TSB – What Does A Digital Transformation Journey Look Like For A Traditional Bank?

This story is about a traditional bank that has embraced digital transformation to remain relevant in the face of fierce competition from FinTech challengers. TSB is a UK retail and commercial bank and a subsidiary of the Sabadell Group.

The bank has a combination of on-premises, managed services, and cloud technology systems. TSB sought to build a technology system that handles customer requests seamlessly across disparate systems. If a problem should arise, the system is able to surface it immediately for resolution. All this needed to be done in compliance with regulatory requirements, ensuring the safe delivery and protection of services to its customers.

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The solution

The bank chose two tools: the Dynatrace Software Intelligence Platform, for monitoring across the environments, and ServiceNow, for orchestration and serving as a management platform, acting as an air traffic controller for the enterprise. DynaTrace integrated with ServiceNow ITOM (IT Operations Management) provides visibility into events and alerts across the entire enterprise.

The solution explained 

TSB brought in Infosys to deploy the ServiceNow platform as its core service backbone. Designed to ITIL guidelines to provide service orientation for tasks, activities, and processes, ServiceNow utilizes machine learning to streamline activities and workflows. Incident and problem management can be managed from ServiceNow, providing all the information to resolve issues without the dependency on spreadsheets and emails.

Hosting in ServiceNow data centers provides the capability to expand with increasing customers’ requirements and compliance with local regulations such as the General Data Protection Regulation (GDPR) in Europe. ServiceNow provides the process and tools to handle customer requests, IT incidents with intelligent workflows. Everyone working on these requests can assign, prioritize, collaborate, and resolve root cause issues from a single cloud platform.

The Infosys relationship

On picking the right partner, Suresh Viswanathan, COO at TSB Bank said, “The selection of Infosys as the technology partner was based on a trusted relationship and proven experience with similar integrations at other financial institutions. Infosys has extensive experience with ServiceNow and plug-ins from the Infosys Enterprise Service Management Café, part of the Infosys Cobalt portfolio.”

Implementing cloud-supported IT upgrades to enhance speed-to-market has been a persistent top priority for financial services businesses even during pandemic-driven disruptions, Infosys research has found. Speed ranked as the top reason for financial service companies to migrate to cloud-based services in 2020 and in the future, the Infosys Cloud Radar 2021 survey found.

“Banks attuned to technology find that speeding up and automating traditional processes equip them with a vital competitive edge. Automation and speed can benefit financial services businesses in the back office and in customer-facing use cases,” said Ajay Vij of Infosys.

Infosys started with the rapid deployment of ServiceNow’s core service management capability to connect the supplier ecosystems to ServiceNow. ServiceNow is connected to all supplier platforms that aggregate information for TSB to stay informed, be proactive, and make insight-driven decisions faster so that the business runs seamlessly with zero disruption. The Infosys Enterprise Service Management Café is an accelerator to speed up ServiceNow implementations by 40% in most customer situations. It contains more than 70 ready-to-use configurations that have been developed and refined by over five hundred customer deployments across many industries. Infosys has a Center of Excellence with a team dedicated to enhance the best practice repository. With repeatable best practices, Infosys uses this solution to avoid each customer reinventing the wheel every time.

How is TSB now?

TSB says it now has a very stable ‘run the bank’ platform on the cloud that is available 24×7 for customers, directly correlating to how customers perceive the bank’s service. The bank is managing a significant volume of transactions via the new platform. For example, there have been two thousand changes, and over a hundred management activities and associated workflows automated and orchestrated. 

The processes put in place allow management to make informed decisions and plan for future service management interventions. During the height of the Covid-19 crisis, the service management platform and processes were available to users with zero disruption.

Internally, the business could execute projects faster and spend more time on productive work due to automation. IT now knows what issue might impact what business area if not solved in a stipulated timeframe with the platform integration. Many IT processes that used to take days and even weeks to complete manually are now automated.

Externally, customer service queries are solved faster due to highly integrated and connected data flow and availability for customer service.

What is next?

Infosys is working with TSB to automate more use cases such as risk and compliance, operational resilience, and asset management. As it has done with other banks, Infosys will integrate security tools to enable the IT, security, and business to collaborate seamlessly on security breaches and vulnerabilities.

Operational resilience is always a concern for banks and regulators alike. Banks must effectively manage newer risks such as digital technologies, cyber and data security, third-party risks, pandemics, and even climate change. Robotic Process Automation (RPA) can shield against human error or potential fraud. RPA can automate traditionally manual processes and make them more efficient. 

TSB now appears to have a best-in-class infrastructure with ServiceNow at the center. I believe the architecture makes them well-positioned to transition more safely and much faster to the cloud. 

 Note: Moor Insights & Strategy writers and editors may have contributed to this article.