At TCS, we don’t just help businesses transform. We help them become perpetually adaptive enterprises, built to evolve continuously and confidently in a world of constant change.
Whether it’s running a marathon or helping businesses thrive in applying new technology innovations at scale, we understand what it takes to keep pushing the limits of what’s possible.
We are a digital transformation and technology partner of choice for industry-leading organizations worldwide.
At TCS, we believe exceptional work begins with hiring, celebrating and nurturing the best people — from all walks of life.
Get access to a catalog of the latest news stories from across TCS. Discover our press releases, reports, and company announcements.
At TCS, we help enterprises grow through innovative solutions globally. Adapt and thrive with us.
Banking / WHITE PAPER
Prathap Thompson
Chief Architect, Open Banking Strategic Initiative, Banking, Financial Services, and Insurance, TCS
You have these already downloaded
We have sent you a copy of the report to your email again.
The COVID-19 pandemic has adversely affected the salaried class and small businesses, which in turn has impacted retail banks. To deal with post COVID realities, banks must build on open banking and/or platform banking as well as digital technologies to develop offerings that meet the purpose or intent – such as achieving financial wellness or buying a home – that drives customers. Ensuring financial wellness will require banks to interact with customers both before and after a significant financial event and offer contextual assistance, advice, and education. In addition, financial literacy has emerged as a focus area, especially among the younger generation as they strive to become independent and achieve financial stability.
Given contextual assistance and advisory as well as financial education are key pillars of financial wellness, banks must design digital offerings, which will require them to:
Develop a flexible digital architecture
Adopt API frameworks and microservice architecture
Build a purpose-driven engagement model centered on financial wellness
Mitigating Non-financial Risks Arising from Generative AI
TCS Helps Nationwide Building Society Improve Communication and CX
Data Security and Privacy in Multi-cloud Environments in BFSI Firms
Leveraging Generative AI for Proactive Risk Management in BFSI