Industry
Banking
Banking Services Transformation: Unlocking Exponential Value
Solution
TCS BaNCS™
TCS BaNCS™: Enabling Transformation in Banks and Financial Institutions
Highlights
- With the recent changes to the Credit Union Act further broadening the scope of credit union associated services, 2023 has been a year of positive change for community banking in the UK.
- Many factors contribute to these banks poised for accelerated growth and innovation.
- The community banks are embracing changes and turning them to their own advantage offering niche services to their members.
On this page
Embracing change
The appetite to pioneer new ventures and provide the best services to their members is far higher in the community banking space in UK than anywhere else. This sector has been quick to embrace change and turn it to the advantage of their community. In fact, they can now offer niche services to their members, which even big banks have been slow to adopt.
“TCS BaNCS has been the preferred banking platform for Capital Credit Union for over 12 years. It is a true partnership, in those major developments and improvements in the credit union offering to our members, has been possible because our banking partner understands our needs and works with us.”
Inclusive technology
Standardized interfacing systems and open banking services have made it easier for building societies and banks to offer services previously offered only by big, high-street banks.
Cloud technology is becoming more accessible, and Software-as-a-Service (SaaS) solutions are becoming more specialized. This presents an opportunity for credit unions and building societies to enhance operational resilience while keeping the cost of implementation and managed services reasonable.
“Our partnership with TCS gives Penny Post Credit Union access to technologies at a reasonable cost that would otherwise be outside our internal capability.”
Cloud implementation
As the services provided by digital banking applications of building societies and credit unions continue to expand, and security compliance becomes more standardized and robust with cloud-based implementations, creating more differentiation between the high street banks and the community banks in the digital realm is necessary.
Agile methodology of delivery and market-ready SaaS offerings that have been tried and tested not only ease the hassle of implementing changes within defined timeframes but also reduce service disruptions and increase the operational capacity of staff. These banks have quickly realized this and adopted the best practices of cloud technology.
“As a versatile financial services provider catering to a diverse array of members across various communities, we are responsible for fulfilling their differing and evolving needs. Our role cannot be merely to react to shifts in the financial landscape; we are committed to pioneering innovations and crafting offerings that not only meet our members’ requirements but also surpass conventions. By propelling our members into the realm of modern digital banking, we aspire to exceed expectations and set new standards in the industry.”
Community devotion
Unlike traditional banking, UK community banking is centered around the member’s interests and needs, a space where values are higher than profits and business decisions are driven by the voice of these members.
It is heartening to see that amidst all the successful digital transformation projects such as hassle-free online onboarding journeys, self-service via native mobile apps, or Artificial Intelligence and Machine Learning-based intelligent underwriting for rapid loan decisioning, these banks have used technology to not only deliver excellent customer service to their members but also have consciously retained their personal touch with members. Opening their branches to act as centres to increase financial awareness amidst members and taking the fight to the root of the problem, they stand tall for their values in their truest sense by constantly looking for new and innovative ways to support members under stressful economic conditions.
These factors contribute to the banks' poised accelerated growth and innovation. With the recent changes to the Credit Union Act further broadening the scope of credit union-associated services, this year has been a positive change for community banking in the UK.
“London Mutual Credit Union has strategically aligned with TCS to future-proof our core banking system. As technological advancements elevate member expectations, the dynamic synergy between TCS and LMCU underscores our shared dedication to offering cutting-edge technological solutions. The exceptional professionalism of the TCS team we engage with daily is unparalleled, reflecting our dedication to innovation and seamless service delivery.”
