MANILA, 22 DECEMBER 2009 To transform Guangdong into a 21st century Chinese socialist province, it has to be backed by a strong financial muscle that can serve its farmers and cooperatives.
Guangdong Rural Credit Union (GDRCU) is helping fulfill this goal by embarking on an IT development project that can automate its core banking services across several channels -- from its 6,686 service branches, call center, mobile banking and the Internet.
GDRCU, the province's biggest rural credit union, is counting on TCS BaNCS Core Banking solution to enable it to respond to the needs of its clients.
The TCS BaNCS Core Banking solution is provided by the Tata Group's TCS Financial Solutions, the strategic business unit of India's Tata Consultancy Services (TCS). As an integrated banking solution, it automates all aspects of GRCU's core banking operations across entities, languages and currencies.
Mr. Zhang Xuejun, general manager of IT Consolidation Office, GDRCU said the banking solution will help the financial institution innovate products and services while improving risk prevention and strengthening revenue growth.
The presence and agility of a rural financial institution is important to enable Guangdong's farmers and villagers to gain access to a significant amount of loans for their livelihood and rural development.
TCS BaNCS system has taken a strong position to support China's financial business market and is totally adaptable to China's domestic banking requirements. GDRCU has made the right choice to select TCS BaNCS advanced core banking solution, Mr. Zhang added.
Mr. Brent Zhu, Head, TCS Financial Solutions China, said GDRCU is the third financial institution in China to go live with TCS BaNCS core banking solution. He said TCS' skilled team of local and international IT transformation experts implemented this project in less than 24 months.
As the biggest provincial rural credit union in China, GRCU's deposit balance by end-November 209 reached over 700 billion yuan (US$102.5 billion). Its loan balance is over 400 billion yuan (US$58.5 billion), ranking it second in loan volume among the financial institutions within the province.
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