The Banking & Financial Services (BFS) industry has undergone tremendous change. New digital technologies, rapid changes in customer expectations and emerging agile competitors are making it increasingly difficult for banks to attract and retain today’s digitally empowered customers. To thrive in the digital age where customers have the power to shape their own journeys, banks need to understand and engage with customers in more meaningful ways and restore the balance of power to ‘own the customer journey’.
TCS’ Customer Intelligence & Insights (CI&I) Solution for Banking & Financial Services leverages customer and operational analytics to help banks deliver personalized and differentiated experiences that build customer loyalty. It provides the intelligence they need to ‘own the customer journey’ by creating new value for their customers and increased competitive advantage for their organizations.
The TCS Advantage
Tailored for the BFS industry, CI&I for Banking & Financial Services is a fully integrated, licensed software solution, developed by industry experts. CI&I leverages domain specific analytics to provide deep actionable insights—out-of-the-box. With a 360° understanding of each customer, banks can retain and sell more to current customers, attract and acquire new customers and market segments, and drive operational excellence.
In addition, CI&I's unique architecture, pre-built industry data mart, off-the-shelf reports and dashboards, and extended web services library for information delivery help reduce dependency on IT, accelerate ROI, and enable seamless integration with third party applications.
What TCS Provides
The Future Ready CI&I for BFS Customer Engagement Platform
The scalable, agile CI&I Platform built on open source technology delivers faster time to value and low Total Cost of Ownership.
- The hybrid, ‘all’ data architecture features an integrated data induction and data management base platform for structured, semi and unstructured data.
- The pre-built banking industry data mart—delivered on TCS bBIDS (banking Business Intelligence for Decision Support) facilitates fast, easy deployment.
- Pre-built reports and dashboards designed for the consumer banking industry employ KPIs for multiple functional areas including product fulfillment, collections & recovery, customer servicing, back office operations, risk and fraud mitigation, and wealth management.
Out of the box, CI&I for BFS Application Modules
CI&I for BFS includes two, out of the box application modules with data models for retail banking—Customer 360 and Operational Analytics.
Customer 360 Analytics leverages analytics-driven customer insights to help banks deliver personalized, differentiated customer experiences.
The single customer view delivers:
- Pre-built reports and Experience and sentiment scores
- Transaction patterns
- Service requests and preferences
- Loyalty program engagement
- Alerts and notifications
The overall customer base view provides intelligence on:
- Transactions and channel interactions
- Product line penetration
- Product popularity by segments
- Experience scores by product lines and services
- Use of loyalty program
Operational Analytics leverages IoT capabilities of the CI&I platform to provide greater control and make banking operations more customer-centric. CI&I Operational Analytics helps identify process bottlenecks and drill down to perform Root Cause Analysis (RCA). It delivers insights that help banks identify and proactively take corrective action with high-net individuals who have been impacted by poor customer experience.
Goal Management capabilities include:
KPI forecasting with built-in algorithm library
‘What if’ condition simulation
KPI goal setup linked to business goals
KPI tracking against target
Notification and alert mechanisms for stakeholders
Real Time Branch Operations include:
Red Amber Green (RAG) dashboards
Real-time customer footfall queue length
Wait time and fail out rates
Real-time workforce deployment
Rules based notifications, alerts and actions
With a new and profound understanding of each customer, banks can:
- Retain and sell more to current customers
- Attract and acquire new customers and market segments
- Drive operational excellence
- Build business and technical agility