Businesses globally are looking at the future with a renewed sense of hope and anticipation, and financial service organizations are no exception. The recent experiences have also held the spotlight on organizational technology and allied capabilities in a big way.

Companies which had substantially embraced cloud and had invested more in end-to-end digitization of customer journeys have clearly been able to manage to retain and grow their businesses. At the end of the day, it is all about being relevant and meaningful to your customer as well as being resilient in your operations. At TCS BaNCS, we are constantly on the journey to ensure our solutions are helping our financial institution customers to stay relevant in the financial lives of their end-customers. We embraced a Cloud First and Digital First strategy a few years ago, and the recent crisis has only further strengthened our belief in these twin pillars. Under this broad direction, there are a few key developments and focus areas worth exploring.

A key development in the recent times is the evolution of financial ecosystems which are increasingly used to originate business for FIs. This warrants an always-ON application and infrastructure and a scalability on demand which is not just automatic but also autonomous. Architecting our application into a set of cloud-native microservices is a journey we are on. We have customers in production who have leveraged the power of TCS BaNCS microservices in select segments of business where need for such elastic scaling is pervasive. As a case in point, as described in this issue, BankservAfrica is deploying, as microservices, the High-Performance Transaction Manager (HpTM) of TCS BaNCS for Market Infrastructure. With the launch of South Africa’s real-time retail payments program, all participating banks will use APIs to access the real-time payments and clearing capabilities of HpTM, giving the entire payments ecosystem direct access to functionality within TCS BaNCS.

Our journey on microservices will continue, and we will very soon offer a complete array of business capabilities packaged and delivered as microservices. This ensures reduced transformation risk for our customers while also helping them along on their longer-term journey of having a cloud-ready foundation even if actual migration to the cloud takes time as different markets and jurisdictions assess and move at a pace which is comfortable to them.

Over the last three years we have seen a very substantial shift in our business with more and more customers embracing the power of Cloud. This shift has been accelerated by the pandemic. Our business model is increasingly about providing “Software as a Service” and not about providing our software to our customers which was until recently the mainstay of our business. This has brought about a significant change in the way we approach our business as customers expect us to stitch end-to-end solutions orchestrating capabilities across a stack of best-of-breed solutions and applications. In this context, we have launched our enhanced TCS BaNCS Marketplace, an innovation hub for customers to adopt cutting-edge partner solutions curated and integrated with the TCS BaNCS suite. TCS BaNCS Marketplace contains a rich ecosystem of solutions and APIs from fintechs, insurtechs, risktechs, regtechs, and other innovators.

We are getting ready to launch our next avatar of TCS BaNCS Digital which is a significant step ahead in terms of offering empowerment to our Customers as it will come with significant low code and library capabilities which we believe will dramatically reduce time to market to build and deliver rich user experiences that are highly contextualized while still being able to harness the power of BaNCS APIs to deliver differentiated business capability. You can expect to hear details from us very soon on this exciting development.

Over the last 12 months or so we have been investing in a User Experience refresh for several of our core solutions. This is an ongoing journey, and we hope to complete most of this within the next three to six months. A main focus of this refresh has been about us rethinking the operations user journey and reimagining the same with a clear view to substantially optimizing performance and improving operations throughput. This is most relevant in our solutions with a heavy back-office load, such insurance policy administration and asset servicing.

We look forward to continuing the dialogue with you as we progress on some of these themes, which will reshape our future as a business while we endeavor to continuously stay relevant to yours.

Venkateshwaran Srinivasan

Head of TCS Financial Solutions

R Vivekanand

Vice President and Co-Head, TCS Financial Solutions

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