TCS Reconciliation Services
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Banking
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Banking on purpose-led ecosystems
TCS’ solutions help banks and FIs push traditional boundaries and build cognitive banking enterprises for better value, resilience, and inclusivity. Learn more.
Related InsightsTCS has extensive experience in revamping insurance systems & its guidewire consulting & transformation services help build resilient core systems. Learn more.Solution12 Oct 2022DORA will help FIs standardize the cybersecurity framework, resist, monitor, and respond to cyberattacks, minimize disruptions, and expedite recovery. Know more.Blog06 Sep 2023With innovation & digitization bringing in new opportunities, banks must adopt a boundaryless approach to drive sustainable growth & better customer engagement.White Paper06 Sep 2022
Cognitive reconciliation operations and transformation with industry-leading hyper-automation services
CHALLENGE
Today, BFSI enterprises are handling billions of daily transactions that need verifications on multiple levels, and accurately reported exceptions. The reconciliation process plays a major role. However, annual total cost of ownership (TCO) for the reconciliation function, including people, systems, and infrastructure, is expensive, and BFSI enterprises are under constant pressure to adopt newer technologies, such as automation and cloud, to usher in next-gen reconciliation and reduce cost.
TCS Reconciliation Services
TCS SOLUTION
For the BFSI industry, reconciliation is the last line of defense. TCS Reconciliation Services have been designed to act as the one-stop solution for the specific needs of clients, right from advisory and operation execution to technology implementation and BPaaS.
The solution comes armed with smart features such as the PIBS4.0 framework that performs a consulting study of client processes, reconciliation automation that improves efficiency and effectiveness, and TCS BaNCS that is bundled with a combination of ETL, reconciliation, exceptions and workflow management, AI/ML, unstructured data processing, etc.
Overall, the TCS Reconciliation Services help enterprises streamline core process control through automation and reduces costs. The framework allows BFSI organizations to save significant costs in manual processes and embark on larger strategic initiatives for business growth.
TCS Reconciliation Services help enterprises streamline core process control through automation and cuts cost.
BENEFITS
By leveraging the TCS Reconciliation Services, BFSI enterprises across the globe can reap the following benefits:
- Reduce cost of operation by 60%-70% with offshoring
- Bring down reconciliation TCO by 35%-40% in a managed services model
- Prevent loss due to regulatory exposure
- Improve STP rate (almost 99%) with cognitive solutions such as AI/ML and Cloud
- Reduce operational risk incidents, ageing breaks, and break volume by 18-20%
- Eliminate manual touch points with reconciliation automation
- Undertake seamless platform migration with up to 99% reconciliation automation
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