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Transform Custodian Banking by Leveraging Intelligent Technologies

 

Nageswara Rao Patnala

Consulting Partner, Capital Markets, Banking, Financial Services and Insurance, TCS

Yagneswara Sarma Bulusu

Consulting Partner, Capital Markets, Banking, Financial Services and Insurance, TCS

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Reimagine reference data setup, trades and settlement and asset servicing

Custodian banks are required to offer competitive and cost effective services to their customers while complying with evolving regulations amid cost pressures, operational issues and legacy infrastructure. Adoption of digital technologies in custodian banks is gaining traction to resolve these challenges. In an earlier paper, we examined the ways blockchain implementation can rejig key service areas. We now look at the potential of artificial intelligence (AI), robotic process automation (RPA) and cognitive tools built using machine learning (ML) and natural language processing (NLP) to reimagine custodian banking across areas such as client account setup and maintenance, reference data management, trade settlement and corporate action announcements.

Adopting RPA and AI in custodian banking will help

  • Eliminate error-prone manual interventions
  • Reduce time and cost of custodian processes
  • Mitigate operational risk
  • Improve decision-making

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