TCS (Tata Consultancy Services), the IT services, business and consulting leader has come up with a new analytics solution. Its group of Digital Software and Solutions (DS&S) has come up with the Customer Insights and Intelligence software solution meant for the retail banks.
As per the study done by TCS, one of the main challenges of financial institutions is the need to customize services and products. This customization is done around the user point of view of a single person. As the consumer preferences in the banking sector evolve rapidly, the financial institutions are racing with the trends by increasing the innovative investments. These investments are made in different segments such as IoT, digital, mobile, and social technologies. These are large interrupters to the way people decided to carry out their baking.
As per the company statement, the new software solutions Customer Intelligence and Insights is a pre-integrated and modular software that is designed especially for the retail banking industry. This will accelerate the transition to a customer centric enterprise from being a product focused one. The solution will capture and analyze the structured, high volume, unstructured and high velocity data to form a single view of the customer. It will also provide actionable intelligence about the behavior across organization and channel silos.
Most banks possess an urgent key digital that is important to understand their customers deeply to cater to the expanding expectations and offer a personalized user experience. Seeta Hariharan, the general manager as well as Group head of the DS&S group of TCS stated that this will happen over a multitude of financial offerings as well as banking channels.
The Customer Intelligence and Insights model of TCS includes different modules such as data induction platform, analysis modules, insight modules and action modules.