Federal Bank chose TCS to reimagine its account opening and KYC processes. Based on its Business 4.0 thought leadership framework, Machine First Delivery Model and Enterprise Agile framework, TCS deployed its CASA Account Opening Platform on a business utility model – tablet and web based – on the TCS Cloud.
The platform enables account opening through Straight Through Processing (STP) as well as non-STP, using mobile, cognitive and optical character recognition (OCR) to improve turnaround time. With the use of OCR and automation, the customer's documents along with the account opening form can be scanned and submitted electronically. The platform also automatically integrates with the Digital India ecosystem and the bank's internal systems.
With the deployment of this platform, Federal Bank has been able to improve the end to end turnaround time for account opening, thereby contributing to enhanced customer experience. The bank also recently piloted these services for their NRI customers, said TCS.
“The development of the unique account opening solution, in partnership with TCS, has transformed the account opening experience for customers. We look forward to our continued association with TCS in the next phase of our growth journey,” said Shalini Warrier, Chief Operating Officer, Federal Bank.
“We are proud to be associated with Federal Bank. The contextual knowledge that we have gained over the years, coupled with our Business 4.0 framework, Machine First approach and Location Independent Agile methods are helping our customers in their transformation journeys,” said Ujjwal Mathur, Country Head, TCS India.