Ikano Bank needed to adopt a cloud-based HR system for digital transformation.
Ikano Bank, a Swedish consumer finance bank, lacked a central repository for the organization, employee data. The HR applications were disintegrated, siloed, and decentralized, and the core HR data was maintained manually in flat files. File-based information management posed a range of issues such as risk of loss, version mismatch, maintenance, erroneous data, manual effort, and audit and transmission issues. Further, the manual siloed information base resulted in lack of documentation, and dependence on service providers and outsourced agencies. There was need for transformation with a cloud-based HR system.
TCS developed a solution architecture document for HR products
by analyzing the existing organizational structure, software development methodology, HR architecture, and the operational model. We gathered information through public-domain document-research, and interactions with multiple stakeholders to acquire contextual knowledge. Additionally, the TCS account provided intelligence on the internal dynamics and client priorities. Ikano’s Architecture Review Board approved the evaluation of the shortlisted product after the solution was crafted. Once the product was finalized, we initiated the transformation backed by the product knowledge, understanding of the business requirements, and designing, developing, and testing the solution as we went along. The entire implementation was executed remotely creating the roadmap for HR digital transformation for the client.
TCS built a single repository of organization and employee records for core HR functions and helped identify the best-suited cloud-based HR system for the client. TCS leveraged its contextual knowledge and skills to understand the existing deficiencies and craft the solution architecture document.
What Made it happen
BFSI companies are looking to move from legacy contact centers to a 360-degree digital approach, augmenting voice capabilities through omnichannel and self-service modules. TCS’ solutions help enterprises adopt data-driven and automation-led customer experience management.
Risk and Compliance functions are looking to drive intelligent interventions in information and control assurance as higher probability of risk demands enhanced controls for effective risk and compliance management. The TCS solution caters to the BFSI industry enabling compliance, driving automation and optimization of costs.
The economic uncertainty resulting from the COVID-19 crisis has made it imperative for banks to relook at their counterparty risk management practices. With TCS’ Early Warning Framework, banks can assess the riskiness of counterparties in near real time.