Tata Consultancy Services’ Automated Account Opening and KYC Services Platform Helps the Bank Improve Turnaround Time
MUMBAI, June 17, 2019: Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS), a leading global IT services, consulting and business solutions organization, and Federal Bank (BSE: 500469, NSE: FEDERALBNK) announced the successful deployment of TCS’ Digital CASA Account Opening and KYC Services Platform, resulting in improved customer experience.
As part of its transformation agenda, Federal Bank chose TCS to reimagine its account opening and KYC processes. Based on its Business 4.0™ thought leadership framework, Machine First™ Delivery Model and Enterprise Agile framework, TCS deployed its CASA Account Opening Platform on a business utility model – tablet and web based – on the TCS Cloud.
The platform enables account opening through Straight Through Processing (STP) as well as non-STP, using mobile, cognitive and optical character recognition (OCR) to improve turnaround time. With the use of OCR and automation, the customer’s documents along with the account opening form can be scanned and submitted electronically. The platform also seamlessly and automatically integrates with the Digital India ecosystem and the bank’s internal systems.
With the deployment of this platform, Federal Bank has been able to improve the end to end turnaround time for account opening, thereby contributing to enhanced customer experience. The bank also recently piloted these services for their NRI customers.
Shalini Warrier, Chief Operating Officer, Federal Bank, said, “The development of the unique account opening solution, in partnership with TCS, has transformed the account opening experience for customers. We look forward to our continued association with TCS in the next phase of our growth journey.”
Ujjwal Mathur, Country Head, TCS India, said, “We are proud to be associated with Federal Bank. The contextual knowledge that we have gained over the years, coupled with our Business 4.0 framework, Machine First approach and Location Independent Agile methods are helping our customers in their transformation journeys.”
About Tata Consultancy Services Ltd. (TCS)
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 the last fifty years. TCS offers a consulting-led, cognitive powered, integrated portfolio of business, technology and engineering services and solutions. This is delivered through its unique Location Independent Agile 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 424,000 of the world’s best-trained consultants in 46 countries. The company generated consolidated revenues of US $20.9 billion in the fiscal year ended March 31, 2019, and is listed on the BSE (formerly Bombay Stock Exchange) and the NSE (National Stock Exchange) 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 Dow Jones Sustainability Index (DJSI), MSCI Global Sustainability Index and the FTSE4Good Emerging Index. For more information, visit us at www.tcs.com.
About Federal Bank
Federal Bank is a leading private sector bank with a branch network of 1,251 branches and 1,669 ATMs spread across the country. The Bank’s total business mix (deposits + advances) stood at Rs 2.46 Lakh Crore as at March 31, 2019 and it has earned a net profit of Rs. 1,244 Crore for FY19. The Capital Adequacy Ratio (CRAR) of the Bank, computed as per Basel III guidelines, stood at 14.14%. Federal Bank has its Representative Offices at Dubai and Abu Dhabi that serve as a nerve center for NRI customers in the UAE. The Bank also has an IFSC Banking Unit (IBU) in Gujarat International Finance Tec-City (GIFT City). Federal Bank is transforming itself, keeping its principles intact, into an organization that offers services beyond par. It has a well-defined vision for the future as a guidepost to its progress.
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