The Bank of Bhutan has chosen core banking solution from Tata Consultancy Services (TCS) to power its next generation banking services.

The bank selected TCS following an in-depth analysis of shortlisted vendors from various leading IT software providers, as it initiates a project of upgrading its core banking system.

The new TCS BaNCS solution will replace the Oracle FLEXCUBE CBS platform, which the lender has been using since 2009.

The bank said that the new solution will improve operational efficiency and offer a lower total cost of ownership.

Bank of Bhutan CEO Pema Nadik said: "We are confident that TCS BaNCS will help us transform our technology ecosystem in keeping with our plans for quick growth and expansion. TCS has an enviable track record of fail-proof core banking implementations across the globe which in turn, mitigates our core banking transformation risk.

"Its ability to reduce time to market for new bank offerings and to seamlessly integrate with third-party systems gives us the assurance that we have chosen the right partner."