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Insights at Scale: New Growth Engine for Financial Institutions

 

Prasad Chitta

Technology Leader, Banking, Financial Services, and Insurance, TCS

Praveen Kumar B S

Chief Architect, Banking, Financial Services, and Insurance, TCS

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Transitioning to insights-driven operations to unlock exponential value 

Financial institutions rely on timely insights for strategic and tactical decision-making. By embracing data analytics in banking, the quality of decision-making process can be improved. Additionally, with vertically integrated business models giving way to horizontally connected ecosystems, real-time access to insights is critical to enable hyper-personalization in banking and improve customer experience. However, the use of insights is limited to niche areas of financial services due to manual processes in the data analytics and insights function.

Banks must leverage machine intelligence and other emerging technologies to automate critical components, generate continuous insights, and gain a competitive edge. To achieve this, banks must embrace the templatized SAIL approach to automate insights generation. With the SAIL approach, banks can:

  • Ensure near real-time access to insights

  • Enhance business processes and capabilities

  • Craft hyper-personalized offerings and improve experience

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