Indian IT firm Tech Mahindra has joined forces with fintech company Strands to offer an integrated suite of secure and customised digital banking solution powered by artificial intelligence (AI) based integrated suite of secure and customised digital banking solution to financial institutions across the world.
Image: Tech Mahindra partners with Strands to offer AI-powered digital banking solution to financial institutions. Photo: courtesy of Gerd Altmann/Pixabay.
By offering data-driven analytics of user behaviour, the new digital banking solution, is expected to help financial institutions come up with personalised and contextual offering for their customers.
In this regard, Tech Mahindra will leverage the AI capabilities of Strands along with its domain expertise in financial services to deliver improved customer experience.
The digital banking solution will also offer financial institutions relevant insights to make informed decisions to create cross and up-sell opportunities.
Tech Mahindra said that the banking solution will lead to various touch-points across the customer journey which will translate further into increased customer engagement and retention rate.
The digital banking solution will analyse the individual needs of customers and gives insights on money management to provide a personalised digital banking experience.
Tech Mahindra banking, financial services and insurance global head Gautam Bhasin said: “As part of our TechMNxt charter, Tech Mahindra is focused on enhancing customer experience by leveraging next generation technologies like Artificial Intelligence to deliver world-class solutions.
“Our collaboration with Strands will further enable us to implement this unique digital financial solution to enhance end-customer experience and faster time to market of products & services by banks, as well as increase return of investment for our customers.”
The Indian firm, on its part, will offer Strands’ solutions to its global clientele to help them with their complete digital transformation, and will also carry out system integration and service portfolio management.
Strands’ portfolio includes Personal Financial Management (PFM), Business Financial Management (BFM), Engage insight-driven solutions, Customer Linked Offers (CLO), and Application Programming Interface (API) Hub to connect various APIs and external services.
Strands CEO Erik Brieva said: “Our white-label digital money management solutions give financial institutions an edge over the competition, speed up internal processes and help them reap the benefits of a more engaged relationship with their customers. This strategic partnership with Tech Mahindra will accelerate the delivery of tangible business value.”