TCS Enterprise Application Services for BFSI

Pitch

Banking, financial services, and insurance (BFSI) firms operate in a constantly changing business and regulatory environment.

Faster time to market, data driven decisions, and providing better experience to customers have become table stakes for business sustenance. The need to diversify product portfolio, create new revenue streams, efficiently manage competition, mitigate cyber risks, and retain talent has never been more pronounced. Firms that take these challenges head-on can create a significant impact and value for both shareholders and end-customers. The avenues to create value are available across the value chain—from branch operations to the back-office operations. However, finance transformations are complex. With an experienced partner, this journey can become fulfilling and rewarding.

TCS’ BFSI Enterprise Application Services (EAS) team has perfected the art of transforming BFSI CxO functions globally. TCS offers a full suite of transformation services and solutions to effectively modernize CxO functions and re-imagine business processes across value chains. TCS’ contextual knowledge of BFSI business, deep expertise in enterprise products, and flexible delivery models have enabled them to be both agile and thorough in their ability to react to the ever-changing business requirement. TCS’ extensive portfolio of proprietary solutions such as TCS Crystallus™ ensure that customers get the best out of their investments.

Overview

In innovation, the BFSI industry has led by example.

BFSI firms constantly reinvent themselves to keep pace with a rapidly evolving business ecosystem marked by changing customer expectations. But, today, the pace of innovation and transformation needed is much greater than ever before. To remain relevant, BFSI firms must become composable, adopt next-gen technologies such as AI, chatbots, and metaverse, enable platform monetization, and become sustainable.

TCS is a pioneer in bringing the power of composable enterprise applications and ecosystems to propel such transformation agendas for BFSI CxOs. TCS offers a full suite of offerings covering application advisory, business and technology transformation, optimization, and operations and innovation services. Focus areas include industry solutions, cloud transformation, integration platform harmonization, digital process management, and automation across all key BFSI sub-verticals and functions.  

TCS’ services and solutions cover a wide portfolio of enterprise products such as Oracle, Salesforce, SAP, Pega, Appian, BlackLine, Coupa, OpenText, DocuSign, Boomi, Mulesoft, Infor, Ceridian, as well as more than 100 different partner products across different lines of business, as shown below.

Our solution

BFSI firms have to operate in a truly agile fashion to deal with the volatility of an ever-changing business landscape.

They require industry solutions that enable faster time to market, design-first and rapid innovation approach, business-centric problem-solving capabilities, agile low-code, no-code development with superior user experience focus and next-generation IT models. TCS’ BFSI EAS portfolio caters to the above priorities and helps in creating composable systems that are future-proof. TCS offers services covering: 

• Advisory: Re-imagining the enterprise through persona-based design thinking approach and building the vision, strategy, and road map for the transformation journey.  TCS partners with customers to:
  • Gain strategic insights into their business areas and identify potential opportunities for transformation and prioritize them to drive exponential value realization.
  • Build compelling business case and return on Investment analysis to secure executive commitment.
  • Define the technology architecture aligned to business strategies, select the fit-for-purpose target platforms, and define the next-gen enterprise architecture.
• Transformation: Seamlessly transform processes, people, and technology to future ready next-gen target state by adopting industry best practices and preconfigured solutions. TCS partners with customers to,
  • Re-imagine core functions like customer relationship management, customer experience, finance, procurement, and human capital management with pre-configured industry solutions and industry best practices.
  • Digitize banking processes and modernize legacy applications through automation and innovations.
  • Accelerate the speed and efficiency of Implementation through a host of Implementation accelerators covering data migration, testing, and integrations.
• Optimization and operations: Drive incremental innovations and automation to realize business value through service improvements, efficiencies of scale, and simplified IT models. TCS partners with customers to, 
  • Implement TCS’ Machine First Delivery Model (MFDM^TM) to drive business value focussed on providing optimal support and enhancement services with attention to continuous improvements and bringing AI to drive automation and operational efficiencies.
  • Deliver catalogued services for development, maintenance, and administration maintenance activities.
• Innovation: Design-first approach to identify and address a customer’s business priorities—combining a human-centric design approach with contextual knowledge, technology expertise, and industry skills. TCS’ innovation offerings include:  
  •  Design-thinking workshops: Discovery sessions in TCS’ global design studios, followed by rapid prototyping and creation of a minimum viable product (MVP). Through a well-defined continuous innovation process, TCS iterates the MVP to create a comprehensive end-to-end solution that addresses the customer’s unique requirements.

A library of business solutions and customized solution development offerings to help address business priorities in an agile manner.

Benefits

TCS’ Enterprise Application Services (EAS) help BFSI firms simplify their purpose-led transformations.

In TCS’ EAS, customers have a trusted and experienced partner to accelerate the journey towards sustainable banking and insurance practices. Partner with TCS to:  

• Strategize and define your enterprise application roadmap.
• Implement and roll-out industry-specific packaged business capabilities across BFSI functions and drive focused outcomes such as:
  • 3x improvement in net promoter score (NPS)
  • 50% reduction in month-end close cycle
  • 57% improvement in straight through processing rates
  • 50% improvement in service capacity
• Simplify program execution with transparent pricing models and agile PODs.  
• Deploy cognitive AI tools and automation to manage your application landscapes.
• Co-innovate and take to market solutions that address product gaps or specific business problems.

The TCS advantage

TCS is an industry leader with deep domain expertise and extensive product experience.

TCS offers comprehensive portfolio of enterprise application services and innovative solutions that help BFSI institutions remain competitive in a dynamic industry. TCS’ key differentiators that drive favorable outcomes include:

• Application advisory framework: A comprehensive application advisory framework that facilitates the outlining of holistic enterprise application strategies, the selection of compatible applications, and defining ideal deployment approaches based on BFSI personas. Focus areas include customer management and experience, finance, procurement, human capital management, digital process management, and low-code, no-code development.
• TCS Crystallus^TM: Preconfigured industry solutions that accelerate business transformation. Focus areas include customer management and experience, finance, procurement, and human capital management.
• Accelerators: A suite of accelerators and tools to support application upgrades, data migration, testing, integration, and development across transformation and optimization engagements.
• Strategic partnership: Partnership with over 100 enterprise product vendors providing early access to product road maps, co-innovation, co-development and joint GTM opportunities.
• Innovation centers: Extensive network of innovation and showcase center to drive innovations through design thinking workshops, discovery sessions, and partner co-innovation.