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Enabling Touchless Operations in Financial Services Using Next-gen Tech

 

Kumaravelu

Industry Advisor and Transformation Head, BFSI, TCS

Santhosh Kumar Ravindran

Domain Specialist and Transformation Consultant, BFSI, TCS

Surajit Kar

Transformation Consultant and Technology Head, BFSI, TCS

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Moving to touchless banking can enhance customers’ digital banking experience

The adoption of digital transformation in banking has been largely focused on offering a digital interface and a frictionless customer experience, while failing to address complexities in back-office processes. Given the ongoing pandemic, financial institutions are under pressure to introduce touchless operations. A shift to touchless operations will entail studying complex business processes and implementing next-gen solutions, using a well-designed transformation framework.

To move to touchless banking, financial institutions must leverage:

  • Low code, no code automation – to limit IT involvement, reduce cost and dependence on coding skills, and enhance the benefits of automation
  • Advanced artificial intelligence – to reduce manual effort
  • Advanced analytics – to proactively identify and address customer needs
  • Digitalization – to deliver faster, personalized service, improve transparency, and enhance experience for customer segments preferring physical interactions

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