Zions Bancorporation, a Salt Lake City, Utah-based bank holding company, as per recent reports, has passed a yet another milestone event with the bank’s long-running core transformation. The mid-tier US bank has recently announced transition to TCS’ (Tata Consultancy Services) BaNCS – a TCS developed core banking software suite for retail banks. The news follows the Utah-based Zions’ earlier, May 2017, announcement to go-live for consumer lending.
The selection was based on choices that date as far back as 2012, when the bank decided to replace the old domestic TriSyn system, in a major banking system overhaul along with a number of other systems. The decision to lock in on BaNCS was taken in preference to the Finacle system by Infosys during shortlisting. This deal earmarks TCS’ major breakthrough into the US markets for its core banking system.
“We are making investments in technology that are game-changing, long-term and foundational,” said President & COO, Scott McLean. “We are uniquely positioned to complete our core loan and deposit system replacements that others in the industry have not addressed with the same vigor. As a regional bank, we have the financial capability, management focus, and talented colleagues to address the technology burden from legacy systems that virtually all U.S. banks have as well. We believe this will provide us a competitive technology position that others will struggle to meet in the future.”