Abstract

Automated processes are increasingly becoming the norm across industries and functions.

With emerging technologies and increasing customer expectations, enterprises in the banking, financial services, and insurance (BFSI) sector are increasingly adopting digital operating models by leveraging intelligent automation to improve process efficiency, regulatory compliance, and stakeholder experience. Adopting a digital operating model enables companies to scale and grow in an increasingly competitive environment while exceeding market expectations.

TCS’ Cognitive Automation Platform uses artificial intelligence (AI) to drive intelligent process automation across front- and back offices. It’s a suite of business and technology solutions that seamlessly integrate with existing enterprise solutions and offer easy plug and play features. TCS leverages its deep domain knowledge to contextualize the platform to a company’s unique requirements.

Overview 

The absence of a platform with cognitive capabilities poses significant challenges in accelerating digital transformation.

Longer implementation cycles further add to the complexity in incorporating evolving business regulations into operations, leading to diminishing returns, increased costs, and transformation hiccups.

TCS’ Cognitive Automation Platform (see Figure 1) helps BFSI organizations expand their enterprise-level automation capabilities by seamlessly integrating legacy systems, modern technologies, and traditional automation solutions. The platform leverages artificial intelligence (AI), machine learning (ML), computer vision, natural language processing (NLP), advanced analytics, and knowledge management, among others, to create a fully automated organization.

Figure 1: An overview of TCS’ Cognitive Automation Platform

Solution

The cognitive automation solution is pre-trained and configured for multiple BFSI use cases.

TCS’ platform offers the following:

• Customer experience transformation: Use analytics and insights to run processes seamlessly, enable conversational experience, and also ensure a smooth customer journey.
• End-to-end automation: Transform processes leveraging low code no-code workflows with non-intrusive integration.
• Straight-through processing: Automate the front- and back-office processes to reduce hand-offs and improve timeline and accuracy.
• AI and ML capabilities: Improve automation capabilities by introducing the latest technologies such as AI and ML, computer vision, and digital twin.  

Benefits

Built using a cloud-first approach, TCS’ platform is API-enabled and available on hyperscalers.

It is also available as a software-as-a-service (SaaS) through TCS cloud and allows BFSI organizations to:

• Enhance business efficiency: Automatically increase process efficiency with pre-optimized workflows and information hand off.
• Improve front- and back-office synergy: Drive synergy between front and back offices by addressing the gaps between legacy systems and newer technologies.
• Ensure regulatory compliance: Automate compliance-related checks, improve straight-through processing, reduce processing time, and improve compliance.
• Accelerate speed to market: Launch offerings faster by leveraging pre-trained models and configurations that also aid in handling rapid business growth and market expansion.
• Optimize costs: Choose from a range of modules needed for business transformation and seamlessly integrate them with the existing IT environment.

The TCS Advantage

TCS’ vast industry experience and deep expertise across technologies makes us the preferred partner to global businesses. 

By partnering with TCS, enterprises can enjoy the following advantages:

• Domain depth and expertise: TCS offers a wide portfolio of services to global companies across industries, providing both horizontal and vertical domain depth. TCS’ exposure to almost all BFSI service areas helps it develop the business taxonomy comprehensively.
• IT-business process services (BPS) synergy: TCS offers a practitioner’s approach to build and conceptualize solutions. While its first-hand experience has helped it offer a usability perspective of digitalization, TCS’ depth of technology expertise has assisted in creating superior solutions.
• Delivery excellence: An unparalleled delivery record puts TCS in a favorable position to drive transformation programs for global enterprises across industries.
• Technology competence: With TCS’ expert specialization in predictive analytics, marketing analytics, artificial intelligence, campaign management, and more, it has helped banks ascertain appropriate product pricing strategies, develop acquisition and behavioral scorecards, and identify preferred channels for customer servicing.