Sourabh Sharma, Associate Consultant, TCS Financial Solutions

Today investment management firms need to create differentiated experiences to engage customers with right amount of information. Providing information anytime, anywhere on cloud platform, plays a moment defining role. Therefore, improving customer service and customer engagement is becoming more critical. 

Financial industry is aggressively changing technology solutions for meeting customer expectations. Customer experience to be backed by proactive communication, transparency, data analytics, assessing more asset classes and flexibility to rebalance assets. The economy growth after coronavirus pandemic situation, where end customers are reviewing their portfolio and exposure in highly volatile markets. Real-time data coming at the speed of accuracy are become mission critical to take the decision right on the time. 

Regulatory and compliance reporting has increased tremendously over period of time. Customer demand of significant data, outside the reporting framework leads to awareness, to improve overall customer service. Financial institutions who would understand the need of the hour and anticipate customer requirements will lead the intense competition. Offering better remote customer service is on the agenda of each financial institution today. Clue for the leap lies in innovative cloud technology for retaining and attracting – customers. 

What is that Customers are Looking at?

Customers are looking for a portfolio manager, who can provide relevant advise backed by authentic content and research data with business case of return on investment readily available, which helps the customers to take investment decisions and achieve their investment goals. Dissemination of right set of information is one of the biggest challenges for the industry. 

Innovative cloud technology with combination of powerful tools help the financial institution to become one-stop-shop for customers leading to better engagement and customer retention. 

Financial institutions are adopting digital technology at a faster pace and doing large investments to provide best-in-class experience to their end customers. 

There are three major challenges in customer engagement. 

Challenge 1

Empowering Customers

Many of the customers are spending their time online or mobile, managing their capital and making use of digital sources to make investment decisions. Latest trends like of digitalization (mobile / iPad) during Covid-19 clearly shows why it is so important to empower your customers so that they can access all the rich data whenever, wherever, anytime, anywhere in some shape and form. This would lead financial institutions to transform their digital journey to increase the business transaction, acquire more customers and service the customers with digital experience. 

How Cloud Technology Can Help?

Personalized Dashboard: Customers are able to create personalized dashboard on the portal which will further leverage them to filter or group data to get relevant information of interest. For instance, customer can fetch multi-currency report mentioning country wise total exposure and take informed decision based upon hot topics like Covid, US President elections, Brexit etc.  

New, cloud native product such as TCS BaNCS for Wealth Management, cloud agnostic platform allows unified and scalable portfolio management and reporting. Generating analytical and performance reports with unlimited amount of data, simply means customers have access to the information required in easy manner. 

55% predicting that their firms’ digital spend will increase over the next year

Ref: Digital now a top agenda of asset and wealth managers – Consultancy UK (

Challenge 2

Time Engagement

Providing product and solution to the customer does not make much difference as more or less each product and solution are catering to the basic requirement of the customer. It is customer’s digital experience, that today becomes the prominent driver for customer retention and new business winning proposition. 

For better customer experience, many financial institutions need to make tectonic shift from physical to digital engagement, allowing set of customers to service them real-time. 

Personalization of the data and reports are two very critical aspects of servicing the customer. The investment management industry has to cater to this through investment in technology and solutions for uplifting customer engagement. 

How Cloud Technology Can Help?

Traditionally large financial institutions are using workflows to disseminate information in a secure environment, but integrated solutions are the way forward to create engagement and personalized focus that customer need. 

For instance, currently whenever financial advisor meets customer, majority of the time is spent discussing historic performance of the customer investment, market movement, economy growth, industry change etc. This situation leaves very little time to discuss where future opportunities lies with lesser risk.  

Having user-friendly self-services options - creating and sharing customized reports, advance features could work in a way whereby customer can also create custom reports and share with financial advisor to discuss and rationalize new investment or upcoming opportunity in the market. This kind of action-driven functionalities gives a lot of confidence to customers, thus improving customer digital experience. 

Having a truly digital cloud-platform like TCS BaNCS for Wealth Management, gives the customers a unique opportunity to access data, historic & custom build reports, resulting saving lot of time during interaction with financial advisor and future driver actions points to be discussed.

Challenge 3

Up-sell and Cross-sell

Up-sell and cross-sell are the two main stream of revenues from the existing set of customers where Financial Advisor already have a strong relationship. Some Advisors follows blind sales routine, by sending analyst report to all the set of customers without knowing the delivery, interest and impact, the report have on them. This approach of one size fits all, go in vain until and unless selective or personalized approach is adopted. Selective report has major impact on the customer, but it should be in line with investment goal which leads to better returns in the future. 

How Cloud Technology Can Help?

Traditionally, financial institutions use workflow driven set of rules and decision parameters guide navigation approach. New cloud technology allows financial institutions to track customer activity on a very granular level and further understand which areas are of larger interest to them. When a customer accesses a report in TCS BaNCS for Wealth Management on cloud, investment manager gets to know the area of interest. It further provides the flexibility to filter and track keywords. This data paves the unparallel insights of customers interest and concerns which help investment managers to come forward and pitch new products to their customer and ultimately leads to up-sell and cross-sell. 


Above mentioned three challenges of customer engagement are best solved using cloud technologies where customer retention made by the ready availability of customized information at all times becomes the norm of customer engagement. 

In order to stay relevant, financial institutions need to do continuous investments in the technology for digital transformation. This allows financial institutions to reach out to customers more effectively which lead towards up-sell and cross-sell success stories.

Addressing all the challenges together, it helps to serve customer faster and better so that customer communication can be translate into revenue generating stream for the financial institutions rather than a cost (investment on cloud technology) with no returns. 

Disclaimer: Views or opinions represented in this blog are based on the author’s own research and do not represent TCS BaNCS.


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