TCS Financial Solutions implemented the Core Banking solution from TCS BaNCS that provided CUA with a robust core processing engine that offered multiple benefits. With this solution, CUA was able to save critical time servicing customer needs leading to a significant increase in productivity.
CUA, previously known as Credit Union Australia, is one of Australia’s largest customer owned financial institutions with a client base of 400,000. It has 70 branches and a 100% customer owned organization, offering a host of personal and business as well as insurance products.
CUA’s legacy core banking system was in place for 19 years and was no longer conducive to business growth. As CUA wished to become a challenger brand in Australia, they realized that they needed a more extensible, highly configurable and scalable core banking system, in keeping with changing market trends and customer demands. Also, CUA did not have a mobile banking platform and wanted to provide their customers with the flexibility and convenience of banking on the go.
TCS BaNCS’ solution was deployed in phases to reduce implementation risk and manage the transition in a smooth manner. The mobile banking channel was launched in June 2012 as an initial step in Stage One deliverables. The Core Banking solution from TCS BaNCS enabled a consistent customer experience through an intuitive user interface with Straight-Through-Processing. CUA were able to provide a single, integrated approach with end-to-end integration across all channels that helped improve operational productivity significantly.
The core transformation by TCS BaNCS helped CUA gain the following benefits:
- A consolidated customer and bank view
- Efficient mobile banking platform
- Improved search functionality
- Reduced entry time for customer interactions
- Simplified staff training
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