Scotwest Credit Union has selected Tata Consultancy Services (TCS) in a bid to enhance its customer experience with its AI-diriven analytics software.

Looking for a solution to predict customers’ propensity to default and take immediate preventive action, Scotwest selected TCS’s Customer Intelligence and Insights software (CI&I).

The technology will seek to strengthen the credit union’s loan portfolio, help pre-empt early repayments, reduce loss of interest income, and improve customer retention and lifetime value.

CI&I 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.

“We look forward to reaping the benefits of TCS BaNCS with analytics provided by TCS Customer Intelligence & Insights.” Jackie Alexander, Chief Operating Officer, Scotwest Credit Union, said.

“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.”

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Ashvini Saxena, Global Head, Digital Software & Solutions, TCS, added: “We are excited to help Scotwest optimize 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.”

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