Industry
Banking
Banking Services Transformation: Unlocking Exponential Value
Solution
Data and Analytics
Smart Data for AI: Building Agile, AI-ready Ecosystems
Cognitive Business Operations
Unlock Business Agility and Future-ready Operations with TCS
Consulting
TCS Consulting Services to Achieve Success in the Digital Era
Highlights
- Banking, financial services, and insurance (BFSI) firms are turning to an omnichannel approach to cater to their customers’ needs. They want to improve their digital engagement for better customer reach.
- TCS’ Digital Engagement Advisory Services help BFSI firms analyze customer interactions and design newer ways of engagement.
- This suite offers customer journey advisory services, digital-only banking, contact center modernization, and personalized customer engagement.
In this article
Overview
Banks are making a foray into beyond-banking services.
This calls for opening up of traditional channels and redrawing of business processes and ecosystem partnerships to deliver an omnichannel customer journey. To deliver financial value to the customer, beyond traditional banking services, BFSI firms are offering services such as spend tracking and financial advisory, enabled by real-time analytics and insights.
Organizations are looking to unlock the value of data through rich insights and digital dashboards. When fed into an artificial intelligence (AI) based platform, these insights would enable more contextual conversations with the customer, thereby converting a standard contact center into a customer engagement hub.
TCS’ Digital Engagement Advisory Services help BFSI organizations analyze customer interactions and identify newer ways of engagement, keeping the human element in mind. The services leverage a customer knowledge parser to facilitate the bundling of products and services. TCS also offers customer journey analysis combined with a digital readiness assessment to determine and develop a roadmap for end-to-end customer experience management across various user contexts such as product or service fulfillment, new product inquiry or application and so on.
The opportunity
There is an uptick in digital readiness and adoption across businesses and customer segments.
Coupled with rising competition and margin pressures, this is compelling BFSI organizations to relook at how they engage with their end customers. However, most banks operate with legacy infrastructure, resulting in poor customer service and experience. Banks and financial services firms need to modernize and transform their existing business capabilities and digital customer engagement processes to take customer experience to the next level.
TCS helps BFSI companies perform structural analysis with proper evaluation criteria to establish a futuristic customer engagement model.
The offering enables BFSI institutions to drive digital transformation geared toward improving and enriching customer contextual journeys, customer engagement models, and systems. With TCS’ range of solutions and services, financial institutions can engage customers through their preferred medium and proactively send offers and recommendations. TCS’ advisory services enable BFSI firms to deliver frictionless experiences to end customers through personalized and proactive context-driven engagements.
Solution
TCS' services help BFSI organizations accelerate their digital transformation journeys.
TCS offers the following services:
- Engagement transformation: This is a digital assessment and advisory service for customer journey analysis. It helps enterprises leverage digital channels such as mobile, virtual reality, and more, thereby improving customer experience. It also helps banks visualize the target state of digital engagements and determines if their digital channels are inclusive, frictionless, immersive, personalized, and contextual.
- Digital-only banking: This a readiness and maturity assessment of the digital banking pillars and a business capability strategy roadmap. It helps banks prioritize which aspects of their business need to be part of digital transformation. It also defines the digital bank architecture for potential ecosystem solution integrations.
- Contact center modernization: This component optimizes call volume strategy and guidance with the eliminate-deflect-improve approach. It also provides AI and machine learning (ML)-based remediation solutions to drive a digital shift in customer engagement.
- Customer knowledge platform: With this, firms can personalize engagement with contextualized customer behavior knowledge and proactive actions on customer needs and problems.
Business benefits
A digital readiness assessment helps organizations create a comprehensive digital strategy, which will deepen their customer engagement.
With TCS’ Digital Engagement Advisory Services, BFSI firms will be able to realize the following benefits:
- Cost elimination: The offering provides a 360-degree view of customer data with real-time context across businesses. These insights will help banks identify new customer needs, based on which they can create new products and services. They will also be able to cross-sell and upsell, thereby increasing business revenue. Digital channels also help eliminate the cost of engaging customers through physical channels and reduce the cost of marketing and new customer acquisition.
- Customer retention: Firms can retain and grow their customer base by accelerating the development of minimum viable product (MVP) banking solutions. MVP solutions allow only key products and features to be made available on digital channels, which improve customer experience and prevent attrition. These solutions leverage augmented reality (AR) to provide immersive digital experiences.
- Personalized services: BFSI enterprises can deliver personalized and contextual products and services by leveraging a design thinking approach to shift focus toward various personas and spending patterns among target customers. It provides a defined set of key user journeys, mobile apps, and portal solutions.
Why TCS
TCS brings decades of experience and deep contextual knowledge to the table.
A partnership with TCS helps BFSI institutions take advantage of the following:
Thought leadership: TCS differentiates itself by building futuristic and sustainable business models across industry verticals. It also leverages its deep industry experience and contextual business knowledge in digital ecosystems to deliver value.
Design thinking-led innovation: TCS has extensive experience in using a design thinking approach involving all stakeholders. This helps to gain consensus on focus areas, feasibility, and solutioning in a human-centric environment for enhancing the end-user experience.
Rapid MVP-oriented banking: TCS leverages its innovation labs and garage set-up to evaluate multiple products, conduct build versus buy analysis, and provide contextual recommendations on digital transformation projects.
Continued investments for ecosystem collaboration: TCS has made significant investments in co-innovation networks and labs. It has also developed partnerships through transformational initiative and cross-industry solutions.