Tata Consultancy Services announced its Digital Software & Solutions (DS&S) group has launched a new TCS ‘Customer Insights & Intelligence’ (CI&I) software solution for retail banks.
The recent TCS Global Trend Study, Internet of Things: Complete Reimaginative Force, finds that the most important business process improvement for financial institutions is the ability to tailor products and services around a single user point of view. As consumer preferences in banking rapidly evolve, financial institutions are racing to catch up with trends by increasing innovation investments in IoT, mobile, digital, and social technologies, which are large disruptors to the way people chose to do their banking today.
The CI&I solution is pre-integrated and modular software designed specifically for the retail banking industry to accelerate the transition from a product-focused organization to a customer-centric enterprise. The solution captures and analyzes structured, unstructured, high volume, and high velocity data to create a single view of the customer and provides actionable intelligence about behaviors across channel and organizational silos.
“Most banks have an urgent key digital imperative to understand their customers more deeply to address expanding expectations and deliver a personalized end user experience across a multitude of financial offerings and banking channels,” said Seeta Hariharan, General Manager and Group Head of TCS’ DS&S group. “Because CI&I for Retail Banks can be deployed extremely quickly, financial organizations can accelerate and even leapfrog this digital initiative. For example, we are working with a client today who plans to have the solution fully operational in as little as six months, rather than the 12-18 month deployment typical of other solutions that require excessive time and money to integrate.”
CI&I 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 does not require customization and is architected to provide highly flexible delivery options and ease of integration. It is designed to deliver real time customer insights through all customer interactions across social, operational and business channels to help retail banking organizations identify and offer highly targeted, customer centric offerings, while reducing operational costs for the enterprise.