In financial services, the move to the cloud is no longer primarily a cost discussion, but rather a question of business agility. To handle high customer volumes and 24/7 availability through digital channels, Covid-19 has forced organizations to make a rapid pivot to the cloud to address a wider range of needs much faster than anticipated.
Many of the smaller and faster-growing TCS BaNCS customers have already achieved technology and efficiency gains through TCS BaNCS Cloud. Yet larger entities, citing concerns over regulations, data privacy, security, latency, and performance, have until recently tended to prefer on-premise installations.
TCS BaNCS Cloud clears up those concerns. With over 40 customers in financial services, TCS BaNCS Cloud has demonstrated the ability to deliver improved security; sufficient scalability and availability to minimize data risk and downtime; and real-time access to innovative computational strategies.
The move to the cloud has been aided by increasing commonality in cloud vendors’ offerings. Kubernetes has become the de facto standard for orchestration of containers. Also, each major vendor has comparable offerings in databases, monitoring, security, networking, deployment, storage, and analytics. This level of standardization has removed barriers to adoption, benefitting both the cloud vendors and their customers. As a result, organizations are now able to avoid cloud vendor lock-in by adopting multi-cloud and hybrid solutions that blur the lines between on-premise and cloud deployments.
Go Beyond Lift-and-Shift
Organizations considering cloud solely from reducing CAPEX perspective often adopt the “lift-and-shift” strategy, by which existing workloads are moved from on-premise to cloud deployments without any major changes in functionality. While this is a good starting point, the next step is to rearchitect systems to take advantage of the capabilities of cloud. That’s called being Cloud Native.
In its Cloud Native Trail Map the Cloud Native Computing Foundation (CNCF) outlines the 10-step path from containerization, Continuous Integration/Continuous Delivery (CI/CD), and orchestration through to secure software distribution.
TCS BaNCS Cloud enables financial institutions to follow this map to becoming Cloud Native within their own client solutions. For example, we have added constructs to integrate TCS BaNCS product development with CI/CD operations, enabling business lines to deploy new products and enhancements instantly to end users.
Being Cloud Native is a journey, not a destination.
As such, TCS BaNCS is working now with customers to take advantage of the full range of Cloud Native capabilities, including containers and their automated orchestration; usage of Database-as-a-Service; and a wide range of Microservices.
On our short-to-medium-term roadmap, we will enable serverless computing for new programming paradigms; enable zero-touch administration with auto-provisioning of cloud resources; provide cloud-scale benchmarking for service-level monitoring; and offer “blue/green deployments” to enable CI/CD even in the most uptime-critical situations.
TCS BaNCS Cloud is cloud-agnostic, partnering and working with most public and private cloud organizations. Using a container application platform, we can deliver Cloud Native capabilities across any of these cloud platforms, or on-premise as needed. We can also manage the full Cloud Native stack through our own TCS Enterprise Cloud Platform (ECP).
To support TCS BaNCS Cloud projects throughout our global footprint, TCS has cultivated a large team of associates trained in cloud technologies, including 9,000+ people certified on Azure, 10,000+ on Amazon Web Services, and 1,000 on Google Cloud.
In the last two years, 40 financial institutions have signed onto the TCS BaNCS Cloud, joining several early adopters including CUSSCO and London Mutual Credit Union. Given the powerful incentives and business benefits to being Cloud Native, we expect much more growth to come.
TCS BaNCS Cloud:
- Installations across the globe: US, UK, Europe, South Africa, Israel, Middle East, ASEAN, APAC, and India
- Customers spanning from small community banks to large custodians, retail banks, corporate banks, insurance firms, corporate treasury operations, private banks, and credit unions.
- Banking solutions including Core banking, Payments, Treasury, Wealth management, private banking
- Insurance solutions including Life and Pension, Health, and Retirement
- Capital Markets solutions including Securities Trading, Securities Processing, Corporate Actions, Custody, and Market Infrastructure
- Flexible delivery models, from cloud hosting SaaS model to customer-controlled environments managed end-to-end by TCS
As we realize that not every organization is suited for the SaaS model usage of TCS BaNCS Cloud, we also support the full deployment of TCS BaNCS on customer-controlled clouds. This gives financial institutions full control and ownership of their own technology environment, while still being able to rely upon TCS for end-to-end operations. Furthermore, we support deployments of TCS BaNCS through BPaaS, industry utility, and platform models, in support of all manner of business partnerships and shared services.
