Korn Ferry and Egon Zehnder to develop leadership strategy for public sector banks

15 August 2018 Consultancy.in

In light of a struggling banking sector, the Banks Board Bureau in India is looking to develop comprehensive management strategies for senior leadership at public-sector banks, and has appointed the power-packed combination of Korn Ferry Advisory and Egon Zehnder International to assist with devising these strategies.

Switzerland-based global executive recruitment and management consulting firm Egon Zehnder will now work with the Banks Board Bureau (BBB) as a knowledge partner, specifically working on devising, implementing, and subsequently institutionalizing a leadership development strategy for public-sector banks across India.

BBB is a government body endowed with a great deal of autonomy to maintain and improve the operational structure in public-sector banks across India. The body is a recent initiative, launched only in April 2016, and is tasked with the mammoth operation of salvaging India’s banking sector, which has been in trouble recently.

Last year, reports revealed that the cumulative value of non-performing assets across the Indian banking sector lies at a staggering $140 billion, and overall loan defaults stand at $36 billion. The figures sparked immediate outcry, alongside the initiation of insolvency proceedings at a number of major public sector banks in the country.

Korn Ferry and Egon Zehnder to develop leadership strategy for public-sector banks

Leaders of Indian industry have called for banking reforms, based on a clear vision of the near future in the sector. BBB's first order of business is to tackle the leadership strategies in the sector, and the enlistment of Egon Zehnder will prove particularly useful, given its expertise in the domains of executive search, board advisory and general leadership solutions.

Egon Zehnder will act as knowledge partner, while Korn Ferry – specifically the division formerly known as the Hay Group – will provide additional support to BBB, tasked with conducting leadership assessments and evaluating the potential of candidates for Director-level posts at major public sector banks.

Korn Ferry is another choice that matches BBB’s strategy perfectly, given that the firm’s operating principle is that “90% of strategy is execution, and 90% of execution is people.” The firm is active across the globe in helping deal with the prevalent talent crunch, and has long integrated the capacity to manage digital transformations.

According to BBB, the focus on leadership is an effort to improve the quality of decisions taken in bank management, lapses in which are the root cause for the approval of faulty loans and the subsequent build-up of default amounts and non-performing assets. 

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TCS' cloud-first BaNCS platform to be available on Amazon Web Services

15 February 2019 Consultancy.in

In order to improve the speed, convenience and reach of its key Software as a Service (SaaS) platform, IT services giant TCS has announced that it will now offer TCS BaNCS Cloud on the global Amazon Web Services (AWS) network. The platform is designed to support financial services firms.

TCS has been among the consulting firms that have grown more active in tandem with the rapid spread of the Industry 4.0 paradigm, primarily to maintain its position as the largest IT services firm in the country with a market capitalisation in excess of $100 billion. The firm has been investing heavily in expanding its capabilities.

Last year, the firm announced that it would offer double the usual entry-level salary to new recruits who had expertise in the digital sphere. A number of clients – both within India and abroad – have since been leveraging this rapidly developing expertise to help with their digital transformations.

Cloud computing is one are where the Indian market has tremendous potential, given that the public cloud market is expected to reach a value of $1.9 billion over this year. TCS has been active in its efforts to tap into this market particularly through its BaNCS SaaS platform, designed for financial institutions.

TCS' cloud-first BaNCS platform to be available on Amazon Web Services

Banking and financial services are increasingly moving to the online domain in India, exemplified by the fact that digital lending is expected to surpass $1 trillion in the next four years. BaNCS allows for mobile payments and financial transactions, and has become the go-to cloud platform for a number of banks across the globe.

The platform is renowned for its speed, agility and futuristic structure, due to which is has rapidly gained popularity across the globe. Those leveraging TCS BaNCS also have direct access to advisory services from TCS in the domain of cloud-based strategic design and cyber security practices.

BaNCS will now be available on AWS, a global cloud services platform that offers a range of cloud-related services, including storage, delivery and overall functionality. The situation in AWS will further extend the reach of TCS’ SaaS platform.

“TCS BaNCS Cloud is the outcome of our 'Cloud First, Digital First' strategy designed to help our customers accelerate their Business 4.0™ transformation journeys. TCS BaNCS Cloud on AWS will allow our customers to further reduce their cost of infrastructure, and focus more on innovation and the use of technologies like AI and machine learning to differentiate themselves through a superior customer experience,” said R Vivekanand, VP and Co-Head of Financial Solutions at TCS.