NTQ Solution: “Our focus is to help leverage digital transformation in BFSI sector with efficient technology solutions.�/h2>

Within the past year, BFSI has been considered one of the core vertical domains of NTQ Solution. Besides providing successful projects, NTQ Solution has successfully established a global partnership network with top global & local players to deliver high-quality service offerings tapping the needs of BFSI clients, including TCS BaNCS, Swiss Re Group, MBAgea, AIA�/strong>

With the new cooperation with Sunrise Technology Services, a UK-based software development & consultant firm specializing in Banking & Finance, NTQ Solution has another quality extension to the current global partnership network. Within the scope of cooperation, NTQ Solution accompanies Sunrise Technology Services to research & develop service offerings that create greater benefits & practical values to the needs of banking & financial clients in the UK and Europe region. “Our major focus not just stop at the quality matter, but also a fully-optimized strategy that helps BFSI client to reduce operation cost, ensuring a massive improvement in service platforms for end-users and building new business models� Mr. Pham Thai Son, CEO of NTQ Solution, stated,

Sunrise Technology Services: “The shared expertise enables us to solve critical challenges in the digital transformation of BFSI sector.”

CEO of Sunrise Technology Services, Mr. Thomas Nguyen, indicated that combining two companies with a shared capability in technology & market knowledge is a crucial key to leading this partnership to a bright outcome in the future. Based on the overall observation, Mr. Thomas provided some key insights about the markets, including:

• Re-platforming would entail a complete replacement of businessesâ€?existing technology stack, which comes with several risks, not the least a considerable cost to implement.
• AI adoption is in its early stages here in the UK as the government issues more explicit regulations to control the use of AI in banking & financial services. 
• Many companies & enterprises are looking to outsource managed services to other countries, as traditional outsourcing locations have become costly. 

As can be seen, UK enterprises are eager for digitalization but face many obstacles. Mr. Thomas believed that the cooperation with NTQ Solution, an experienced technology provider in the BFSI field, enables Sunrise Technology Services to create practical values that help clients perform an efficient digital transformation, leading to business growth and competitive advantages in the industry. Both companies shared extensive experiences in delivering safe legacy migration to new technology for many companies with massive loads of data, which is one of the most typical characteristics of BFSI businesses. That’s a solid foundation for two firms to achieve a successful partnership, together becoming the trusted service tech partners of top-tier banking & finance organizations in the UK and Europe!

Read the previous article about our partnership HERE!

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]]> //yes88play.top/blog/digital-transformation-bfsi/ Tue, 01 Aug 2023 04:43:11 +0000 //yes88play.top//?post_type=blog&p=477 The post Digital Transformation Roadmap For BFSI Sector appeared first on Home.

]]> Financial services were created to provide loans to the public market. As economies grew, the sector changed eventually and has been revolutionizing itself. Over the past decades, Fintech companies have redefined their core business model and embrace digital innovations.

If before these companies only focused on payment applications, lending, and money transfers, then now the industry’s reach has extended into more than 30 areas. The trend has transformed from frontline activities improvement to a broad engagement throughout the value chain. The new offerings cut across a wide range of financial services: retail, wealth management, insurance, capital markets, investment banking, SME and Beyond banking. Pursuing digital transformation is a long journey with a lot of challenges: IT projects fall behind schedule, channel conflicts arise, and unexpected regulatory concerns emerge. Typically, fintech also struggles with cultural issues and challenges in recruiting new types of talent. That’s why, cooperating with notorious Software Development companies might be a good solution to solve the problems and bring more value to the market.

Tech-Enabled areas emerging as new norms in BFSI

Many executives understand that digital technology can significantly improve the performance of their current business. They also know that first-movers have a considerable advantage compared to other followers. Digital can give birth to an entirely new business, innovate the sector and transform the whole business. According to Fujitsu’s global survey, 89% of the BFSI companies are working toward digital transformation. These companies also responded that 29% of their projects had already achieved business outcomes.

However, each stage of transformation will have new challenges, and the most haunting question is: Where to start? How to begin? First, executives must work on the internal plan before finding a suitable Software development company to help materializing ideas. Below are some tips to help launch the journey.

Stage 1: Defining value

Businesses must place digital transformation at the core of its agenda. It is not going to be easy. But every long journey must begin somewhere, even on just some piece of paper. Before drafting any plans, CEOs must understand the fundamental importance of management commitment, significant investment and set clear ambitious targets. Another way to think of it is to consider: What is best for your business model and customers? What technology investment would bring the most value? And how much should the business invest?

Stage 2: Launch and Acceleration

It is easy to launch change initiatives, but it is hard to keep them going in the long run. Often companies decide to set up new units, departments, and even a new entity and then assign people & funds. But in most cases, they still manage everything in the old way with their old process. Digital transformation is more than just adopting new technology, it also requires adopting new methods of thinking and applying changes across the entire organization. To kick off this stage, here are some steps that companies should follow:

• Start with light-house projects, which means the projects offer potential rewards with manageable risks.

• Appoint a specialist team: In the BFSI sectors, during the first 18 months of a new project, companies should expect to build a team of 20-100 people. These resources can be either internal or external.

