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Laying the Right Foundation for the Future Banking Ecosystem

 

Debasis Thakur

Senior Business Consultant, Technology Advisory Group, Banking, Financial Services, and Insurance, TCS

Kishore Banavar

Head, Technology and Transformation Advisory Group, Banking, Financial Services and Insurance, TCS

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Embracing a four-phased approach to define and execute the ecosystem strategy

There is a profound shift underway in the way banking services are delivered to customers. Connected, always-on lifestyles of customers offer financial institutions ways to deliver value by designing innovative offerings. Crafting products and services to fulfil customer needs through a single, connected experience has emerged as an imperative. To accomplish this, building banking ecosystems and integrating services of participating entities to unlock network effects is key.

The future of banking thus lies in developing banking ecosystems. Leveraging intelligent technologies in banking, adopting agile methodologies, and forging cross-industry partnerships are crucial for this transition. To build banking ecosystems, financial institutions must adopt a four-phased approach:

  • Develop purpose-driven business models

  • Create modular business capability maps and define the application architecture

  • Partner with the right ecosystem players

  • Implement the roadmap with robust governance

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