TCS BaNCS Cloud Timeline
CUSSCO, a cooperative venture between two of Scotland’s leading credit unions (Capital Credit Union and Scotwest Credit Union) uses TCS BaNCS Cloud to each offer their own services and products, while simplifying the cost and effort involved with security, future proofing and resilience. CUSSCO is now prepared to move into new markets to tap into opportunities that emerge with evolving regulations in the UK.
London Mutual Credit Union, a financial co-operative that exists to benefit its members, has gone live with solutions for loans, deposits and CIF components hosted on TCS BaNCS Cloud. This has helped LMCU to reduce operating costs, eliminate legacy systems, roll out new products faster, and integrate easily with complementary products.
TCS BaNCS Cloud also introduced a full range of SaaS solutions into Switzerland, Asia-Pacific, and Middle East regions.
TCS BaNCS Cloud added 40 new customers in the last two years, and has a pipeline with at least three times that volume.
TCS BaNCS Cloud: Customers
United States: A community bank has gained a superior customer experience with real-time money movement capabilities; the ability to quickly create and launch new products; and connectivity to the larger banking and fintech ecosystem. With these capabilities, the bank is expanding geographically and catering to Millennial and Gen Z demographics.
India: A leading general insurance company has leveraged an array of digital technologies to optimize their infrastructure for better availability and scalability.
United Kingdom: Several smaller credit unions are using core banking on TCS BaNCS Cloud to introduce flexible digital services with a faster time to market than their larger competitors.
European Union: Several private banks have lowered costs, adapted messaging standards, and increased marketplace agility with TCS BaNCS Cloud.
United States: A crypto-currency platform uses TCS BaNCS Cloud to deploy TCS BaNCS components with a requirement of 99.999% uptime as the underlying engine for a financial institution offering access through REST APIs to merchants, financial institutions, and consumers.
India: A leading Wall Street proprietary broker, the first to deploy SaaS operations in India, went from zero to 1.8 million trades within four months of implementation. The TCS BaNCS cloud deployment has reduced total cost of ownership (TCO) by 40 percent compared to on-premise operations.
United States: A leading bank uses TCS BaNCS Cloud for handling corporate actions, including client instructions and reporting.
TCS BaNCS Cloud underpinned by security culture and best practices
At TCS, we have embraced a strong security culture, in which everyone owns and exercises the responsibility for risk, security, and compliance within the scope of their role and responsibilities.
TCS integrates data protection and cybersecurity throughout the organization, in areas including business continuity planning, governance processes, information security, and third-party risk management.
Furthermore, the TCS BaNCS associates responsible managing customer solutions and data all undergo extensive training in how to develop, implement, and operate secure solutions on TCS BaNCS Cloud.
- Security best practices include:
- Full protection for at-rest and in-transit data
- Comprehensive risk register, including tracking of cybersecurity risk
- TCS’ FSIT monitors cybersecurity threats on a 24/7 basis through our TCS BaNCS Clouds operation center
- SIEM tools for log monitoring, event analysis, threat intelligence, and threat detection
- Threat Intelligence feeds from ISACs and other sources
- Next-generation network firewalls, intrusion prevention systems, and intrusion detection systems to detect and stop potential incidents
- DDoS prevention
- Software Security Assurance is built into the software development lifecycle
- Vulnerability Assessment and Penetration Tests
- Segregation of Internet facing applications
TCS BaNCS Cloud has SOC1 and SOC2 attestation and complies with FFIEC and GLBA guidelines, and with ISO 27017 standards.
We are also keeping pace with evolving security and compliance regulations from the Cloud Security Alliance and are prepared to perform assessments in line with FedRAMP and NIST standards.