Industry
Banking
Banking Services Transformation: Unlocking Exponential Value
Solution
Cognitive Business Operations
Unlock Business Agility and Future-ready Operations with TCS
Highlights
- Banking, Financial Services, and Insurance (BFSI) firms are going digital by adopting AI and intelligent automation to enhance efficiency, drive compliance, and improve stakeholder experience.
- Many transformation initiatives don’t yield desired results because they are done in silos without taking a holistic view of the needs of the enterprise.
- TCS Cognitive Automation Platform—a suite of modular business and technology solutions underpinned by cutting edge technologies—ensures synergized transformation across various service lines like contact center, customer experience, business operations, application maintenance, service management, by seamlessly integrating with the existing IT landscape.
Overview
For businesses looking to improve customer experience and at the same time bring down cost, AI -driven transformation is the solution.
Enterprises in the banking, financial services, and insurance (BFSI) sector are increasingly adopting digital operating models and fortifying them with intelligent automation to improve process efficiency, regulatory compliance, and stakeholder experience. A digital operating model enables companies to scale and grow in an increasingly competitive environment while exceeding customer expectations.
But, organizations often fail to achieve the full potential of transformation, mostly because they don’t opt for the right combination of solutions. This may be due to various reasons such as technical debt, proliferation of solutions, and integration challenges among others. Moreover, most transformations either happen in silos or do not consider a comprehensive view of processes to offer an integrated solution.
TCS Cognitive Automation Platform leverages technologies such as AI, GenAI, low-code no-code, workflow, intelligent document processing, smart email management, conversational assistant, self-service visualization and microservices to drive synergized transformation across the business and IT covering multiple service lines. It is a suite of modular business and technology solutions that seamlessly integrate with the existing IT landscape of an enterprise.
TCS leverages its deep domain knowledge to contextualize the platform to a company’s unique requirements to deliver high operational efficiency, improved risk management, and elevated customer experience
Solution
TCS Cognitive Automation Platform has solutions configured for a range of BFSI use cases with pre-trained cognitive models.
TCS Cognitive Automation Platform (see Figure 1) helps BFSI organizations expand their enterprise-level transformation capabilities by seamlessly integrating legacy systems, modern technologies, and traditional automation solutions. The platform leverages artificial intelligence (GenAI with guardrails supported by RAG (Retrieval Augmented Generation) technique, machine learning (ML), computer vision, and natural language processing (NLP)), advanced analytics, cognitive search, forecasting models and knowledge management, among others, to create a largely automated, digital organization. The platform helps in automating various service lines (Business Operations, Application Maintenance/Support, Service Management, Contact Center Operations) and lines of businesses.
An overview of TCS Cognitive Automation Platform
An overview of TCS Cognitive Automation Platform
The platform helps achieve the following benefits at enterprise scale:
- Customer experience transformation: Use analytics and insights to run processes seamlessly, enable conversational experience, and ensure a frictionless customer journey.
- Streamline the spectrum: Reimagine and build end-to-end processes leveraging low-code, no-code workflows with non-intrusive integration.
- Holistic automation: Drive hyper-intelligent automation with the combination of technologies such as GenAI, machine learning, computer vision, and RPA (robotic process automation).
- Process observability: Extreme transparency through real-time insights, recommendations, and reports.
- Anywhere hosting: Cloud-compatible solution that can be hosted on premises or on any hyper scalar.
Benefits
With TCS Cognitive Automation Platform, BFSI enterprises can improve customer experience, increase productivity, enable straight through processing, and reduce the cost of operations across business & IT operations.
The platform helps:
- Enhance business efficiency: Increase business process efficiency by 30-50% with highly automated workflows, digital workers, and domain-driven cognitive models.
- Improve customer experience: Minimize friction and bring total experience with hyper-personalization of customer universe events at touchpoints.
- Ensure regulatory compliance: Automate compliance-related checks, improve straight-through processing, reduce processing time, and increase compliance.
- Accelerate the speed to market: Launch industry solutions 50% 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 to achieve more than 40% reduction in ownership costs.
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 the BFSI service areas helps it develop extremely relevant business solutions faster.
- IT-business 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.