Page 31 - Banking Finance November 2021

ARTICLE

persists by balancing ambitious targets with incremental
MAKING Paying bills and making progress.
TRANSACTIONS other transactions
Y Integrating technology, digital, and data to eliminate
duplications across silos helps integrate the design and
ADDRESSING delivery of products and services.
Dealing with fraudulent transactions
FRAUDS & and identity theft Y Bringing employees from disparate functions together
DISPUTES for a shared goal can avoid backlogs across digital and
non-digital channels.
Resolving service needs (such as
REQUESTING
updating account information) and issues Conclusion
SERVICE (such as closing an account)
Although retail banks worldwide responded to the COVID-
19 crisis with speed and a sense of purpose, remaining true
(Source: BCG Retail Banking Analysis, 2021)
to the profit, social and, corporate governance goals is a
challenge. Supervisory and compliance functions that were
Implementing an Integrated Approach never designed for remote work need innovation, ingenuity,
This is the appropriate time to consider the customer's and focus. While market conditions and customer behaviour
actual circumstances for financial and underlying may alter as the crisis progresses, banks must reconsider
nonfinancial needs and to identify relevant products and their strategy and brand building to determine the industry's
solutions. Consulting agencies of repute reiterate that: future.
Y Banks should design processes and solutions from
scratch as opposed to trying to adapt those currently References
in use. O https://www.pwc.com/
Y Integrating artificial intelligence (AI) tools into the value O https://www.mckinsey.com/
stream will eliminate work and duplication of capabilities O https://www.bcg.com/en-in/
across products and customer segments.
O https://www.genpact.com/instinctive-enterprise/banking
Y The pandemic is a clarion call for process re-optimisation
O https://www.et-edge.com/event/bfsi-tech-leaders-
across sales, operations, and service functions to simplify summit/
work and eliminate re-work.
O https://hbr.org/sponsored/2020/05/the-new-decision-
Y Maintaining a cautious approach as the pandemic makers. T

Tatas to shift ready-to-eat biz to Tata Consumer

The closely held Tata Industries is set to transfer its ready-to-eat meal business (sold under Tata Q brand) to the pub-
licly listed Tata Consumer Products, according to people familiar with the matter. The move comes as India's biggest
conglomerate reorganises its corporate structure.

This would be the second such transaction between two Tata entities in branded foods, underpinning group chairman
N Chandrasekaran's resolve to simplify the $103-billion conglomerate with a sharper focus on businesses that have a
play in similar categories. Earlier, Tata Chemicals transferred its food portfolio consisting of Tata Salt and Tata Sampann
pulses to Tata Consumer.

Tata Industries and Tata Consumer didn't immediately reply to emailed queries. Tata Consumer houses the
conglomerate's food and beverage business that includes Tetley Tea, Eight O'Clock Coffee, Himalayan water and
Starbucks and will now add ready-to-eat meals to its portfolio. Tata Consumer is the fifth-most valuable company
among the group's listed entities after TCS, Titan, Tata Motors and Tata Steel.

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