Zions’ Bancs conversion project rumbles on
Zions Bancorporation’s long-running core transformation has passed another milestone. The Utah-based mid-tier US bank has announced a cut-over to the TCS Bancs system for commercial and commercial real estate lending, reports Martin Whybrow.
This follows a go-live for consumer lending in May 2017.
The selection was as far back as 2012 to replace the old domestic TriSyn system and a number of others. Bancs was taken in preference to Infosys’ Finacle at the shortlist stage and the deal marked a major incursion into the US market for TCS with its core system.
Zions took Bancs for retail and corporate banking support for its own operations as well as those of its eight subsidiaries (California Bank and Trust, Nevada State Bank and Vectra Bank Colorado among them). It was always anticipated to be a multi-year project. At the outset, the bank predicted a five-to-seven year timeframe, with a total estimated cost of $200 million.
Zions is now working to replace its consumer and small business mobile and online banking platform, which has 750,000 retail and small business customers. This is touted for the next 18-24 months. The next major conversion to Bancs isn’t scheduled for completion until 2022 and will see a migration from the bank’s deposit servicing system.
The regional bank believes that by tackling its legacy systems, in contrast to many other US banks, it will gain a competitive advantage. President and COO, Scott McLean, says: “We are uniquely positioned to complete our core loan and deposit system replacements that others in the industry have not addressed with the same vigour… We believe this will provide us a competitive technology position that others will struggle to meet in the future.”