Tasmanian-based financial services group MyState (ASX:MYS) has replaced its Fiserv ICBS core banking platform with Tata Consultancy Services’ (TCS) BaNCS platform. The BaNCS system is operated by the Indian outsourcer’s Financial Solutions division. A MyState spokesperson told CIO Australia that it will be able to develop new banking products more quickly using the system. “Standard features of BaNCS allow rapid product development through parameter set up and modification. “We chose the platform because of its architecture, business ready product set, compliance and in-country support,” the spokesperson said. CUA switches core banking system to Tata’s BaNCS NAB plans customer migration to NextGen platform Transaction transformation MyState managing director John Gilbert said the implementation is part of an ongoing business improvement strategy. This includes an upgrade of its Internet banking website and loans origination system. “Large scale technology transformation projects come with significant risks. However, the project team has worked hard over the last 12 months to ensure the best possible outcome with a minimum amount of disruption to our customers,” he said in a statement. Follow Hamish Barwick on Twitter: @HamishBarwick Follow CIO Australia on Twitter and Like us on Facebook… Twitter: @CIO_Australia, Facebook: CIO Australia, or take part in the CIO conversation on LinkedIn: CIO Australia Related content news Concerns remain even as the EU reaches a landmark deal to govern AI Experts believe the new regulation would add a significant compliance burden on businesses as some argue it could even stifle the growth of the rapidly developing technology. By Gagandeep Kaur Dec 11, 2023 7 mins Regulation Regulation Government feature CIOs grapple with the ethics of implementing AI With ethical considerations around AI use increasingly top of mind, IT leaders are developing governance frameworks, establishing review boards, and coming to terms with the difficult discussions and decisions ahead. By Esther Shein Dec 11, 2023 13 mins Generative AI Data Governance IT Governance feature Reed Smith turns to AI for lawyer staffing solution The legal firm’s Smart Resourcing tool helps balance workloads and ensure partners find associates with the right skills and experience, while empowering employees to make connections across the firm’s global footprint. By Sarah K. White Dec 11, 2023 8 mins CIO 100 Legal Digital Transformation news Emirates NBD drives sustainability goals with Microsoft partnership By Andrea Benito Dec 10, 2023 2 mins CIO Podcasts Videos Resources Events SUBSCRIBE TO OUR NEWSLETTER From our editors straight to your inbox Get started by entering your email address below. Please enter a valid email address Subscribe