Satish Vallat, Head of TCS BaNCS Digital, TCS Financial Solutions
Digital Transformation in the banking sector has created the demand for modern, immersive, and interactive UIs that provide users with seamless cross-channel banking experiences. Users want the same banking experience across all the portable devices they use, irrespective of the channel or the version of OS. This has in turn compelled banks to supplement their existing technology with additional applications compatible with every mobile device and OS. In the process, banks are looking for solutions that can accommodate both legacy and digital systems to establish the highest levels of customer engagement. Addressing this through its business ready solutions is Tata Consultancy Services’ (TCS) [NSE:TCS] specialized business unit—TCS Financial Solutions—offering a comprehensive product portfolio, TCS BaNCS. Using TCS BaNCS’ componentized approach to core systems transformation, banks can now develop and manage components out of the transaction engines and accomplish legacy infrastructure replacement—a complex re-engineering program by minimizing risk. “TCS BaNCS product suite, with its modern architecture and extensive componentization, optimizes TCO and mitigates the risk of complex implementations,” explains Satish Vallat, Head of TCS BaNCS Digital, TCS Financial Solutions.
The suite supports real time and other mechanisms, allowing banks to easily integrate legacy and modern systems within their ecosystem. Further, its real-time and events-based processing assures systems availability while the processing takes place. Using TCS BaNCS’ open architecture with SOA based components, banks can achieve incremental transformation and easily work with less than real-time systems as well. Enterprises can implement audit and security controls in accordance with industry standards using TCS’ banking solution. Additionally, TCS BaNCS enables banks to centralize operations across multiple countries and run their operations from offshore or multi-shift processing. Banks can get a complete financial view through event-based tracking at various levels with notifications on pending work. In addition to core banking, TCS BaNCS has capabilities for investment banks and wealth managers in the form of portfolio performance, securities processing, securities lending, and corporate actions solutions.
Built on a strong foundation of highly
satisfied customers, TCS BaNCS product suite
with its modern architecture and extensive
componentization, optimizes TCO and mitigates
the risk of complex implementations
“Our focus is to empower bank technology, operations, and business teams to build the critical business case for digital and core transformation funding.” According to Vallat, the company sets itself apart by making its products ready for the market in accordance with the ever evolving regulatory compliance. For instance, in the U.S., banks have a gargantuan task of monitoring federal as well as state guidelines to ensure they are in full compliance.
Adding to this, TCS offers ‘implementation certainty’ owing to its rich experience working with banks on application development, maintenance, and support. “We would like to be viewed as the right partner for the right solutions, delivery experience, and technology knowledge to make implementation a certainty.”
TCS BaNCS has partnered with a number of banks with their core transformation. In one instance, a community based financial institution required to support their rapidly growing business, but was constrained by their legacy core banking system. The bank implemented TCS BaNCS which gave them a robust core processing engine with multiple benefits. “With our solution, the bank was able to save critical time servicing customer needs leading to a significant increase in productivity,” adds Vallat.
TCS BaNCS has a strong track record in the U.S. and Europe while expanding its footprint in other countries as well. The company will continue to invest its R&D budget in digital enablement solutions, self-healing architecture, robotics, and artificial intelligence adding these additional critical value propositions to its existing solutions. “Our innovation lab will continue to develop new solutions based on various banking needs while collaborating with our great array of customers and prospects,” concludes Vallat.