SALT LAKE CITY, April 15, 2019 /PRNewswire/ -- Zions
Bancorporation, N.A. (NASDAQ: ZION) announced today the successful
conversion to the TCS BaNCS Core Banking platform for Commercial
and Commercial Real Estate Lending from Tata Consultancy Services
(TCS). This implementation follows the successful implementation of
Consumer Lending on the same platform in May
2017.
This Digital Core infrastructure investment provides Zions with
a modern technology foundation capable of operating in real time
and which accelerates and facilitates the integration of a wide
variety of digital product offerings available for use today and in
the future. The solution brings consumer, commercial &
industrial and commercial real estate loans onto one platform.
Supported by TCS' continual investment in research and development
and product upgrades, Zions expects this foundational investment in
core servicing systems to serve the company over many years.
Chairman and CEO Harris Simmons
commented, "One of the most notable features of our endeavor to
build a strong foundation can be found in our technology
investments. Facing a future in which digital banking capabilities
and data analytics will be critically important to serve customers'
needs, we set out to build a robust technology architecture with
TCS BaNCS, which included replacing our aging and relatively
inflexible core loan and deposit systems with a system that is
modern and easily adaptable to emerging technologies and
products."
As Zions replaces its core servicing systems, management is
making digital investments in a variety of products and features to
serve customers for years to come. In recent months Zions has:
- Redesigned and refreshed its public websites, which receive
millions of visits each month,
- Upgraded the Treasury Internet Banking platform used by
thousands of commercial customers to manage their deposits
(affecting about 40% of Zions' total demand deposits),
- Launched Zelle®, a digital person to person payments
application,
- Introduced digital account opening and e-signature capabilities
that have reduced the time to apply for or open accounts (deposit,
credit card, mortgage, consumer and small business lending) from
days to a matter of minutes.
Zions plans meaningful additional technology investments in the
months and years ahead. The company is replacing its consumer and
small business mobile and online banking platform, utilized by
750,000 retail and small business customers, during the next 18-24
months. Further, the company is well underway with the project to
convert its deposit servicing system to the market ready TCS BaNCS
Core Banking platform by 2022.
"We are making investments in technology that are game-changing,
long-term and foundational," according to President and Chief
Operating Officer Scott McLean. "We
are uniquely positioned to complete our core loan and deposit
system replacements that others in the industry have not addressed
with the same vigor. As a regional bank, we have the financial
capability, management focus, and talented colleagues to address
the technology burden from legacy systems that virtually all U.S.
banks have as well. We believe this will provide us a competitive
technology position that others will struggle to meet in the
future."
Zions Bancorporation, N.A. is one of the nation's premier
financial services companies with total assets exceeding
$65 billion. Zions operates under
local management teams and distinct brands in 11 western states:
Arizona, California, Colorado, Idaho, Nevada, New
Mexico, Oregon,
Texas, Utah, Washington and Wyoming. The company is a national leader in
Small Business Administration lending and public finance advisory
services. In addition, Zions is included in the S&P 500 and
NASDAQ Financial 100 indices. Investor information and links to
local banking brands can be accessed at www.zionsbancorp.com.
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SOURCE Zions Bancorporation, N.A.