Industry
Banking
Banking Services Transformation: Unlocking Exponential Value
Solution
Consulting
TCS Consulting Services to Achieve Success in the Digital Era
Highlights
- TCS unlocked innovation for a leading bank’s capital markets customers and provided a modern and holistic service while simplifying their banking experience.
- We delivered a completely reimagined working capital solution that is powered by a next-gen, digital-first platform.
- This first-of-its-kind solution can deliver an unprecedented and simplified experience for the bank’s customers thus reiterating the bank’s commitment to being the preferred partner of choice.
Overview
A large Canadian bank with global operations set out to reimagine its cash management journey that was hindered by legacy applications.
While examining its current cash management landscape and reviewing insights gained from conversations with treasurers, the Canadian bank’s team also conducted an evaluation of their existing technology infrastructure.
They found that none of the current systems could fully support the team’s reimagined offering. There were components that could be leveraged as foundational elements for the new platform, thereby expediting the new build and encouraging both safety and operational and regulatory rigor.
Some other challenges the bank was undergoing included a tedious manual and complex onboarding process, lack of visibility over deposits and balances, limited digitalization services with an inability to derive any actionable insights, as well as high operating costs.
They knew something needed to change to provide a seamless banking experience and deliver value for their clients and the change needed to be implemented quickly. Having worked as a strategic growth and transformation partner for over a decade, Tata Consultancy Services (TCS) was the natural choice to lead this initiative.
Solution
TCS helped build a first-of-its-kind cloud native architecture that was API-enabled and embedded with microservices to help the bank secure new businesses and retain high customer satisfaction ratings.
In the early stages, the TCS team conducted a detailed analysis and presented market perspectives across insights across cash management domain, business and technology architecture, data store design and implementation strategy, with an agile delivery model.
We leveraged our various Centre of Excellence teams (Banking Industry Advisory team, Microsoft, Cloud, Testing, Architecture) to bring in an overarching industry view, best practices, ‘ideal state’ process, automation, testing and test automation maturity assessment, ODR automation strategy, Self-serve (Power BI) reporting, cost-location optimization, AI-ML/ predictive analytics consulting and more.
This first-of-its-kind solution was built using three fundamental principles:
- Foregrounding current client demographics and needs while also extending the services and experience to their retail and corporate banking clients.
- A future-ready solution designed with a digital-first strategy extending greater transparency to their customers while providing a real-time customizable self-service functionality.
- Strengthening cyber resilience while reinforcing their position to lead with cyber confidence.
Benefits
Unconstrained by legacy systems and workflows, the bank now had the ability to deliver next-gen simplified connectivity with strength, security and scale.
This next-generation solution leverages today’s technology to create a frictionless and unprecedented experience for their clients. In addition to the benefits mentioned above, the platform also:
- Provides seamless onboarding for the bank’s customers through its simplified process.
- Enhanced transparency in payments by offering real-time status updates.
- Best-in-class digital experience for their customers through its proactive and customizable self-service options.
- A solution that compiles and centralizes actionable data and insights.
The TCS advantage
The GenAI-based solution can address multiple use cases different lines of business within the bank. It can optimize requirements, suggest user stories and tasks for a given requirement, while also generating unit tests for new and legacy codes.
Furthermore, this scalable solution can convert legacy and new codes into multiple programming languages, generate automated test cases, and fix errors.
This helped the bank to put in place fixed operation costs irrespective of the constant growth in user adoption and conversations.