4.0
Business in BFSI
By Venkateshwaran
Srinivasan, Head of
TCS Financial Solutions
R Vivekanand,
Co-Head of
TCS Financial Solutions
We are now living through the Fourth Industrial Revolution, or what we vast amount and complex types of data, which in turn enables them
in TCS call Business 4.0. to uniquely personalize every customer interaction, taking customer
In the digital economy, we are shifting from a paradigm of resource
scarcity to a paradigm of resource abundance. With abundant resources
experience to an entirely new level.
Agile and DevOps methodologies allow new players to bring
in terms of capital, talent, and capabilities, great ideas can be put into solutions and enhanced offerings at a rapid pace, making use of open
practice faster, and at a larger scale, than ever before. APIs and challenging the viability of traditional cycles of product
Successful organizations in Business 4.0 will have four primary
characteristics:
l Mass personalization – building large-scale systems that
customize for individuals.
l Creating exponential value – satisfying customer demand for
innovation and development. Embedded in this is a “fail fast” mindset
which allows organizations to take risks, yet rapidly change course,
should the situation warrant.
With these technologies maturing and gaining critical mass over the
past few years, the financial services sector is at the cusp of massive
the best products, world-class services, and instantaneous delivery at disruption at a large scale. To an unprecedented extent, financial
incredible price points. institutions will be able to deliver highly-customized services that align
l Leveraging ecosystems – rapidly tapping into the capabilities of
closely with customer behavior, preferences, and everyday activities.
partners and other stakeholders in the value chain through technology Working within economy-wide ecosystems, traditional financial
platforms. institutions will need to reinvent their relevance to customers, or else
l Embracing risk – instead of mitigating risk by avoiding it entirely,
develop the capability to respond to threats faster.
The outlines of Business 4.0 are beginning to emerge in Banking,
lose the opportunity to “own” the customer relationship and be thereby
relegated to commoditized back-office functions.
Financial Services, and Insurance, with disruption fueled by these THE JOURNEY TO BUSINESS 4.0
technological trends: With TCS as a solid, trusted partner, TCS BaNCS customers are ideally
Cloud computing provides access to scalable resources at a low
initial price point, facilitating the creation of networks and ecosystems.
Mobile enables access to a mass consumer base, without the
positioned to transform their business models for Business 4.0. The
TCS BaNCS product suite is the largest collection of components,
enterprise and consumer apps for the financial industry, made
need for heavy investment in physical infrastructure like branches. available through cloud delivery to help firms become more agile and
Also, as mobile devices become more powerful and ubiquitous, they intelligent by leveraging the power of new and extended ecosystems.
have become the vehicles of delivering personalization on a hitherto Each of these components and apps have been developed based
unimaginable scale. on our experience deploying fail-proof solutions at more than 450
Data Analytics and Artificial Intelligence enable organizations of
any size (not just the largest entities) the power to analyze and interpret
2
installations worldwide.
We see this transformation playing out across four streams of action,