TCS BaNCS Executive Management:
Venkateshwaran Srinivasan, Head, TCS Financial Solutions
R. Vivekanand, Vice President and Co-Head, TCS Financial Solutions
The agility, resilience and adaptability of our operating model has been put to the test by Covid-19, and we believe that we have emerged stronger, with our capabilities more proven than ever before. We would like to thank our customers and partners for the support and co-operation extended to our teams during this disruptive period.
TCS BaNCS supports mission-critical applications throughout the financial services industry, and we have responded to Covid-19 with urgent speed.
Our priority has been to safeguard the health and well-being of our employees while continuing to support our customers’ mission-critical activities globally without interruption.
On a practical level, our initial task was to ensure that TCS BaNCS teams could continue fully supporting clients with their immediate needs and ongoing projects. TCS BaNCS teams have already delivered immediate support throughout the banking and financial services industry.
We implemented API-based support for banks in the United States participating in the Small Business Administration (SBA) Paycheck Protection Program and loan moratoriums, enabling them to support their communities with quick and efficient service. We also did similar quick work for enabling disbursements to the needy in many countries, including India, with our pioneering "Financial Inclusion" solutions.
Our 24x7 support team worked with several Market Infrastructures globally to maintain service quality and uptime through a prolonged period of market upheaval, with volumes at 50 to 300 percent higher than previous peaks. By ensuring smooth operations for such critical infrastructure, we have been able to help our customers perform credibly with their stakeholders.
The higher trading volumes and volatility have also been a challenge for brokerages, and TCS has helped brokerage clients across the world to mitigate risks from extreme market volatility by quickly delivering changes and reconfiguring risk parameters. Also, the secure and user-friendly digital capabilities of TCS BaNCS have enabled retail brokers to work from home for the first time ever, without sacrificing security or capabilities.
Across the globe and spanning many our banking, capital markets and insurance solutions, we have delivered multiple regulatory changes which financial regulators and governments have mandated as a consequence of the current global pandemic to ease the financial burden on stakeholders, reduce risks for consumers, and enable businesses to tide over the situation. These have all been developed and supported through to production by a workforce operating from the safety of their homes.
Our Agile development methodologies have helped us enhance productivity amidst changing business priorities and scenarios. We have encouraged our teams to solicit customer feedback, understand needs and respond accordingly in these times. Needless to say, these times have also fostered opportunities for creativity. We have been creating digital learning programs to help our teams prepare for the future even before the pandemic and have reinforced the upskilling approach more now.
Our mission – Turning our Technology to your Advantage™ – remains as relevant in 2020 while coping with a global pandemic as in 2007 when we launched TCS BaNCS at the cusp of a global financial crisis.
Our Digital First, Cloud First™ approach is designed to enable financial institutions to embrace digitization as a winning strategy. Today, adopting Digital and Cloud are no longer seen as strategic choices, but rather as business imperatives. To continue delivering the full range of services, Digital has become a necessity, just as being on the Cloud is needed to maintain and scale essential operations, as has been proven globally in the last few weeks.
Moreover, financial institutions will need to deliver services and information not only to their traditional set of customers and business partners, but also to entities across entire supply chains. We believe our work in implementing Quartz Smart Ledgers for financial institutions, corporates, MSMEs and governments will prove to be an essential element for the rapid rebuilding of national economies and resumption of global trade. Financial support has become a literal lifeline for families and companies of all sizes, and the fastest path to economic recovery will require broad-based participation from diverse stakeholders over trusted, shared networks that are easy to build and maintain.
Over the past weeks, we have all been adjusting to new realities in terms of daily life in our communities and economies. Relationships with our customers, partners and employees have always been the lifeblood of our business and we continue to take steps to help our people stay in touch with our unique vision and purpose, and their unique role in it.
In the midst of the crisis, we have taken comfort in many heartening moments as well. In April, Celent announced that Länsförsäkringar Bank was chosen as its Model Bank for their Core Transformation to TCS BaNCS Global Banking Platform. Also, we kickstarted a major initiative last month in Israel to set up a fully Digital Bank under the direct supervision of the Israeli government and supported by the country’s Central Bank. These have been strong indicators validating our overall strategic direction.
We stand ready to assist our clients through any difficult transitions, with the hope and belief that what we can achieve together will create a better future for everyone.
We have connected with many of you over video calls in the last few weeks and will continue to stay in touch with you to ensure our teams are aligned. We appreciate your trust in TCS BaNCS and look forward to continuing our important work with you.