Change is Coming
As published in IBS Journal, January 2021 Issue
In the IBS Journal, January 2021 issue, R. Vivekanand, Vice President and Co-head, TCS Financial Solutions shares his thoughts on ‘How the pandemic has increased not just cloud adoption but also product innovation and new tech from AI to instant payments and beyond.’ Please find below the extracts from the interview.
The Covid-19 pandemic has accelerated the adoption of cloudbased solutions and fast-forwarded the need for product innovation, but what does that mean in practice for banks? R. Vivekanand (Vivek) is Vice President and Co-Head of TCS Financial Solutions, the financial products business of Tata Consultancy Services. He spoke to IBS Intelligence about the kind of changes the pandemic has induced in the financial services industry and what it means for rapid cloud adoption in the face of a huge increase in customers’ online activity.
“The adoption of cloud significantly accelerated through the course of 2020. There had been quite a few fence-sitters but with the ‘work from anywhere’ paradigm forced on us, institutions have had to respond. Cloud became the best vehicle, it is omnipresent, and you do not have to be in a particular location. You don’t have to send people to be in a particular location. Cloud is now in the business ecosystem of enterprises. A lot of things like data security, how to protect enterprise data, how to monitor teams moved to enterprise class in a matter of weeks.”
“Hyperscale and elasticity of infrastructure is needed, cloud will become more of a necessity going forward rather than just a choice, and institutions need to embrace it. They should not look at cloud as a cost proposition. You can see financial institutions that have seen 300% growth in online volumes, struggling to cope if they are not having the elasticity that they will get on cloud.”
Read the complete interview here.
To read the complete edition of IBS Journal January 2021, please visit https://ibsintelligence.com/product/ibs-journal.
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