How has TCS impacted the banking and financial services industry in the Middle East ?

Banking and financial services is a significant vertical for TCS . If you look at banking in the Middle East , the technology is new compared to much of the western world . Unlike the west , where TCS did a lot to support the running of businesses , we ’ ve been at the forefront of digital journeys in the Middle East . For example , Bahrain was the first Gulf nation to have a legal framework around Open Banking . We worked with one of the banks in Bahrain to set up an Open Banking framework , which enabled the bank to easily communicate with multiple ecosystem partners .

process , TCS exited from a set of businesses that it had interest in and upped its stake in others . I was part of the entire decision making and the related conversations with regards to IT business . It was interesting because the output was a merger or divestiture , depending on the situation .

How has TCS changed the Middle East over the last 25 years and what is the plan for the next 25 ?

When we first started , we were an IT arm of a global conglomerate . The company would split up large infrastructure projects , give the IT part to us and we would fulfil that demand . Slowly , though , as global specialists , we started setting up offices all over the world , including the Middle East , where I am based today .

We have changed as our customers , employees or the law have expected us to . As I see it , those three things drive

change , everything else is incidental . For example , we have set up many projects throughout the Gulf region , including our All Women ’ s Centre in Saudi Arabia . Almost 60 % of Riyadh ’ s graduates are women and they have been traditionally confined to the public sector as well as educational organisations . We wanted to drive local talent and provide new avenues for women , so in 2014 , we set up the Centre . We now employ over 1,000 female IT professionals and it is something we are extremely proud of .

Looking forward , the most important thing is to stay relevant to the geography and the customers in your region . We will stay relevant ; we will make the necessary investments but simplicity is key .

From a product perspective , our core banking product , TCS BaNCS , is used by multiple banks across the Middle East . In addition , lots of financial institutions use our enterprise payment hub platform for making multi-currency payments across the globe .

We ’ re also assisting mergers . The UAE had more than 40 banks and the sector is going through a lot of mergers currently . We have been helping in the mergers , both from an IT perspective as well as defining what the merged entity will do in terms of processes .

Additionally , when there is a change in the law , financial institutions have 30 days to comply and there is a bubble load on banks . We also are helping them address these bubble loads .

Can you identify emerging trends in the sector and how have FinTechs shaped these ?

Today , FinTechs have a big role to play . They span industries and can meet the specific needs of a company or trend . With this in mind , Open Banking has already been mentioned as an emerging trend and there are several data points

There are three specific innovation needs in the Middle East : transport , transform and transact . www . intelligentfin . tech

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