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An Approach to Business Transformation Readiness Assessment in BFSI

 

Kumaravelu I

Industry Advisor and Transformation Head, Banking, Financial Services and Insurance, TCS

Surajit Kar

Transformation Consultant and Technology Head, Banking, Financial Services and Insurance, TCS

Kamruzzaman Shaikh

Solution Architect, Banking, Financial Services and Insurance, TCS

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A holistic approach to achieve business transformation goals 

Banking, financial services and insurance (BFSI) firms have invested heavily in technology-backed transformation programs to gain a competitive edge. However, not all programs have been successful. This can be attributed to uni-dimensional, siloed, and unscientific ways of identifying and qualifying transformation opportunities.

We believe that successful transformations require a holistic approach where the strategy and goals are defined at the organizational level instead of at the business unit level. In addition, firms must undertake a business transformation readiness assessment and evaluate business processes for transformation before embarking on implementation. By leveraging their business and technology ecosystems, BFSI firms can deliver personalized experience and transform the value proposition for customers and shareholders. To ensure success in digital transformation programs, BFSI firms must adopt the right approach spanning:

  • Setting the business goals
  • Defining the transformation approach
  • Selecting the appropriate tools and techniques
  • Evaluating the business case

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