IT major Tata Consultancy Services on Thursday said Australia-based financial institution CUA has selected its Online Banking Platform TCS BaNCS to revitalise online banking system.

The selection of TCS to deliver CUA's online banking platform follows the announcement made earlier this year that TCS and its BaNCS banking platform would be delivering CUA's new core banking system. The online banking transformation programme is expected to be delivered over the next two years.

"Following the selection of TCS to implement our core banking system, we also reviewed TCS BaNCS online banking platform and determined it would meet the needs of both our business and our customers for the long-term," CUA's Chief Executive Officer Chris Whitehead said in a statement issued by TCS.

He added that benefit of having one partner delivering an integrated technology solution also brings obvious advantages.

The statement said that CUA provides banking services to more than 400,000 Australians across the country and is 100 per cent owned by its customers, not shareholders.

The profit of CUA is reinvested back in to the business in the form of more competitive products, better interest rates and lower fees, it said.

"TCS BaNCS will connect customers to CUA's broad range of products and services including deposits, loans and payments in a highly interactive and user friendly mobile banking environment," N Ganapathy Subramaniam, President, TCS Financial Solutions said.