TCS and Ikano Bank: partners at the edge
Tata Consultancy Services (TCS)’s Banking, Financial services and Insurance (BFSI) practice has been partnering with many of the world's largest financial institutions in their business growth and transformation journeys for over 50 years. In the Nordic countries, Rabi Panigrahi has led this key segment of the business over the past five years. After 21 years with TCS, he's at home when engaging with key clients like Ikano Bank (founded in 1995 by Ingvar Kamprad the founder of IKEA).
TCS focuses on supporting their customers in taking a clear-sighted perspective towards digital transformation and reimagining their businesses. For this, TCS brings to the table, comprehensive investments in products & platforms, as well as innovation enablers based on disruptive technologies like cloud, artificial intelligence, cognitive computing, cybersecurity, robotic automation, advanced analytics and the like. “We bring these technologies on board, so the customer does not have to start the innovation journey from zero, but starts with a real head-start,” says Panigrahi. “Ikano was a digital bank from its outset, without high-street branches, so it had much less legacy burden than traditional retail banks to slow down its digital transformation journey. We have empowered it, with technology solutions such as our event-driven architecture, to reimagine the digital banking experience, data & integration strategy for ecosystem play and a robust IT4IT Platform to enhance Ikano Bank's development life cycle and speed to market.” This gave TCS a great opportunity to introduce edge technology rather than having to reform the core platform from scratch, he says.
Ikano Bank is digitally-native, agile and sophisticated in technology procurement. Working collaboratively with the dedicated TCS team they need to stay ahead in all areas. “They are embarking on a greenfield initiative, building a digital bank centred on customer experience. In Scandinavia it’s not only the Gen Z customers who now expect instant responses to loan applications allowing customers to complete a purchase right there in the store, or approve a mortgage on the spot for example. People of all ages are keen to take full advantage of new technology – a trend that was boosted by the pandemic. The new platform we are building is enabling Ikano to further enhance their growth and transformation journey, with constant focus on broadening their customer base through ecosystem play by partnering with retail and distribution channels and the like rather than depending solely on the financial segment of the business.”
The vision TCS offers is very much in tune with that of its client. Åsa Stoijet, Head of Sourcing and Procurement at Ikano Bank has commented: “TCS is an important supplier for Ikano Bank. We work in close collaboration with them as part of our strong partnership. They are a part of many development projects and integrations and provide us with key capabilities. They fit our needs and requirements as a business, providing us with expert knowledge and helping us achieve our goals.” A statement that neatly sums up the advantage of working with the world's leading banking consultancy.