Industry
Banking
Banking Services Transformation: Unlocking Exponential Value
Solution
Consulting
TCS Consulting Services to Achieve Success in the Digital Era
Highlights
- To stay relevant in a changing business landscape, financial institutions must improve business agility, innovate through ecosystem leverage, and considerably reduce time-to-market.
- The Banking Industry Architecture Network (BIAN) offers a standardized framework required for successfully ecosystem play.
- TCS’ offering helps financial institutions accelerate their BIAN adoption journey.
On this page
Business context
In a competitive business landscape, banks and fintechs are continuously trying to distinguish themselves from peers, innovate, and improve time-to-market.
To stay relevant, financial institutions must look beyond traditional banking and step into their customers’ lives at the right time with the right product. This will require banks to embrace an architecture pattern that supports purpose-driven business models through new partnerships with larger ecosystem partners.
The Banking Industry Architecture Network (BIAN) offers a common framework that standardizes and simplifies banking architectures and imparts the required flexibility needed for ecosystem play.
TCS has developed an exclusive service offering aimed at accelerating BIAN adoption at financial institutions. It offers a plug-and-play integration capability, which improves speed-to-market, business agility, and ecosystem leverage. It also allows financial services firms to embrace open innovation, empowering them to become adaptable to changes and transition to futuristic business models.
Overview
Today’s customers demand digital products, services, and capabilities from their financial institutions.
And they expect them to be delivered quickly and securely through a personalized and holistic customer experience. To meet this ever-evolving demand pattern, financial institutions are adopting digitalization to deliver services beyond traditional banking. This requires them to equip themselves with plug-and-play integration capabilities, flexibility and composability in architecture, and the ability to swiftly move through scenarios such as vendor onboarding and so on.
Alignment with a global framework such as BIAN is a one-stop solution for financial institutions to acquire these capabilities and robustness. However, partnering with a trusted advisor is key to successfully navigating their BIAN adoption journey.
TCS’ BIAN enablement services reflect the expertise we have built over the years by providing consulting, advisory, and implementation services to financial services firms of different sizes globally. TCS’ domain expertise, combined with agile ways of collaboration and execution, ensures quicker benefit realization for organizations. The services include support across all phases, from strategy to implementation. Figure 1 provides an overview of TCS’ BIAN implementation services.
TCS’ end-to-end BIAN implementation services
Our solution
TCS helps financial institutions accelerate BIAN adoption.
Our services span the following areas:
- BIAN awareness sessions for different stakeholders, along with proofs of concept (PoCs)
- Organization, lines of business (LoB) readiness, maturity assessment and BIAN adoption enablement
- Business-IT alignment, enterprise LoB blueprinting, application portfolio rationalization leveraging the BIAN service landscape
- Domain driven design-based greenfield cloud-native microservices and API implementations
- Legacy modernization and digital transformation roadmap, transition and target architectures using coreless and composability principles
- Vendor, product, partner selection for best-in-breed solution adoption leveraging BIAN
- Enterprise and LoB data model standardization (ISO 20022 compliant)
- BIAN-aligned API catalog and platform enablement
- Globalization and localization of capabilities leveraging BIAN service domains
Benefits
With TCS’ BIAN implementation services, financial institutions can standardize and simplify banking architectures.
Key benefits are:
- Speed-to-market: Launch products faster into the market to elevate brand image and leadership reputation (40-45% time-to-market reduction)
- Customer satisfaction: Respond to volatile consumer needs with innovative and collaborative services (40% improvement in net promoter score (NPS) ratings)
- Cost optimization: Increase revenue through new business streams and reduce costs with capability reuse (35-42% cost optimizations due to reuse)
- New revenue gains: Revenue gains through new business models (15-17% revenue gains)
The TCS advantage
TCS brings decades of experience, deep contextual knowledge, and suite of tools as well as accelerators to the table.
By partnering with TCS, financial institutions can benefit from:
- Comprehensive implementation experience: With its in-house expertise and strong experience in areas ranging from strategy to implementation, TCS powers forward-looking businesses with a competitive edge.
- Center of excellence (CoE): TCS runs a BIAN CoE that guides close to 300 BIAN certified professionals. TCS BIAN consultants participate in many key industry forums such as Sibos and BIAN webinars and conferences and Red Hat summits. This helps share our experience with financial institutions.
- Domain knowledge: By working with some of the leading financial institutions across geographies, the TCS team has gained significant industry knowledge, which when applied on the ground helps streamline the BIAN adoption journey.
- Technical prowess: The TCS team has extensive experience working across the latest technologies, architecture, frameworks, methodologies, tools, and platforms. The TCS BIAN offering team has built key tools and assets for accurate and accelerated BIAN adoption.