• Organize to promote a new agile way of working: Setting an independent unit will be a good way to start, but the mother companies must also have a mechanism to support it, and set some KPI to measure its progress.
• Nurture a digital culture: a digital culture must concentrate on the customers rather than processes, procedures. The companies must continuously learn and get feedback in order to improve their service quality.

In this stage, if the internal team doesn’t have enough tech experience to handle the tasks, companies can start evaluating potential Software development partners, in order to boost the growth.

Stage 3: Scaling up

At the 18-month point, companies should be making good progress. They should have a handful of initiatives up and running and be starting to capture value. But just when everything seems under control is also the time to supercharge the transformation and do everything on a grander scale. Companies must start with sequencing initiatives for quick return, then building capacities, and finally adopting a new operating model.

Conclusion

Digital transformation is a long journey with plenty of challenges, especially for larger & established companies. It is also vital for the BFSI sector, where the customers become more and more demanding. To get more insight on the transformation, feel free to contact NTQ- a leading Software development company in the field.

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]]> //yes88play.top/blog/why-do-vietnamese-bfsi-companie-need-digital-transformation-and-tcsbancs-solutions/ Mon, 01 Aug 2022 03:56:28 +0000 //yes88play.top//?post_type=blog&p=472 The post Why do Vietnamese BFSI companies need digital transformation and TCS?? BaNCS solutions? appeared first on Home.

]]> How NTQ Solution With TCSBaNCS Solution Transform the BFSI sector

1. Last June 24th, NTQ Solution and Tata Consulting Services (TCS), World’s top 100 largest companies, signed a partnership contract to develop the TCS BaNCS solution for the Vietnamese market.
2. It is a particular technical solution designed to help BFSI corporations and institutions (Banking, financial services, and insurance) transform digital effectively and has proved its efficiency in many markets. Thousands of companies have transformed digital successfully because of TCS BaNCS and leveled up their brand value.

Why do companies need digital transformation?

According to Statista, almost 62 million people in Vietnam use smartphones (over 63% of the population). By April of 2022, National Bank announced that the number of cashless transactions had risen by 69,7% in quantity and 27,5% in size compared to last year’s period. The rate of adults owning payment accounts has reached nearly 66%.  Notably, among 1,1 million customers registered for Mobile Money service, nearly 660.000 (~70%) are from the countryside, mountainous regions, remote areas, borders, and islands. After two years of social distancing because of Covid-19, Vietnam is entering the apogee of digital transformation. In the field of BFSI, corporations and institutions need to speed up their digital transformation process and restructure their operations to match customersâ€?new transaction behavior.

In terms of stock, applying technology Blockchain can help control the transactions. The AI helps increase interactions and develop new products; meanwhile, the IoTs and Big Data help improve the quality of services and transparent public information. In the insurance field, the life insurance market has risen by 25-30% in the last five years. More than 450 products are created to meet the needs of nearly 10 million customers. Technology investment in this field is still lower than the need. Phone applications can not handle big data. When it comes to banks, most Vietnamese banks launched digital banking in process and communication channels. Transforming data platforms is just activated in some pioneer banks.

Which obstacles do the Vietnamese BFSI companies face in the digital transformation?

When accomplishing digital transformation, BFSI companies can change their full face by decreasing a significant operation fee, increasing service quality, and leveling security. Even so, there are three obstacles that the corporations have to overcome:

1. Completing technology systems and infrastructure and researching to apply new technology.

2. Information security.

Blockchain allows every member in the network to save a copy of the accounting book that notes transaction history; hence, security and privacy issues of each side joining transactions can be compromised. Meanwhile, Big Data technology allows for collecting, storing, organizing, and analyzing all kinds of data, including market, customers, transactions, risks, etc. So, when applying this technology to the financial market with information and top-secret data, the companies need to note security.

3. Digital transactions with online contract and confirm digital signature.

The E-Transaction Law and documents guiding the law’s implementation haven’t specified online contract-related digital transactions. The platform for activating technology application services is the membersâ€?digital signature being accredited in digital transactions. In Vietnam, confirming digital signatures is limited, so applying digital transactions to online contracts (especially insurance contracts) is hard. The companies have to meet customers in person to get the signature on the insurance request document and release the contract to customers.

How does NTQ with TCS BaNCS solution helps BFSI business?

Every business has its operating model with specific operating processes, products, services, etc. Therefore, there is no general solution for all businesses, and the digital transformation will differ for every business. With TCS BaNCS, the BFSI companies can access a giant collection of digital transformation solutions embedded in the cloud platform. Whatever your problems are, TCS BaNCS has the answers you need. NTQ Solution will develop the TCS BaNCS solution in the cooperation framework for the Vietnamese market. The new solution will be a premium version that suits every size and strategic plan at every stage of the business. Not only will localize a global solution but also innovate it to the next level based on the deep knowledge of the market and the company’s vast network. NTQ Solution will develop TCS BaNCS with more features to match better with the specific needs of the Vietnamese companies. Even so, NTQ Solution will build a particular ecosystem for the firms to connect, support, and cooperate to find the best solution. With the outstanding accomplishments of TCS BaNCS proven by many large global corporations and institutions, this innovative solution version will make dramatic changes for Vietnamese BFSI companies. Help the businesses expand their markets, level up services, increase customersâ€?satisfaction, and soon achieve their business targets.

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