BFSI | Tech Mahindra

Empowering BFSI Leaders

With advanced AI capabilities, Tech Mahindra empowers leaders in the Banking, Financial Services, and Insurance (BFSI) sector. We implement automated solutions, including customer onboarding, video KYC, wealth management, cognitive pre-processing, claims straight-through-processing, and displaying stock market queries.

Our Services

Our AI Service offerings for BFSI companies include consulting services, text analytics (NLP), intelligent automation – business and IT, computer vision, virtual assistants and voice, and advanced analytics (ML).

1. AI-driven Video KYC

Our AI-driven Video KYC solution enables real-time customer onboarding, automating document collection and verification with greater authenticity, reducing drop-offs and optimized onboarding costs.

2. AI Agent Prompter

Assisting Customer Agents to give quicker responses to customers thereby reducing Average Handling Time (AHT) and enhancing customer experience.

3. Conversational AI

This solution helps banks and other financial institutions redefine their future digital strategy with conversations beyond the transactional level, further enhancing the customer experience. We specialize in banking and financial services, including retail and corporate banking, credit cards, insurance, securities and investment sectors, contributing to a 40 to 50% reduction in support and operational costs, and enhanced customer satisfaction, all leading to more cross-sell opportunities.

4. Lending Analytics

By focusing our engagement analytics frameworks on increasing customer lifetime value (CLV), our lending analytics solutions identify intuitive methods for financial institutions to increase profits and improve customer engagement. Our proprietary frameworks for ETL processes assist banks in creating a single view of the customer, deriving customer insights through machine learning modeling techniques.

5. Intelligent Automation for U/W and Claims-Straight-Through Processing

Our platform addresses the real-time demand among insurers to aid their policyholders in self-service needs and queries related to products and coverage, claim documentation, service requirements, as well as any generic queries.

6. Sentinel

This is a single solution for property risk assessment in personal lines as well as the  SME segment in commercial lines. It includes comprehensive and advanced risk scoring for property insurance, driven by big data/AI/ML-based predictive and other advanced analytic models that leverage conventional and digital data sources including satellite imagery, IoT and industry-recognized data sources.

7. AI-Powered Model Risk Management Platform

Tech Mahindra’s AI-driven Video KYC solution enables real-time customer onboarding, automating document collection and verification with greater authenticity, reducing drop-offs and far optimized onboarding costs.

AI-driven Video KYC

Solutions

  • AI-driven face matching
  • AI-driven forgery checking
  • Liveness detection to ensure customer liveness, mitigating the risk of identity fraud
  • Automated document collection
  • Real-time document verification

Benefits

  • Reduced back office overhead (up to 70%)
  • Reduction in customer drop-offs (up to 50%)
  • Exponentially increase scale of operations
  • Low-cost and agile platform customizable to any dynamic regulatory changes

AI Agent Prompter

Solution Features

  • Provides responses to bank agents for customers during chat conversations
  • Utilizes AI and ML to analyze and learn from interactions
  • Natural language processing (NLP) capabilities to train AI engine that improves its proficiency over time
  • Prompts are scored according to model accuracy, with high-rank options appearing in agents' applications

Benefits For Banks

  • Reduction in Average Handling time (AHT)
  • Improve customer experience
  • Higher productivity of agents

Conversational AI

Key Solution Features

  • Time-to-Market and Engagement-to-Live within 3 weeks
  • Multi-language and multi-dialect environment support
  • The AI-powered platform covers all direct customer channels, including messaging or voice apps
  • The solution can also be offered for assisted channels and mid or back-office users within an organization
  • Scalability to collate all institutional knowledge in order to provide the deepest level of engagement beyond regular queries and transaction-based interactions
  • Ability to refine customer journeys by analyzing the context of situations, sentiments, or emotions
  • Over 150+ pre-built and implemented use cases across various business lines for globally-recognized financial institutions

Benefits for BFSI Companies

  • Reduced Opex: Up to 40% call center volume reduction
  • Self-service effectiveness: Above 90% in channel resolution
  • Superlative customer experience: Improvement in NPS and CSAT
  • Agent empowerment: 30% agent training time reduction
  • Top line impact: Up to 25% uplift in conversations

Lending Analytics

Key Solution Features

  • 360° customer view through data consolidation, cleaning, and data supplementing
  • Recommender models for targeted cross-sell, up-sell, and next-best product offers
  • Marketing analytics for developing effective and targeted marketing campaigns
  • Churn predictor models to identify dissatisfied customers, predict churn, and devise appropriate retention strategies
  • Effective NPA management using pre-delinquency models leveraging risk-scoring techniques

Benefits for BFSI Companies

  • Increased share-of-wallet through customer-focused value propositions, driving customer loyalty
  • Higher marketing ROI through targeted campaigns and reduced time-to-value
  • Personalized marketing, leading to improved customer retention and engagement
  • Our solutions have been proven to yield up to 5% additional sales driven by targeted campaigns and a 15% reduction in delinquencies post-disbursal, for a large PSU in India

Intelligent Automation for U/W and Claims-Straight-Through Processing

Key Solution Features

  • Auto-processing of claim forms submitted through chats, emails, contact centers, and mail queries
  • Web forms, chatbots, and unattended robots for coverage inquiries, claims submission, and follow-up queries
  • Automation of the entire customer flow from query submission through the claim closures

Benefits for Insurers:

  • Customers can perform all transactions through simple conversations
  • Bots will reduce the overall cost of operations while delivering customer service efficiencies
  • Recognition-based data capture (OCR), mailroom automation, automated KYC, error-free data, and simplified content management
  • After effective implementation, bots can become the preferred touchpoint for all customer interactions for both sales and services
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Sentinel

This is a single solution for property risk assessment in personal lines as well as the  SME segment in commercial lines. It includes comprehensive and advanced risk scoring for property insurance, driven by big data/AI/ML-based predictive and other advanced analytic models that leverage conventional and digital data sources including satellite imagery, IoT and industry-recognized data sources. 
Benefits for Insurers

  • Up to 40% improvement in pricing efficiency
  • Improvement of up to 30% in the Quote-to-Bind process
  • Higher portfolio profitability in property insurance

AI-Powered Model Risk Management Platform

Challenges

These challenges require an AI-powered model risk management platform: 

 

  • Proliferation in Regulatory Regimes: Stress testing, CCAR, IFRS 9, CECL, IRB, IRRBB, BASEL 3
  • Manageability and Governance: Highly fragmented data, information storage, and lack of automation lead to model risk and governance challenges
  • High Cost of Operation: The exponential increase in the number of models resulted in a significant increase in the cost of model validation and monitoring
  • Increased Regulatory Risk: Frequent manual errors, delays, and inadequate documentation resulting in noncompliance and other relevant regulations

Key Solution Features

  • Address key challenges in model validation and monitoring
  • Model inventory and tiering
  • Data insights, documentation, and reporting

Benefits for BFSI Companies

  • 50%+ estimated efficiency gain across the overall model management cycle
  • Model validation and model monitoring efficiency gain by up to 50%
  • Regulatory reporting efficiency gains up to 40%

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