Local banks for local communities

Local banks for local communities

New challenger Community Savings Bank Association (CSBA) has chosen TCS Financial Services’ Bancs core banking system on the cloud for its member banks across the UK.

Last year, Banking Technology was the first publication to report on CSBA joining the British banking market. The association, which is registered as a co-operative society plans to set up a network of independent, customer-owned, regional banks. These banks will support local communities and businesses. The idea is similar to that of TSB when it was first created (Trustee Savings Bank, later Lloyds TSB and now TSB Bank).

CSBA was working with Airdrie Savings Bank (ASB) on this initiative, but the latter has gone out of business. Banking Technology understands the CSBA initiative continues as planned, unaffected by the ASB closure.

In terms of the core banking system, James M. Moore, chairman of CSBA, says a “secure, robust and flexible IT infrastructure is crucial for our operations and TCS Bancs emerged as the most compelling choice”.

TCS Bancs, delivered in the cloud, is an “omnichannel platform” providing banking, cards and payments functions. With the solution CSBA’s member banks will be able to offer loans, deposits, mortgages and current accounts. All services are delivered through TCS Bancs digital channels, branch network and smart kiosks.

With so many new entrants trying to muscle into the UK banking sector, Banking Technology has put together a comprehensive list of the known challengers to date and the technology they are using.