Solution introduction
End to end suite of services for CFOs in the BFSI sector
Challenge
Multiple changes to regulations, stricter controls over all processes, data availability & data quality have made regulatory compliance for CFOs in BFSI complicated. With constant revenue leakage and cost escalation, optimizing balance sheets and costs to maximize net income and operating ratio is the need of the hour, added to pressures of finance process automation in banking.
CFOs need to work towards better performance management and address P&L analyses and Balance sheet reviews leveraging advances in technology like embedded analytics and blockchain to stay relevant in the constantly evolving BFSI landscape.
TCS solution
The TCS Finance team, catering to the BFSI sector have created a suite of services that help CFOs consolidate, standardize, and automate their core business processes towards simplifying CFO finance processes
- Financial and regulatory compliance (FRC): Regulatory and capital adequacy framework, gap assessment implementation and maintenance, consultation on various regulations and ensuring regulatory compliance in banking and financial services
- Month-end digital close (MEDIC): Streamline and standardize month end closing process to improve efficiency and reduce time required to report performance; leverage cognitive automation and analytics
- Financial reporting stash (Fresh): Consolidate data from various sources into Data Lake/ warehouse with calculation engines for report generation
- P&L and balance sheet review: Reviews P&L and balance sheet items to stop leakages and standardize processes.
- Product Control: Production, analysis, explanation & validation of daily T1 P&L for faster and accurate reporting
Benefits
Added to IT solutions for CFOs in banking and insurance firms, the TCS Finance team can help processes realize value leveraging a wide range of capabilities.
- Comprehensive and accurate reporting towards 100% compliance
- Enhanced performance management and analyses
- Improved TAT and data quality
- Optimal cost of operations and increased scalability
- Access to industry best practices
