Tata Consultancy Services (TCS) announced the launch of its Enterprise Data Lake (EDL) for Advanced Analytics on Amazon Web Services (AWS). TCS new offering is aimed at banking and financial services industry to optimize them their business processes faster by leveraging fast data and data-driven intelligence. TCS said that data-driven digital disruptions are shifting paradigms in the banking and financial services industry, making it essential for organisations to view themselves as customer-centric rather than product-centric entities.
“Rapid technological advancements give banking and financial institutions access to large volumes of data from multiple touch points in the value chain. Data can help banks deliver a superior customer experience, but without the capability to collate, structure, and analyze the data, it remains largely unusable,” said TCS.
The Global Business Solutions Labs in TCS' Cincinnati facility leveraged AWS' big data services (Lambda, Kinesis Streams, Kinesis Firehose, S3 Dynamo DB, and Redshift) to incubate and design a reference architecture framework and solution. TCS' EDL for Advanced Analytics solution on AWS provides a single persistent data store to house all data (structured, semi-structured and unstructured) in its native format, and it can be accessed across the organization's processing, analytics and regulatory functions.
The solution rapidly identifies historical and trending patterns across customer segments by leveraging AWS Machine Learning based on behavior, preferences, needs, and sentiments. It is then able to deliver relevant propositions, real-time contextual communications, and a consistent experience to enhance customer-centric business processes and service models.
“TCS's technical expertise and the globally accessible EDL framework and solution architecture delivered through the secure, robust and scalable AWS, allow our customers to benefit from accelerated enterprise-wide transformation and improved business agility,” said Raman Venkatraman, Vice President and Global Head of Alliances & Technology Unit at TCS.
The solution deploys on the AWS Cloud using AWS-native services, open-source products and interoperable software on the AWS marketplace. “Amazon Web Services is excited about TCS's commitment to help customers uncover data driven insights for intelligent actions through this Enterprise Data Lake Solution. AWS platform provides the flexibility to this solution to help leverage leading AWS cloud technologies,” said Christopher A. Niederman, GM, Worldwide Strategic Alliances, Amazon Web Services (AWS).
The EDL solution while developed for banking and financial institutions to help them lower the cost of data management and operational infrastructure, and enhance agility, scalability and in-memory computing for enhanced performance, can also be applied to other industries equally well.