Tata Consultancy Services (TCS) is one of the leading IT and tech service providers the UK, as per the latest software and IT services ranking by Tech Market Review; and is the largest provider of IT services in the UK. “TCS is part of the Tata Group and we have been in the United Kingdom for over 50 years,” says Vinay Singhvi, Vice President and Business Head for UK and Ireland Banking, Financial Services, and Insurance (BFSI) unit for TCS. “We have the privileged position of being the purpose-led transformation for our customers, including vitality.”
As the world recovers from the pandemic, we are seeing businesses across industries - not just financial services - accelerating their use of technology. “Organisations are now looking to adapt new business models to build more customised products and services, as the needs of the end-customers are changing so rapidly.
As an example, Singhvi outlines the changing nature of travel. “If I'm now not driving to work regularly and am using my car much less than I did in the past, one must ask, ‘is there a possibility for my insurer to offer pay-per-use car insurance?’. We are also seeing health insurers becoming more active in trying to think about how they can create more wellness-centric propositions in the market. The retirement needs and the aspirations of customers are also changing. And since our customers know us well, they know that we are able to give them a consistent omnichannel experience and enable them to launch these unique products and services faster.”
The segment will also continue to have a lot of competitive differentiation. “We are, for example, seeing the rise of a lot of challenger banks,” says Singhvi, “especially over the past two or three years, as well as Insuretechs and Fintechs, creating the right competitive tension within the industry to make sure that the existing organisations are able to cater to their end-customers in much more predictable, efficient, agile and nimble ways.”
To summarise, Singhvi says, “I believe that all of this is leading to our customers focusing on understanding their own end-customers better. They are looking at hyper-personalisation in terms of what products and services they offer. They want to service them through seamless end-to-end digital journeys, and most importantly all of this depends upon making sure that the data and personal information that we have is kept secure.”