Tata Consultancy Services (TCS) has implemented a new core banking system for Australian financial institution, CUA.
Tata also helped to launch CUA’s new online banking service based on TCS BaNCS software.
CUA’s previous core banking system was more than 20 years old. The decision to replace it with a modern, scalable and configurable TCS BaNCS system gives it the ability to improve internal processes and efficiencies, facilitate enhanced customer service and enable product development.
Across the duration of the project, the teams from CUA and TCS also worked closely with Cuscal, which provided technical support and systems testing as well as critical support over the systems transition.
According to CUA general manager, business transformation and core banking project director, Sue Coulter, the significant project underpins its growth and transformation strategy.
“Our new core banking system provides a single integrated approach across all consumer banking products, including transaction banking, lending, mortgages and deposits, as well as online and mobile access,” Coulter said. “This hasn’t just been a large technology project; it has been the driver of significant business transformation.
“The replacement of a core banking system is an incredibly complex project and for an organisation of our size to manage such a smooth systems transition in tandem with the launch of a new online banking service is a great achievement.”
CUA CEO, Chris Whitehead, said its previous Web Banker system was unable to meet customer’s future needs.
“Our new online banking service gives us a platform to make ongoing feature and functionality improvements and we are already working on a range of short and long-term upgrades to ensure we provide the best possible service to our customers,” he said.