In March 2022, HFC Bank announced to the market its engagement with TCS BaNCS (a division of Tata Group, India) for the bank’s new core banking system (CBS) and digital enhancements for a total investment of $40 million.
According to a press release the CBS project has been on the horizon as part of the bank’s vision and strategies to improve and enhance its digital capabilities.
The six key areas of enhancements include the core banking platform, treasury management, trade finance, financial management, new digital experience, and data warehousing.
“The implementation project has gone through a very extensive business/functional and technical requirement documentation with TCS and has reached the stage of training of the trainers and soon about to commence with the integration testing phase.”
The bank plans to launch the new system, which would be fully integrated with its existing system environment, by the first fiscal quarter of the 2024.
“HFC Bank’s CBS project is the most ambitious investment to date, in terms of system improvements. With a total investment of $40m, this project is an incredible leap for the bank — a transformation that will certainly put HFC Bank at the forefront of becoming a leading player in the banking arena”, CEO Rakesh Ram proudly stated.
“The project is a core strategy for the bank, and we will proactively manage every aspect of the project to deliver the best outcome without any impact on our customers”.
As a prelude to the new core banking system, the bank had introduced a new nine-digit account number system and requests all customers to adapt to the new number system by June 30, 2023 to avoid any impact on banking transactions.
