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Industry
Banking
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Banking Services Transformation: Unlocking Exponential Value
TCS’ solutions help banks and FIs push traditional boundaries and build cognitive banking enterprises for better value, resilience, and inclusivity. Learn more.
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Allegations of Greenwashing and the associated levels of litigation are increasing in the financial services industry and eliminating it requires effective risk management.
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Capital Markets
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Unlocking Exponential Future Growth in Capital Market Firms
Capital market firms must build trust through purpose-driven and innovative models to weather disruptions and ensure adaptability and shock-proof growth.
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This edition covers BaNCS’ work on securities processing, details of Banque Saudi Fransi’s payment transformation, Standard Bank's move to innovation, and more.
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Products and platforms
TCS BaNCS™
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TCS BaNCS™: Enabling Transformation in Banks and Financial Institutions
Offering Software-as-a-Service across a stack of solutions and applications, TCS BaNCS facilitates smooth transformation in financial services and drives growth.
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TCS BaNCS’s strong business capabilities, multi-country deployments and partner ecosystem integration cited as a critical factor that contributes to successful payment transformation initiatives
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At the ISITC Summit 2024 in Boston, TCS BaNCS experts will share insights on staying on top of capital market trends to achieve outcomes and build resilience.
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HIGHLIGHTS
- The article talks about various frictionless instances in financial services from the front office to the back office.
- Whether it is retail or commercial banking, a custody value chain, or a private wealth management scenario, frictionless finance manifests in many ways.
- TCS BaNCS’ product design and architecture keep the notion of reducing friction as an essential element.
The power of frictionless finance
‘Frictionless finance’ is a phrase we use to describe an ideal state for customer journeys in financial services. In all our customer engagements and our product development agenda, we constantly strive to eliminate or reduce the obstacles i.e., friction, between customers and their financial goals and objectives.
Frictionless finance manifests in many ways, for instance:
Single sign-on and customer 360-degree view for all aspects of customer relationship which helps customers get a complete view of their financial picture when they sign-in
Intelligent self-service that anticipates customer queries with seamless hand-off to agent channels upon customer request
Automated rebalancing of customer portfolios to match risk profiles and investment horizons, and
Ensuring that corporate actions information flows quickly and effortlessly between issuers and investors
From the front office to the back office, be it retail or commercial banking, be it the custody value chain or a private wealth management scenario, we constantly seek new ways to create smoother customer journeys.
Equally important though is knowing when friction is necessary. Just as a frictionless highway would be unsafe, so would be a ‘one-click’ SMS that empties your bank account. Our goal is to have frictionless customer journeys leading to the moments where friction is necessary and appropriate. It could be moments when a major investment decision or payment is being made, and so on. This ensures risk mitigation for the institution and the end customer with necessary guard rails. In other words, frictionless in the engine with essential friction on the streets.
Just as on the highways, friction ensures the needed traction for customers to travel in whatever direction they choose. We measure our success in part based on how well we achieve this state of ‘frictionless’ in our endeavors.
In the latest issue of the TCS BaNCS Research Journal #15, we highlight several examples across commercial lending, retail transaction banking, asset servicing, etc., as we constantly set the bar higher toward achieving the frictionless goal.
Our product design and architecture encapsulating business functionality across well-defined solution components and/or microservices and exposing them via granular APIs of the right grain keeps this notion of reducing friction as an essential element. We have a wide range of partners in the TCS BaNCS ecosystem offering complementary solutions that further enhance this aspect. Delivering and supporting installations on the cloud, be it private or public, is another dimension that serves to deliver solutions faster and makes integrations more seamless thereby enhancing the frictionless experience.
In our client engagements, we have been able to embed the latest technologies including AI and machine learning technologies into business processes and by doing so, we have both eliminated friction and added intelligent support at key decision points in the customer journey.
Welcome to the world of frictionless finance!
From the front office to the back office, be it retail or commercial banking, be it the custody value chain or a private wealth management scenario, we constantly seek new ways to create smoother customer journeys.
About the author
Image of Venkateshwaran Srinivasan
Venkateshwaran Srinivasan
Venkat heads TCS Financial Solutions, a strategic business unit of TCS. Over the last 27 years, Venkat has performed a variety of roles in the financial services and financial software products business, including product strategy, program management, sales, customer relationship, and key account management.
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