TCS to Modernise Australian Financial Services Firm’s Core Banking Systems

Tata Consultancy Services (TCS) has been selected by Australian financial services company MyState Limited to deploy its BaNCS Global Banking Platform for MyState Bank’s core banking transformation following its merger with Auswide Bank.

TCS will deploy the platform to help MyState consolidate its banking systems, business processes, data repositories, and customer service systems. The companies did not disclose the contract value or implementation timeline.

“The decision to implement a modern, AI-enabled core banking platform is an important step in building a simpler, stronger and more scalable bank for our customers and our people,” MyState CEO and Managing Director Brett Morgan said in a statement.

Morgan said the platform would help the bank reduce complexity and use technology and data more effectively to serve customers.

TCS BaNCS includes capabilities for core banking, payments, customer engagement, relationship management, and digital operations. TCS said the implementation would use configurable products, workflow automation, application programming interfaces (APIs), and AI-based transformation tools.

TCS also said the platform could support MyState’s future acquisitions, although the companies did not disclose any acquisition plans.

The agreement follows other technology modernisation projects involving Indian IT services companies and banks. Earlier this month, Infosys expanded its engagement with Dutch lender ABN AMRO to modernise its IT systems and increase its use of generative and agentic AI.

TCS reported its Q2 FY27 results on October 8, with revenue rising 0.5% sequentially in constant currency to $7.64 billion. Its annualised AI revenue run rate crossed $3.1 billion, accounting for more than 10% of total revenue, according to its latest quarterly results.