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Challenge

BFSI enterprises are looking to shift from open banking to open finance to offer additional innovative products and services in savings, mortgage, insurance, and investment categories. Given the changes in customer behavior there is need to look beyond compliance, as new business models evolve triggring increased data sharing. Banks need to understand the power of APIs and make effective use of data in order to curb customer attrition and offer better contextualized products to their clients.

TCS Solution

TCS Open Banking offerings, including solutions addressing regulatory compliance, APIs, marketplace models and AI/ML-based transformations, help utilize open banking to revamp end-to-end customer experience. Based on the 3C strategy of Compliance, Collaborate, Complete, the solution offers:

  • Mobile-only bank: Reimagine sales and service via inversion of CRM funnel and contextual engagement

  • Happy family: Offer contextual lifestyle and incidental banking services enabled by open banking changes

  • Small business digital ecosystem: Leverage AI and ML algorithms to receive contextual insights, products, services, and integration

  • ZEN - Digital streaming analytics solution: Get real-time insights into business events and performance of digital platforms

  • NINA - Self-learning banking chatbot: Perform complex business transactions through conversations enabled by NLP

Benefits

The offering provides the following benefits:

  • Explore new revenue streams and promote financial inclusion

  • Address all gaps in regulatory requirements

  • Design the right architecture by establishing process flows, security models, and data models

  • Provide in-team formation or garage support to reduce time-to-market

  • Adopt API-driven solutions to understand customer expectations and analyze trends

  • Provide solutions with flexible cost models based on selected offerings, type of services, in-house capabilities and technology

 

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