NEW YORK and MUMBAI, India, May 23, 2016 /PRNewswire/ -- Tata Consultancy Services (BSE: 532540, NSE: TCS), a leading global IT services, consulting and business solutions organization, today announced the release of a new module for its Digital Software & Solutions (DS&S) Group's Customer Intelligence & Insights (CI&I) Solution for Retail Banks. The new software release features an operational analytics module that enables retail banks to understand in real-time how the product fulfillment process for consumer banking operations impacts multiple departmental touch points, and provides recommendations on operational processes to better serve their customers.
By 2019, financial institutions worldwide will spend more than $310 billion on IT, with one-third of spending going to digital transformative technologies to address customers' digital lifestyles. A recent IDC survey of financial institutions found that 'understanding the customer' was the main business objective for deploying front-office analytics solutions that facilitate collaboration and integration for customer centricity and enable banks to be proactive in providing a uniquely individualized customer journey.
"One compelling aspect of TCS' go-to-market strategy is that its vision lays out three 'maturity levels' from 360-degree Customer Insights to Customer-Centric Operations to Deeper Customer Engagement," said Jerry Silva, Global Banking Research Director, IDC Financial Insights. "These stages are not only immediately identifiable to any retail bank executive, but represent an increasing sophistication that the institution can attain through progressive implementations of an analytics solution, paving the way to digital transformation."
TCS' Customer Intelligence & Insights Solution for Retail Banks provides a future-ready, scalable platform specifically designed for banking and financial services, and is built on open source software to support an all-data architecture. Augmenting the earlier software release for customer analytics, the latest module introduces operational analytics to provide actionable insights across the banking process lifecycle, including ability to identify and eliminate process bottlenecks, reduce overhead costs and proactively detect impacted customers to recommend remedial actions with realtime alerts to customer facing departments.
"Banks must develop new ways of thinking to thrive in the digital age and anticipate and adapt to customers' evolving preferences and patterns," said Seeta Hariharan, General Manager and Group Head of TCS' Digital Software & Solutions group. "Any enterprise, including banks, that is focused on owning the customer journey and providing a seamless experience beyond traditional boundaries of services, will win at delivering digital excellence and building long term customer trust and retention."
TCS' CI&I Solution for Retail Banks features a unified set of data models and out-of-the-box KPIs that address key business issues relevant to the banking industry. The configurable solution requires little customization effort and thereby accelerates business value in the shortest possible time. It is architected to provide highly flexible delivery options and ease of integration, delivering real-time customer insights across all customer channels, and enabling retail banks to identify highly targeted customer offerings, while reducing operational costs.
Source: IDC PlanScape: How to Make the Retail Bank Branch the Face of Digital Transformation
Feb 2016 - Doc # US40147616
About TCS Digital Software & Solutions Group
Launched in 2014, TCS Digital Software & Solutions Group is a strategic growth business within TCS, formed to help customers undergo critical digital transformations with modular, scalable and fully integrated, industry-tailored licensed software and solutions. Industries served are Cities, Retail, Communications and Banking and Financial Services, four markets with a particularly urgent need to adopt emerging technologies to enhance customer intelligence capabilities and rapidly shift product and service offerings to compete in highly competitive and customer-centric arenas. For more information, visit us at http://www.tcs.com/digital-software-solutions/pages/default.aspx or on Linked In.
About Tata Consultancy Services Ltd. (TCS)
Tata Consultancy Services is an IT services, consulting and business solutions organization that delivers real results to global business, ensuring a level of certainty no other firm can match. TCS offers a consulting-led, integrated portfolio of IT, BPS, infrastructure, engineering and assurance services. This is delivered through its unique Global Network Delivery Model™, recognized as the benchmark of excellence in software development. A part of the Tata group, India's largest industrial conglomerate, TCS has over 353,000 of the world's best-trained consultants in 46 countries. The company generated consolidated revenues of US $16.5 billion for year ended March 31, 2015 and is listed on the National Stock Exchange and Bombay Stock Exchange in India. For more information, visit us at www.tcs.com.
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SOURCE Tata Consultancy Services