Industry
Banking
Banking Services Transformation: Unlocking Exponential Value
Solution
Consulting
TCS Consulting Services to Achieve Success in the Digital Era
Highlights
- The banking, financial services, and insurance (BFSI) industry is undergoing several changes as digitalization picks up pace across industries.
- Chief financial officers (CFOs) of BFSI firms are looking to reinvent the finance function through data-driven insights for decision-making, resilient operating models, and simplified processes.
- TCS offers a comprehensive set of services to help BFSI CFOs realize the full benefits of finance transformation.
Overview
The banking, financial services, and insurance (BFSI) industry has evolved into a hyper-competitive space where continuous innovation is critical.
Even as the chief financial officers (CFOs) of BFSI firms balance profitability with growth, technologies such as artificial intelligence (AI) and machine learning (ML) are getting rapidly absorbed into the finance function. To address the concurrent need for advanced disclosures, timely reporting, and regulatory compliance, CFOs must reinvent the finance function using data-driven insights for decision-making, resilient operating models, and simplified processes.
The role of a CFO has evolved with the changing business landscape. In addition to containing costs, they must focus on maximizing the return on investment (RoI) on finance spending. And this can be achieved only through the digital transformation of the finance function. This will help reduce costs, improve data management, and ensure reliable and accurate decision analytics, among other things. TCS offers a range of finance transformation services, from modernization and process definition to business-as-usual (BAU) support, to help BFSI firms overhaul their finance function successfully. TCS helps CFOs reshape the cost base, improve margins, and enhance capital deployment to deliver shareholder value.
TCS’ solution
TCS BFSI Finance Transformation Services allow BFSI firms to comprehensively revamp their finance function.
TCS provides strategic finance consulting, guides finance modernization, and addresses all shared services activities. The offering enables real-time forecasting, touchless transactions, self-service management information reporting, and more by integrating capabilities such as cognitive automation, cloud-based services, and gap analysis. By adopting this offering, CFOs can successfully future-proof their finance function (see Figure1).
Some compelling features are:
- Digitalized finance strategy: Accelerate digitalization of finance functions through financial planning and analysis (FP&A) reporting data analytics, full life cycle enterprise resource planning (ERP), cloud hyper scalers programs, and tools such as robotic process automation (RPA), ML, and cognitive technologies.
- Strategic finance consultation: Formalize CFO finance vision with a well-defined finance roadmap, business case, and end-state functional architecture view.
- Finance transformation: Streamline finance functions and processes and achieve financial close optimization.
- Shared services: Standardize service delivery and placement, enable shared service solutions using digital platforms, and boost business as usual (BAU) activities with continuous business support.
An overview of TCS BFSI Finance Transformation Services
Benefits
TCS’ services equip CFOs with everything they need to act as drivers of organizational growth.
With TCS BFSI Finance Transformation Services, CFOs can:
- Reduce the cost of finance to total revenue, to lower than 0.5%
- Eliminate penalties and fines completely, by integrating compliance measures into business-as-usual activities
- Generate management information system (MIS) reports in near real time, with full accuracy
- Reduce the effort spent on analysis and decisioning by over 75%, with real-time, analytics-driven insights
The TCS advantage
TCS provides cutting-edge solutions for transforming organizations across industries.
By partnering with TCS, BFSI enterprises can gain from:
- Business know-how: Supported by a skilled team of certified domain consultants, certified accountants, and certified public accountants (CPA), TCS understands business challenges comprehensively and is able to arrive at innovative resolutions using latest technologies.
- Tech-driven approach: Through continuous innovation using emerging technologies such as AI, ML, and automation, TCS works with global BFSI firms to modernize finance processes holistically.
- Deep domain knowledge: TCS’ extensive contextual knowledge across the CFO value chain and extended collaborations with BFSI organizations help revolutionize financial services.
- Full services play: The offering is a one-stop shop for finance transformation covering touchless finance and self-service management information reporting, all the way up to real-time forecasting, and continuous accounting, with BAU services.
