Scotwest Credit Union partnered With TCS To Enhance Customer Retention Through AI

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Scotwest Credit Union partnered With TCS To Enhance Customer Retention Through AI
16 Jan 2023
5 min read

News Synopsis

Through an exchange filing on Monday, Tata Consultancy Services (TCS) revealed that Scotwest Credit Union, one of the biggest credit unions in the United Kingdom (UK), has improved its customer experience with TCS Customer Intelligence & Insights (CI&I), an AI-driven analytics software.

In order to estimate consumers' propensity to default and take prompt preventive action, Scotwest Credit Union was searching for a solution. It chose TCS to bolster its loan portfolio, assist in preventing early repayments, reduce loss of interest income, increase lifetime value and client retention, and reduce interest income loss.

TCS introduced its CI&I system, which offers forecasting tools like the probability of default and early payout, giving Scotwest a complete picture of cash flows and assisting with more effective liquidity management. Additionally, it enables the credit union to proactively recommend members on the next product to purchase as well as loan top-up alternatives, resulting in a more personalized experience and increased sales. The service is connected with Scotwest's operating system, TCS BaNCS Cloud for Banking.

TCS restricts employees from working from home, citing potential productivity concerns Scotwest Credit Union's Jackie Alexander, Chief Operating Officer, stated: "We look forward to reaping the benefits of TCS BaNCS with analytics provided by TCS Customer Intelligence & Insights. We are confident that TCS' experience with IT platforms and solutions will help us enhance our customer experience by improving contextual recommendations, allow us to proactively reach and assist our members in need, and improve loan recovery and interest rate optimization."

Ashvini Saxena, Global Head, Digital Software & Solutions, TCS, said "We are excited to help Scotwest optimise their loan portfolio and provide differentiated, hyper-personalized customer experiences," Our longstanding strategic partnership with Scotwest and deep understanding of their business context, challenges, and market dynamics, positions TCS well to help them meet higher targets for customer retention and lifetime value. CI&I's AI and ML-driven customer analytics will enable improved data collection and drive customer engagement with reduced lending risks."

Banks may provide highly personalized omnichannel customer experiences with the use of TCS CI&I software. Customers benefit from having access to a unified, secure, and expandable analytics platform that adheres to data protection regulations and unites all internal and external customer data. Through pre-built, industry-specific analytics use cases that hasten time to value, its extensible, future-focused platform offers connected intelligence. The insights offered by CI&I aid improve understanding of prepayment risk while reducing NPAs, bad debts, and write-offs and increasing loyalty, CLV, and wallet share.

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