Recent Event: Mint Annual Banking Conclave 2020
Panel Discussion: Digital Transformation - The Big Leap Ahead
Sudhir Tiwari, Managing Director, ThoughtWorks India spoke at the expert panel discussion on Digital Transformation: The Big Leap Ahead
Fellow Panelists:
Renny Thomas - Senior Partner, McKinsey & Company
S. Ganesh Kumar - Executive Director, RBI
Nitin Chugh - MD, Ujjivan Small Finance Bank
Sharad Kumar Saxena - CTO, Bank of Baroda
Kartik Jain - Executive Director, Digital Bank, DBS Bank
Building Blocks of Modern Digital Business for Financial Services Industry

Frictionless Operating Model: Enable financial institutions to redefine their operating model to proactively manage risks, regulatory environment and adopt to market disruptions
Platform Strategy: Build adaptive and modular platform strategies that would enable banks to add new products & offerings and scale to new markets
Experience Design and Product Capability: Design, deliver and evolve customer-centric products that would help banks increase customer experience across the financial lifecycle
Intelligence Driven Decision Making: Enable banks spot new patterns, context and detect hidden correlations that would help in fraud detection, lifetime value prediction and new revenue generation
Engineering Culture, Delivery Mindset: Help banks adopt modern approach to software development and enable them to launch products in rapid iterations based on customer feedback
How to Accelerate Digital Fluency in Banking
Conversation between
Avinash Raghavendra (Head - IT, Axis Bank) and
Sandeep Reddy (Head - Financial Services, ThoughtWorks India) at
ThoughtWorks Live India 2019
ThoughtWorks built a flexible loan origination platform for the bank and enabled them to quickly roll out products to respond to market needs providing agility. The platform includes loan origination, risk assessment, digital underwriting, handling approval, back office, and disbursement to auto dealer accounts. ThoughtWorks also provided business consulting and tech strategy alignment to drive product thinking and continuous delivery.
- Platform helped increase digital lending from 0% to 30% in 2 years
- Platform help launch new products in 4-5 weeks, as against the 6 months it would take to do the same with the old system
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.
The allure of digital lies in its promise of delivering speed, agility, and innovation. But digital doesn’t happen in a day and a big-bang transformation approach won't realign your stars.
Considering the shift in design, philosophy, and culture - how challenging would it be to embed digital into the fabric of your organization?
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