities trading
and processing. The new bank will have access to all of
Bank of Israel’s liquidity tools and various payment systems.
Shouky Oren, Chairman of the new bank, said, “We have
achieved a key milestone in the Israeli financial services
industry by being onboarded on to TCS’ Banking Services
Bureau. This approach will reduce the cost of banking
for the average citizen and foster the development of
innovative and differentiated services. TCS is uniquely
positioned to deliver these services due to its market
ready and industry leading TCS BaNCS Global Banking
Platform as well as its ecosystem integration.”
Eyal Moskal, Country Head, TCS Israel, said, “The
government of Israel is on a path to transform banking
in the country with the services bureau transformation
initiative. TCS is proud to be the preferred partner and
play a vital part in the democratization of the financial
services industry in the country. Our platform will embrace
an ecosystem led approach to innovation and deliver
enhanced outcomes for the Israeli banking landscape.
Other sectors too, could leverage this business model to
provide financial services to customers.”
“TCS and the TCS BaNCS Global Banking Platform will
help new and existing banks in Israel quickly adopt a
modern digital core banking solution and benefit from
our continuous investments and product roadmap,”
said Venkateshwaran Srinivasan, Head, TCS Financial
Solutions. “We are committed to the success of this
transformational initiative.”
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