TCS BaNCS Newsletter #35
The TCS BaNCS Customer Newsletter aims to inspire our readers to foster positive organizational changes through case studies and expert briefings.
We believe that the degree of automation that Wells Fargo has achieved is unparalleled in the securities industry.
Our Payments story talks about how leading banks around the world have achieved payment transformation with TCS BaNCS for Real-Time Payments and TCS BaNCS Enterprise Payments Hub.
Our solutions, built on composable microservices, enable fast rollout of innovative new concepts, and our open ecosystem approach, built on the TCS BaNCS Marketplace partnership will transform the financial services industry.
In addition, we explore the implications of Banking-as-a-Service (BaaS) and related technologies for the U.S. We are also excited to launch a new Inspiration section celebrating the customer-focused achievements of TCS BaNCS team members.
Leadership viewpoint: With financial enterprises striving to simplify their technology landscape and moving to consumption-based models, we are seeing more adoption of a SaaS strategies.TCS BaNCS Cloud (our moniker for SaaS offered by us) today boasts of clients ranging from one of the largest wealth managers in the US, through to one of the largest commercial banks in the Nordics. Several neo/digital banks in the Middle East are embracing our core applications as the foundational platform of choice to help them differentiate and grow.
Wells Fargo transformation : Following the highly successful TCS BaNCS implementation, Wells Fargo achieved significant automation of its workflow for corporate actions announcements, elections, and payments. Using no-touch processes for most day-to-day activities, the bank has achieved over 99 percent STP on payments and announcements, with reduced errors leading to a significantly improved customer experience.
Absa Corporate and Investment Bank: ABSA Corporate and Investment Bank has selected the TCS BaNCS™ Global Securities Platform to transform and modernize its investor services offerings and enrich customer experience across the trade and corporate actions lifecycle in South Africa. The TCS BaNCS solution will be deployed as an integrated front-to-mid-office platform supporting trade management, clearing and settlement, and hosted on the AWS cloud. It will help Absa Corporate and Investment Bank enhance its product offering, provide a consistent and seamless client experience, significantly increase velocity, and reduce risk through extensive use of straight through processing and drive competitive differentiation.
Hypergrowth in India: Over the last seven years, India has seen the launch of several new payment rails leading to triple-digit hypergrowth in payment volumes. Banks have struggled to keep up, especially given the limitations of legacy core banking systems. In response, many banks are separating payments functionality from their core banking solution by investing in a Payments Hub. TCS BaNCS Enterprise Payments Hub delivers a standardized solution that handles all payment types, optimizes transaction processing costs, and minimizes disruption of core systems. The TCS BaNCS Enterprise Payments Hub allows auto-scaling to handle the transaction peaks in the fast-growing Indian marketplace.
Payment transformation: Leading banks across the globe (LF bank, MUFG, Emirates NBD, Post Finance, two GCC Banks, and two leading banks in India) have achieved payment transformation with TCS BaNCS for Payments. TCS BaNCS can help banks consolidate multi-product, multi-country, and multi-currency payments into a single solution with centralized, ISO 20022-compliant connectivity to any payments rail. TCS BaNCS also enables processing of real-time payments across multiple geographies with different clearing rules, SLA requirements, account addressing and messaging standards.
The next-gen composable core: How can banks gear up to keep pace with the rapid, repeated, and large-scale innovations being demanded in their business and technical architectures to offer new products and features? There are three dimensions in which the banks will have to reframe the possibilities.
Dimension #1: Ability to integrate best-of-breed point microservices, including from fintech ecosystem partners
Dimension #2 : Leverage the new technology and composable architectures best suited to banking products
Dimension #3 : Faster realization from concept to deployment
TCS BaNCS Marketplace: TCS BaNCS Marketplace is positioned to have a pivotal role in providing a platform for the broader industry ecosystem including FinTechs, Regtechs, Risktechs, Insuretchs etc to showcase their innovations, and for financial institutions to capitalize on these innovations by bringing new products and services to their customers in shorter timeframes