TCS strikes deal with Chorley Building Society
Tata Consultancy Services has announced a new deal with Chorley Building Society to digitally transform its core banking system and support the society's growth plans. The partnership builds on the consultancy’s momentum in the building society sector with a recent partnership with Mansfield Building Society announced earlier this year.
As companies scramble to meet with the demands of modern digital banking, building societies face an uphill battle. Building societies are financial organisation which pay interest on investments by their members, and lends capital for the purchase or improvement of houses. In the UK, they currently serve 26 million people with savings and mortgage offerings – making their digital transformation of customer services even more important.
Chorley Building Society was founded in 1859 to help local mill workers buy their homes and 165 years later, the society still remains true to its traditional, mutual values of providing an individual service to all its members. The society has three retail branches in the North-West of England with its head office in Chorley, Lancashire, and assets of more than £406 million as of February 2024.
As Chorley Building Society looks to transform its core banking system and front-end digital platforms, it has announced a new strategic partnership with Tata Consultancy Services (TCS). TCS will now provide access to TCS BaNCS for Core Banking, Digital Home Lending Solution for Mortgage Origination and a mobile app, which will underpin Chorley’s digital transformation and improve the user journey for both Members and mortgage intermediaries.
Stephen Penlington, Chief Executive at Chorley Building Society commented, “We are very proud of our mutual values and our Member-centric approach at Chorley Building Society. It was important to us that we found a partner that could support our ambitious growth plans, whilst sharing our core values. We are delighted to have found this with TCS, who have the technology to deliver our digital transition and share an ethical approach to business.”
The move follows the society’s announcement of ambitious growth plans. Looking ahead, Chorley Building Society views this strategic investment in best-in-class modern banking solutions, provided by TCS, as being strategically important to achieve those plans, while retaining a “personal approach which is centred around the customer.”
Amit Kapur, head of UK & Ireland, TCS, added, “TCS is uniquely positioned to help through its TCS BaNCS for Core Banking and TCS Digital Home Lending Solution, designed to help Building Societies in the UK to seamlessly migrate from legacy systems to a fully functional digital platform. This will enable an intuitive and state-of-the-art digital experience for building society members, while ensuring resiliency and availability across multiple channels. Our partnership with Chorley Building Society builds on TCS’s recent success and track record of delivery for building societies, credit unions and other financial organisations in the UK.”
Tata Consultancy Services is an IT services, consulting and business solutions organisation. Deployed at more than 450 installations worldwide, it is the largest collection of components, enterprise and consumer apps for the financial industry made available through the cloud, helping firms become more agile and intelligent by leveraging the power of new and extended ecosystems.
Earlier in the year, this saw TCS also announce a new deal with Mansfield Building Society, to enhance member and intermediary experiences. The digital transformation will boost the building society’s customer service function, while supporting its ambitious growth plans.
