To emerge stronger and lead in the post-COVID world, banking, financial services and insurance (BFSI) firms are looking to build a response strategy to ensure resilience, adaptability and growth.
With a commitment to innovate and transform, TCS enables BFSI service providers gain agility to compete in a result-oriented and customer-driven, digital world. TCS has been collaborating with leading cloud service providers, such as AWS, to create customized BFSI cloud services that help:
Speed up digitization and adapt to the changing business needs
Evolve into purpose-driven enterprise and achieve sustainable growth
BFSI service providers harness the power of cloud to deliver omnichannel banking experience along with secure banking services. For greater operational excellence, they are looking at smart contracts and settlements. Enabling these are cloud priorities such as open banking, synergetic regulatory adoption and intelligent SaaS platforms. To leverage these, BFSI players need to modernize by moving away from a mainframe core to public cloud such as AWS. AWS Native Services provide BFSI cloud services that enable enterprises to scale and be agile to changing times.
TCS has created a BFSI value chain, using next generation technologies such as blockchain, IoT and edge, to provide cloud transformation accelerators. The best practices that guide this suite of banking cloud solutions include:
Focus on business value to customize the cloud migration and modernization roadmap instead of adopting a lift-shift approach.
Leverage APIs to extend the service fabric on cloud to a greater number of partners and collaborators.
Create a self-driving paradigm on cloud using AI/ML solutions.
Ensure greater business resilience using low latency, on-premise clouds such as AWS Outposts for customer-facing mission critical needs.
TCS BaNCS Cloud is a specialized industry cloud underpinned by TCS’ Business 4.0TM and a cloud-first, digital-first strategy. A plug-and-play, pay-as-you-go, one-stop SaaS platform, TCS BaNCS Cloud has a future-ready digital architecture that offers a range of functionalities, business agility and operational efficiency. TCS BaNCS Cloud offers the rich functionality of TCS BaNCS business solutions across banking, capital market and insurance on SaaS and on-cloud platform using cloud nativity features and already used by 220+ customer across globe. TCS BaNCS Cloud is also available on AWS. Leading banks and insurance companies such as Bajaj Allianz and Bahrain Development Bank have adopted TCS BaNCS on AWS.
Advantages of TCS Financial Solutions on AWS
TCS products and accelerators: Powered by proprietary solutions for cloud modernization including Cloud Counsel, TCS iCMC, Cloud Mason, Cloud Migration Factory, Cloud Exponence, DATOM™, DAEZMO™, TCS QET Platform, TCS MasterCraftTM Transform Plus.
Mainframe modernization: Helps reduce mainframe dependency and ascend to AWS Cloud using pattern-based architectures and accelerators such as TCS MasterCraftTM.
Cloud value architecture for BFSI: Combining deep contextual knowledge with AWS' cutting-edge native services for creation of Borderless BFSI Enterprises on Cloud.
TCS and AWS have joined forces to help BFSI clients build a responsive strategy to ensure resilience, adaptability and purpose-led growth.
Click here to watch how Western Union built a future ready enterprise with TCS and AWS Cloud