TCS' client provides various banking and financial services primarily in Australia and New Zealand. The bank offers services in retail banking (including credit cards, mortgages, and investment and insurance products), business banking, and institutional banking, and is a renowned financial services provider in the region.
The Australian bank grew inorganically as it made several acquisitions to expand its business in the increasingly challenging financial services environment. As the bank grew, the need for connecting employees across numerous facilities in different regions also increased. It was important to encourage employees to collaborate more effectively. The bank therefore wished to develop an open, secure platform to help employee collaboration and communication.
TCS was chosen as the partner for the project on the strength of TCS Knome, its successful enterprise social collaboration platform.
Knome combines social media patterns with gamification-led reward and recognition mechanisms to create a powerful platform for fostering collaboration and knowledge management. TCS adapted the Knome platform to build a tailored social collaboration platform for the bank, which facilitated the discovery and smooth flow of tacit and explicit knowledge within the enterprise. It enabled employees to connect and participate with ease, and thus encouraged both the creation and use of knowledge. Security was addressed adequately, as the platform was built to handle sensitive information and also prevent the disclosure of confidential information.
The Knome platform has allowed the bank to substantially scale and speed up internal communications and social interactions. The organization has achieved significant productivity gains using the collaboration platform to transact business processes. The time and cost involved in human and social interactions in information flows has also reduced considerably.
The bank was able to give employees access to the collaboration tools immediately, and this led to a rapid increase in employee engagement. Also, new employees could get up to speed quickly and easily. At present, around 45,000 employees across the group use the platform.
The organizational leadership can access employees, invite their participation in 'ideation jams' and resolve open issues in real time. The challenges and ideas feature allows the organization to evolve policies and approaches towards current problems, using the knowledge of the crowd. The bank encourages senior leadership to communicate with employees on topics affecting the company, the business environment, and so on. Employees can also share text and photo posts, and comment on each other's posts. Members across the organization now share news and information via the platform.
With this solution, the bank has ventured into the complex cloud infrastructure space; the knowledge platform is the bank's first cloud-hosted solution. Using progressive concepts such as the 'wisdom of crowds' and the 'Medici effect,' TCS created an environment with porous organizational boundaries to foster the flow of ideas within the bank.