Tata Consultancy Services Limited (TCS) has partnered with Five Star Bank, a subsidiary of Financial Institutions Inc, to aid it in determining lending risks and delivering hyper-personalised customer experiences.
According to the IT Service Giant, it will use its customer intelligence & insights (CI&I) analytics platform to assist Five Star Bank in real-time customer engagement across numerous channels on its digital transformation journey.
Reportedly, the Five Star Bank offers consumer and commercial loan services in central and western New York. Further, to meet customer expectations and promote competitive differentiation, the bank was looking for a solution that offers contextual consumer insights.
With the help of analyses like sentiment score, churn score, product white space, customer persona, segments, transaction profiles, and calls to action, the relationship managers at the bank will receive artificial intelligence/machine learning (AI/ML) driven insights and self-serve customer and marketing analytics use cases. This will enable its relationship managers to acquire deep insights about specific customers as well.
Furthermore, TCS Customer Intelligence & Insights (CI&I), for insurance is a customer analytics software built for insurers with pre-built use cases for faster time to value and includes a KPI-based alert framework to notify key stakeholders when customer thresholds are achieved, such as credit scores, account values, or life events.
As a result of CI&I, the bank will be able to periodically review loans, share predictive early warnings on loans that are likely to default, and take the appropriate action to prevent loans from experiencing prolonged credit degradation.
Moreover, it will notify the bank about customers who are likely to default or pay off their loans early using AI-based models.
Sharing his views, Amit Bajaj, President, TCS-North America, said, “we are proud to partner with Five Star Bank in its ongoing transformation as they leverage insights from data to help identify new business opportunities via intelligent prospecting. We look forward to helping equip the bank’s business customers and relationship managers with timely and actionable alerts and unique insights to drive growth.”
Commenting on the deal, Sean Willett, EVP, Chief Administrative Officer, Five Star Bank, said, “the partnership with TCS Customer Intelligence & Insights will help drive deeper, more meaningful interactions with our customers and communities, further strengthen our approach to managing credit risk, and power the delivery of community banking digitally. With CI&I, Five Star Bank is bridging the human-digital divide with contextual AI-driven recommendations for next-best offers and actions.”
The CI&I is a single, safe, extendable analytics system that complies with data privacy regulations and unifies all internal and external customer data. Additionally, the future-focused platform provides connected intelligence through pre-built, industry-specific customer analytics use cases that accelerate time to value.
Furthermore, CI&I’s analytics help increase loyalty, CLV, and wallet share; reduce NPAs, bad debts, and write-offs; and provide an improved understanding of prepayment risk.
Currently, more than 606,000 of the best-trained consultants in the world work at TCS across 55 nations. According to reports, the company generated consolidated revenues of $25.7 Bn in the fiscal year ended March 31, 2022.