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Building a Sustainable Core for Financial Institutions

 

Shantanu Talukdar

Chief Innovation Evangelist, BFSI, TCS

Vivek Chondagar

Innovation Champion, BFSI, TCS

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Financial firms need an integrated framework to adopt sustainable practices

With the aim of CO2 emission reduction, the UN and central banks worldwide are mandating financial institutions to pursue climate change reversal actions and move toward a sustainable future. The impact of climate change is nudging financial institutions to go beyond their core functions and lead the way for a sustainable future with targeted green finance and the adoption of sustainable practices. We outline an integrated and flexible framework for financial institutions to infuse sustainability into their core:

  • Ecosystem fabric: Achieve goals and business growth through innovative partnership models. 

  • Enterprise fabric: Conduct technological operations while incorporating ‘sustainability by design’.

  • Technology fabric: Build a core with a mix of emerging technologies to mitigate risks. 

  • Data fabric: Build a core data foundation to incorporate new data models.

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