Tata Consultancy Services is an IT services, consulting and business solutions organization that has been partnering with many of the world’s largest businesses in their transformation journeys for the last fifty years. TCS offers a consulting-led, cognitive powered, integrated portfolio of business, technology and engineering services and solutions. This is delivered through its unique Location Independent Agile delivery model, recognized as a benchmark of excellence in software development.
A part of the Tata group, India's largest multinational business group, TCS has over 590,000 of the world’s best-trained consultants including 35.6% women from 153 nationalities across 46 countries. The company generated consolidated revenues of US $25.7 billion in the fiscal year ended March 31, 2022, and is listed on the BSE (formerly Bombay Stock Exchange) and the NSE (National Stock Exchange) in India. TCS' proactive stance on climate change and award-winning work with communities across the world have earned it a place in leading sustainability indices such as the Dow Jones Sustainability Index (DJSI), MSCI Global Sustainability Index and the FTSE4Good Emerging Index.
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The world is facing a silver tsunami of a growing elderly population. To face the oncoming crisis, governments and industries are starting measures to create age-friendly ecosystems. Aging demography will pose several crises, such as
- Health crisis: Larger numbers of elderly people are living with non-communicable diseases that require long-term medical support. The increase in longevity is aggravating the morbidity expansion. The health infrastructure across the world is incapable of supporting this overwhelming requirement. Besides this, there is a collapse of the traditional caregiver system all over the world. The unavailability of a stable professional caregiving ecosystem that includes ambient assisted living and community living infrastructure makes things difficult.
- Financial Crisis: The retirement of the Baby Boomer generation is a litmus test for the defined contribution method of retirement saving. Inadequate savings could leave them outliving their retirement pot. The long-term healthcare expenses do not make things look easy for them. The occurrence of targeted phishing attacks against senior citizens is worsening the problem further.
- Technology: The pace at which emerging technologies and devices are growing requires the elderly to keep themselves continuously updated and upgraded. This challenges the self-reliance of the elderly and makes them vulnerable as they become more dependent on others to perform the tasks.
The interplay of the above makes it further complex. The challenges are overwhelming for countries, companies, and societies. The project is to identify the possible ways to address these challenges either individually or collectively. How the companies from BFSI whose products and services continue to cater to the elderly, reinvent themselves or partner with other stakeholders to solve the problem.
In this project, the Client expects the team to design the following:
The project is to identify the possible ways to address these challenges either individually or collectively. How the companies from BFSI whose products and services continue to cater to the elderly, reinvent themselves or partner with other stakeholders to solve the problem.