Releases new module for its Customer Intelligence & Insights Solution for retail banking delivers insights to business process operations with focus on customer centricity and experience
Tata Consultancy Services has released a new module for its Digital Software & Solutions (DS&S) Group’s Customer Insights & Intelligence (CI&I) Solution for Retail Banks. The new software release features an operational analytics module that enables retail banks to understand in real-time how the product fulfillment process for consumer banking operations impacts multiple departmental touch points, and provides recommendations on operational processes to better serve their customers.
By 2019, financial institutions worldwide will spend more than $310 billion on IT, with one-third of spending going to digital transformative technologies to address customers’ digital lifestyles. A recent IDC survey of financial institutions found that ‘understanding the customer’ was the main business objective for deploying front-office analytics solutions that facilitate collaboration and integration for customer centricity and enable banks to be proactive in providing a uniquely individualized customer journey.
According to the release, TCS’ Customer Intelligence & Insights Solution for Retail Banks provides a future-ready, scalable platform specifically designed for banking and financial services, and is built on open source software to support all-data architecture. Augmenting the earlier software release for customer analytics, the latest module introduces operational analytics to provide actionable insights across the banking process lifecycle, including ability to identify and eliminate process bottlenecks, reduce overhead costs and proactively detect impacted customers to recommend remedial actions with real time alerts to customer facing departments.
TCS’ CI&I Solution for Retail Banks features a unified set of data models and out-of-the-box KPIs that address key business issues relevant to the banking industry. The configurable solution requires little customization effort and thereby accelerates business value in the shortest possible time. It is architected to provide highly flexible delivery options and ease of integration, delivering real-time customer insights across all customer channels, and enabling retail banks to identify highly targeted customer offerings, while reducing operational costs, the release said.
Jerry Silva, Global Banking Research Director, IDC Financial Insights said, “One compelling aspect of TCS’ go-to-market strategy is that its vision lays out three “maturity levels” from 360-degree Customer Insights to Customer-Centric Operations to Deeper Customer Engagement. These stages are not only immediately identifiable to any retail bank executive, but represent an increasing sophistication that the institution can attain through progressive implementations of an analytics solution, paving the way to digital transformation.”
Seeta Hariharan, General Manager and Group Head of TCS’ Digital Software & Solutions group added, “Banks must develop new ways of thinking to thrive in the digital age and anticipate and adapt to customers’ evolving preferences and patterns “Any enterprise, including banks, that is focused on owning the customer journey and providing a seamless experience beyond traditional boundaries of services, will win at delivering digital excellence and building long term customer trust and retention.”
