TCS BaNCS hosted a webinar on January 30, 2020 where leading Industry Analyst, Jost Hoppermann, Vice President and Prinicipal Analyst, Forrester Research, shared his views from the extensive research he had conducted on cloud-based solutions for banking.
Guest Speaker: Jost Hoppermann
Topic: Navigate Around Obstacles to Leverage the Value of SaaS in Financial Services
Jost Hoppermann provided a fresh look at key predictions and identified progress made in SaaS and Cloud solutions from his research conducted in the last few years, spanning financial institutions of all hues and types. He discussed the real and perceived obstacles for cloud adoption in the UK and Europe, and shared his views on what banks need to do to get full value out of SaaS options that are widely available. To read Jost’s reports on Banking and the Cloud, please visit Forrester.
The Five must-haves of a successful Cloud Banking Solution - Scale, Innovation, Security, Costs and Regulatory Compliance
TCS BaNCS believes that the success of any financial institution today is predicated on how fast or agile its technological landscape is. Like most financial institutions around the world, banks in the UK are looking at ways to compete with fintechs and startups, and attract and retain their customers by investing in digital capabilities, supported by scalable business models. To widen their portfolio of offerings, they realize the need for Open Banking-based solutions that can help them connect and collaborate with a wide range of partners, which in turn demands a banking platform that is capable of simple, API-based, real-time integration.
And, this is where the TCS BaNCS Cloud for Banking solution comes in. Designed on a single open, API-based platform and supplemented with cognitive technologies, it has proven to help banks improve customer experience, increase process speed, reduce error rates, ease regulatory compliance, and manage cost. In fact, Forrester has also identified this zero-back office approach as one of the trends that will shape banking applications in 2020 and beyond. (Source: Develop A Broad Vision For Zero Back Office At Your Bank To Reap Its Full Benefits, November 2019, Forrester)
TCS BaNCS, until date, owns the industry’s track record of completing fail-proof core banking transformations for banks of all sizes and types across the globe. In the UK, we’ve demonstrated the ability to organize and implement large-scale transformations on the cloud. This solution includes a comprehensive range of market adaptations, offering banks the five critical must-haves of scale, innovation, security, costs and regulatory compliance.
TCS BaNCS Cloud for Banking has been operational in the UK for over six years now, supporting London Mutual Credit Union, Community Savings Bank Association, CUSSCO in Soctland and more recently, Voyager and Retail Credit Unions. In all, it handles over 100 million transactions per month for more than 190 customers, including retail banks, corporate treasury operations, private banks, and credit unions in the United Kingdom, the United States, Switzerland and India. It has been designed to support the full needs of financial institutions with a variable-cost SaaS approach.