Burgan Bank Signs Core Banking Deal with TCS BaNCS as Part of its Transformation Strategy

Burgan Bank

Kuwait, 23 May 2024

In continued efforts to enhance and fortify its technology infrastructure, Burgan Bank announced signing an agreement with market-leading Tata Consultancy Services to upgrade its core banking system by implementing the TCS BaNCS™ suite of products.

This monumental deal marks a significant leap in Burgan Bank’s expansive technology and digital transformation strategy, which aims to facilitate a smooth transition from traditional to digital banking. It also confirms Burgan’s commitment to technology and digital transformation as a primary pillar of its strategy and a core tenet of its vision to become Kuwait’s most modern and progressive Bank, where customer service and employee productivity are always on an upward trajectory.

“We have embarked on a very broad technology and digital transformation journey that will create an integrated banking ecosystem; one that not only meets the current market expectations but also exceeds them,” said Mr. Tony Daher, Group Chief Executive Officer at Burgan Bank. “Modernizing our core systems will support our ongoing focus on innovation and delivering value to our customers through defining personalized offerings and intuitive, streamlined experiences. This will pave the way for sustainable growth.”

Mr. Venkateshwaran Srinivasan, Global Head, Financial Solutions, TCS, said: “We are pleased to partner with a progressive institution such as Burgan Bank in their transformation journey. TCS BaNCS has a strong presence in Kuwait and the larger GCC region in the form of multiple mission-critical deployments of our solutions at leading institutions. This selection by Burgan Bank is a testament to our continued investments in the TCS BaNCS product suite to make it market-ready, compliant with regulations, and our commitment to successful execution.”

The Bank’s decision to deploy TCS BaNCS reflects its commitment to adopting the latest technology to enhance customer service and employee productivity, which resonates with Burgan’s strategy and vision to become the most modern and progressive Bank in Kuwait.

With the new centralized core banking platform, the Bank has a greater capacity to innovate and launch products faster, standardize processes, enhance customer journeys, and significantly optimize operational efficiency by enhancing digitization and automation.

It also enables the Bank to build better and stronger relationships with its customers, ensuring that it remains a reliable financial partner.

It serves to note that Burgan Bank remains one of the most dedicated champions of technology and digital transformation in the Kuwaiti banking and financial sector. Under the umbrella of its digital transformation strategy, the Bank has launched numerous products and services that offer customers faster and safer ways to fulfill their everyday banking needs. This includes the development of Burgan’s flagship product, ‘Tijarati’, an unprecedented one-stop-shop platform for merchants. Other efforts include the introduction of virtual cards, an enhanced AI-powered chatbot assistant, and the constant development of the Bank’s digital banking platform.

Provided by SyndiGate Media Inc. (Syndigate.info).