Products and platforms
TCS BaNCS™
TCS BaNCS™: Enabling Transformation in Banks and Financial Institutions
Highlights
- Non-Banking Financial Companies (NBFCs) are a key component of India’s financial ecosystem
- These firms have struggled to meet consumer expectations due to their largely manual processes
- This fragmented structure and common attributes lent itself to a cloud-based SaaS platform
- TCS built a cloudbased lending and securitization solution, bringing together TCS BaNCS™ and TCS iON™, and the DigiGOV™ governance framework
In this article
Challenge
Low-tech, high opportunity
Non-Banking Financial Companies (NBFCs) are a key component of India’s financial ecosystem, helping make credit and other financial services accessible to the small-scale and unorganized sectors, and to the large unbanked population. However, with low technology intensity and largely manual processes, these firms have struggled to meet consumer expectations around digital experience and speed of service on the one hand, and with regulatory compliance and lack of easy access to capital on the other hand.
This has held back the sector’s growth relative to the market’s potential. Recognizing that the industry’s fragmented structure and common attributes lent itself to a cloud-based SaaS platform, TCS built a first-of-its-kind, cloudbased lending and securitization solution, bringing together the power of two of its highly successful products – TCS BaNCS™ and TCS iON™, and the DigiGOV™ governance framework, to completely digitize and reimagine the core processes for the sector.
Solution
Collaborative, connected
The new platform is a collaborative, connected system that transforms the end-to-end lending and securitization value chain, offering secure and timely flow of data among stakeholders within the ecosystem. It leverages AI and ML to enhance end-customer and internal-stakeholder experience, and improve speed and accuracy in decision-making.
Our partnership with TCS is helping us to realize our strategy of investing in technology enabled solutions to improve customer experience.
Benefits
Expanded ecosystem
NBFCs subscribing to the platform benefit from enhanced customer experience, improved liquidity, more resilient and agile operations, and improved regulatory compliance across lending and securitization. Impressed with the rich functionality, flexibility and scalability of the solution, some of India’s largest private sector banks are also adopting it for their personal lending business.
Aadhar’s agile adoption
Aadhar Housing Finance Limited, a housing finance company with a pan-India presence implemented TCS’ lending and securitization solution in FY 2022 and has been able to transform its operations, end to end. At the back end, TCS’ solution has helped strengthen controls, ease regulatory compliance, enhance data security and drive operational efficiency. On the front end, it has enabled easier and more efficient customer experience. The solution’s robust lead management processes, with lead tracking and reporting have helped drive Aadhar’s growth and expand its market presence.
Deo Shankar Tripathi, MD and CEO, Aadhar Housing Finance Limited “Our partnership with TCS is helping us to realize our strategy of investing in technology enabled solutions to improve customer experience. We hope to reap the full benefit of this transformation to expand our market reach.”
what made this happen
Our banking clients serve everyone from high-net-worth households or first-time homeowners to people opening bank accounts through financial inclusion initiatives. Encompassing solutions for payments, transaction banking, treasury, reconciliations, and risk management, our solutions help banks foster rapid growth, innovate at scale, and realize a shared purpose through the TCS BaNCS ecosystem.
TCS BaNCS is used in more than 100 markets globally, across the Capital Markets value chain encompassing asset servicing, brokerage, market infrastructure institutions and custodians. A set of industry-leading products, TCS BaNCS has helped both buy-side and sell-side institutions implement robust, error-proof, STP-enabled processes spanning trade processing, clearing and settlement and portfolio accounting across multiple assets and markets. On the retail and institutional brokerage side, customers have seen breakthrough growth in trade volumes, while being able to handle 100,000+ concurrent users with microsecond response times.
Market infrastructure institutions have been able to combine high performance, low latency, and best-in-class resilience with the agility to introduce new products and multiple asset classes with the TCS BaNCS solution.
TCS BaNCS for Insurance is an end-to-end core insurance solution spanning life, annuity, pensions, property and casualty, reinsurance, and health insurance, and is designed to support every event in the lifecycle of a policy. The solution services over 30 million life, annuity, and pension policies and 135 million property and casualty policies for customers in UK, Australia, New Zealand, South Africa, Middle East, Hong Kong and India.