Zions Bancorporation Completes Major Milestone
Salt Lake City—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 percent 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.