Scotwest Credit Union Partners with TCS to improve customer retention using AI-led personalisation

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

Scotwest Credit Union was looking for a solution to predict customers’ propensity to default and take immediate preventive action. It selected TCS to strengthen its loan portfolio, help preempt early repayments, reduce loss of interest income, improve customer retention, and lifetime value.

TCS implemented its CI&I solution, which provides predictive models such as the probability to default and early payoff, providing Scotwest with a holistic view of cash flows and helping manage liquidity more efficiently. It also helps the credit union make contextual recommendations to their members on the next product to buy as well as loan top up options, making for a more personalised experience while also boosting sales. The solution is integrated with TCS BaNCS Cloud for Banking which powers Scotwest’s operations.

Jackie Alexander, Chief Operating Officer, Scotwest Credit Union, said, “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.”

“We are excited to help Scotwest optimize their loan portfolio and provide differentiated, hyper-personalized customer experiences,” said Ashvini Saxena, Global Head, Digital Software & Solutions, TCS. “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.”

TCS CI&I software helps banks deliver hyper-personalized omnichannel customer experiences. Customers gain a single, secure, extensible analytics platform that unifies all internal and external customer data while adhering to data privacy requirements. Its extensible, future-focused platform provides connected intelligence through pre-built, industry-specific analytics use cases that accelerate time to value. CI&I’s analytics help increase loyalty, CLV, and wallet share, while reducing NPAs, bad debts, and write offs, and provide an improved understanding of prepayment risk.