banking
Länsförsäkringar Bank
Wins Award for
Core
Transformation
Sweden’s Länsförsäkringar Bank has won
the 2020 Celent Model Bank Award for
Core Technology Replatforming, for its
successful core transformation powered by
the TCS BaNCS Global Banking Platform.
Länsförsäkringar Bank sought to
transform its legacy technology stack and
adopt a modern banking and payments
platform that would enable participation
in new digital banking opportunities and
faster product launches. It selected TCS
as its growth and transformation partner
and successfully deployed the TCS BaNCS
Global Banking Platform in April 2019.
This entailed a complex data migration,
integration with other applications in the
Bank’s IT landscape and extensive change
management. (For more details, see
TCS BaNCS #31.)
Venkateshwaran Srinivasan, Head, TCS
Financial Solutions, said: “We congratulate
Länsförsäkringar Bank on this recognition
from Celent and celebrate the partnership,
which contributed to this outcome. TCS
BaNCS is now powering the full range of
products for the Bank and has made them
available to their end customers through
new digital experiences. We are also glad
to see the Bank leveraging TCS BaNCS to
harness the power of ecosystems to deliver
differentiated offerings to its customers, an
idea that is at the heart of TCS’ Business
4.0™ vision.”
Craig Focardi, Senior Analyst, Celent
commented: “The Model Bank Awards
recognize financial institutions that are
using technology to change the face of
banking. These banks serve as an inspiration
to others looking for strong examples of
best practice implementations that have
a truly meaningful impact on business
results and the industry overall. The
entry from Länsförsäkringar Bank clearly
demonstrates this. It modernized its core
banking system and payments platform to
continue improving on its digital banking
innovation, prepare for and take advantage
of digital payments modernization in the EU
and Nordic markets, and create rapid time
to market competitive advantage for new
product and service introductions.”
l
In September 2019,
several members from
the TCS BaNCS and
Länsförsäkringar Bank
teams participated
in the 15-kilometer
event at the TCS
Lidingöloppet, the
largest cross-country
race event in the world.
Sven Eggefalk, CEO of
Länsförsäkringar Bank,
fired the starting gun at
one of the events and
then joined in for the
15km race.
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