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MUMBAI, JANUARY 23, 2025: Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS) a global leader in IT services, consulting, and business solutions, has enhanced its proprietary financial solutions TCS BaNCSTM and QuartzTM with generative artificial intelligence (GenAI) capabilities to help financial institutions get the best out of their data, improve their business reporting and enhance their customer experience. TCS is now working with customers, including Tier-1 Insurance companies, on two pilots and three projects for these solutions.
The TCS BaNCS for Intelligent Experience (TCS BaNCS IX) will help customers in significantly transforming their existing customer servicing models through GenAI-enabled agents.
The Intelligent Insights solution from Quartz brings to the market capabilities to harness GenAI for dynamic management of data and reporting across databases, distributed ledgers, unstructured data and big data stores.
Despite widespread AI adoption, organizations still face challenges in effectively using their data and democratizing tacit knowledge. Data often resides in multiple systems making it difficult to access, compile and generate insights in a timely manner. The challenges are exacerbated for banks and financial institutions that not only have to adhere to strict regulations but also ensure high quality of the underlying data being used for reporting. They need to deliver improved experiences and outcomes for the next generation of their customers, in a dynamically changing global business environment. TCS’ GenAI-enabled solutions are designed to address these strategic needs – while the Intelligent Insights solution from Quartz can integrate seamlessly with enterprise systems to help organizations get the most out of their data, and improve accuracy in business reporting, the TCS BaNCS solution for Intelligent Experience is designed to deliver a completely personalized, conversation led experience for solving customer queries.
Vivekanand Ramgopal, President, BFSI Products & Platforms, TCS, said, “AI adoption journeys are unique for every organization. TCS has leveraged its industry expertise and enhanced its solutions with GenAI technology to address some of the challenges that customers face with data, reporting, analytics and personalization. Our solutions will help financial institutions unlock the true potential of data and leverage AI to improve the overall customer experience. We believe we have made a strong start and look forward to leveraging AI across our Products & Platforms customers.”
Intelligent Insights solution from Quartz combines data from traditional databases, blockchain ledgers as well as unstructured data from public sources such as news feeds, creating powerful reports and dashboards that deliver multi-dimensional and strategic inputs to the user. This vastly improves the accuracy of business reports and leads to superior decision making. The solution enables business users to input queries in natural language and access dynamic, multi-dimensional and real-time reports. With the ability to train the open-source large language model (LLM) on appropriate, industry specific data models, the solution can also be deployed for customers across industry segments. Users can also access reports in templates of their choice, thus ensuring a personalized user experience.
TCS BaNCSTM for Intelligent Experience delivers a comprehensive suite of solutions that blend innovation, creativity, technology, and business insights to enhance customer experiences. By leveraging AI and machine learning on customer engagement data, TCS BaNCSTM IX provides real-time insights into customer behaviour, and delivers personalized recommendations and experiences. This solution also facilitates the training of open-source large language models (LLMs) tailored to the financial services industry and enterprise knowledge. It delivers targeted information through natural language queries, including email responses, thereby improving responsiveness and reducing the knowledge burden on customer service agents. Financial services companies can predict and take proactive actions to ensure positive customer outcomes and consistent results.
In a highly competitive marketplace, TCS BaNCSTM for Intelligent Experience helps organizations boost customer satisfaction, increase loyalty, and drive growth.
Tata Consultancy Services is an IT services, consulting and business solutions organization that has been partnering with many of the world’s largest businesses in their transformation journeys for over 56 years. Its consulting-led, cognitive powered, portfolio of business, technology and engineering services and solutions is delivered through its unique Location Independent AgileTM delivery model, recognized as a benchmark of excellence in software development.
A part of the Tata group, India's largest multinational business group, TCS has over 607,000 of the world’s best-trained consultants in 55 countries. The company generated consolidated revenues of US $29 billion in the fiscal year ended March 31, 2024, and is listed on the BSE and the NSE in India. TCS' proactive stance on climate change and award-winning work with communities across the world have earned it a place in leading sustainability indices such as the MSCI Global Sustainability Index and the FTSE4Good Emerging Index. For more information, visit www.tcs.com
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