TCS to Help Khan Bank in Mongolia Modernize Banking System with AI Technology

Tata Consultancy Services (TCS), one of India’s top IT companies, announced on May 14 that it is working with Khan Bank in Mongolia to upgrade and modernize the bank’s digital core system. The goal of this partnership is to make banking services faster, smarter, and more efficient by using the latest technologies, including artificial intelligence (AI) and machine learning (ML).

TCS will use its advanced TCS BaNCS Global Banking Platform to carry out the modernization. This platform has been specially built to help banks handle a large number of transactions smoothly while also supporting new technologies. It helps banks improve their services, manage risks, and adopt digital tools more easily.

A Partnership of Over 20 Years

This is not a new relationship. Khan Bank has been working with TCS and using the TCS BaNCS platform for nearly 25 years. Now, they are taking this partnership to the next level by completely transforming their banking operations.

According to the announcement, the modernization project will help Khan Bank simplify its internal processes, provide better services to customers, and bring in more innovations using AI and ML.

Khan Bank’s Role in Mongolia’s Banking Sector

Khan Bank is one of the largest and most important banks in Mongolia. It operates 548 branches across the country and serves over 2.9 million customers — that’s more than 82% of Mongolia’s total population.

This digital transformation will improve many important areas of the bank’s business. These include:

• Customer Information File (CIF)
• Trade finance
• Treasury management
• International payments
• Loans and deposits

CEO of Khan Bank on the Partnership

Munkhtuya R (Tuya), the CEO of Khan Bank, said the partnership with TCS matches the bank’s long-term growth goals. She added that the TCS BaNCS platform will play a major role in their technology upgrade.

TCS also shared that their platform will provide Khan Bank with a modern treasury system that can handle many types of assets. It will allow real-time tracking of transactions, risk analysis, and detailed reporting.

Smarter Payments and Future-Ready Architecture

The upgraded platform will support both high-value and low-value international payments using the ISO 20022 payment system, which is becoming the global standard.

The core of the system will use modern software architecture, allowing smooth data flow, easy updates, and better use of AI and ML technologies.

Venkateshwaran Srinivasan, the Global Head of Financial Solutions at TCS, said that this deal proves the strength of their long-standing partnership, which began back in 2001. He also highlighted that Khan Bank will benefit from TCS’s deep global experience in transforming banking systems.

The TCS BaNCS platform already supports more than 30% of the world’s banking population and is trusted by major financial institutions around the globe.