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 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
TCS Open Banking helps enterprises create innovative proposals to revamp their end-to-end customer experience