India’s financial services sector continues to invest in growing digital business capabilities. The pandemic situation was a wake-up call for many organizations to relook and revive their IT strategies. Leaders in the financial services industry are building modular platform capabilities that would offer highly personalized experience, across digital touch points. Banks are also building robust operating models that would enable them to be resilient and adapt to market shifts.

ThoughtWorks is a digital native disruptor with 25+ years of experience in building platform ecosystems and data-driven business models for companies in the financial services industry.We have extensive experience in transforming organizations in the financial services industry, right from large traditional banks to new age digital banks to fintechs. Based on such transformative experience we have formulated a pragmatic model that would help organizations to become a modern digital business.

The entire approach towards building the modern digital business is powered by ThoughtWorks’ Digital Fluency Model that recommends a multidimensional approach to attaining digital aspirations. The model helps customers identify the aspirational fluency pattern and the investments they need to make in order to build capabilities.

ThoughtWorks is involved in revamping and rebuilding a payment platform to enable the client compete with rapidly growing digital payment ecosystem. ThoughtWorks found that the issues are primarily due to legacy user workflows, a legacy tech stack, failing transactions and inefficient transaction throughput. ThoughtWorks upgraded the tech stack to enable addition of new features as well as enabled the customer’s co-located team with us using our agile delivery best practices. 

• The outcome is an increase in transaction volumes and user penetration using this modernized mobile payments service 
• ThoughtWorks met the customer’s stringent deadlines for their mobile app and backend refresh

Our client is a global insurance firm with a 173 year legacy. ThoughtWorks created a self service Progressive Web Application, built with cutting edge technology. The digital layer interacts with the insurance firm's platform to get required information on policies, claims and demographic data on the policy holders and was architected by a combination of microservices and serverless based architecture.

• The self-service digital layer enhances customer experience and helps our client become an insurance partner of choice.
• The operating cost per policy is reduced
• Our client's goal of developing a multi-capability technology platform for newer offerings and customer personalisation is met.