Israel’s first fully digital bank, which is yet to be named, selected Tata Consultancy Services’ (TCS) banking service bureau platform to launch digital banking services in the country.

In over 40 years, the new bank is the first digital bank to receive a banking license in Israel. It is expected to commence operations in 2021.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

The unnamed bank will provide citizens with all the services including credit, deposits, loans, account management, securities trading and processing.

The TCS’ banking service bureau is a shared, plug-and-play, digital banking operations platform is powered by TCS BaNCS Global Banking Platform.

The new bank’s chairman Shouky Oren said: “TCS is uniquely positioned to deliver these services due to its market-ready and industry-leading TCS BaNCS Global Banking Platform as well as its ecosystem integration.”

The platform, which is a system-as-a-service (SaaS) model, enables banks to offer products and services tailored to customers’ needs and over the devices they choose.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Its API-enabled components support digital, retail, corporate and as well as private banking space, among others.

The platform has been installed successfully at 450 sites so far with around-the-clock availability, supporting a variety of products and services from various sectors.

TCS financial solutions head Venkateshwaran Srinivasan said: “TCS and the TCS BaNCS Global Banking Platform will help new and existing banks in Israel quickly adopt a modern digital core banking solution and benefit from our continuous investments and product roadmap.”

TCS Israel country head Eyal Moskal added: “Other sectors too, could leverage this business model to provide financial services to customers.”