Alan Lawman, TCS Financial Solutions
Utility, as per the Oxford Dictionary is a noun and represents “the state of being useful, profitable or beneficial” As an adjective, it means – “useful, especially, through being able to perform several functions” Reducing costs and maximizing efficiencies have been high on the agenda for most financial services organizations for quite a while now. Even so, after many exhaustive rounds (after rounds) of automation, change management, outsourcing, offshoring, near shoring, what’s next on the horizon?
How can financial institutions reduce costs and streamline operations further?
Does the answer lie somewhere in being able to automate with best-of-breed products or to standardize processing-all with an aim to maximize efficiency?
The answer, simply, is to be part of a Utility Service, which can take on operational processing, in a standardized manner, along with other financial organizations, on a shared platform with common processes and a single, combined processing team.
Utilities in other industries have been around for a number of years. The key to their success was to offer a standard service package from where a client can buy as much of the services offered and as they needed, giving them the freedom to pick and choose and decide how best to interface with their existing operations and systems architecture.