Tata Consultancy Services (TCS) has introduced a significant upgrade to its TCS BaNCS financial services platform with the launch of TCS BaNCS AI Compass. This new artificial intelligence core integrates multiple AI technologies, including machine learning, deep learning, and generative AI, alongside pre-built software agents, creating a cohesive environment that enhances operational capabilities for financial institutions.
Positioned as an extension of the existing BaNCS platform, which currently serves over 500 financial organizations globally—including prominent players in the UK—TCS BaNCS AI Compass targets operational tasks in banking, securities services, and wealth management. Notably, it features a no-code, configurable interface designed to empower both business and technology teams to build, train, test, and deploy AI agents without requiring custom development.
This innovative tool is aimed at senior technology decision-makers within financial institutions. TCS emphasizes the importance of governance, transparency, and traceability in AI decision-making, providing clients with robust mechanisms to oversee automated processes.
The BaNCS platform has a solid reputation among banks, insurers, and building societies, including Scottish Widows, The Cumberland Building Society, and M&G Prudential. With the introduction of AI Compass, TCS enhances this established base with pre-built agents that integrate seamlessly into existing workflows.
In the realms of retail and commercial banking, these agents can facilitate tasks such as account opening and credit underwriting. They are also capable of addressing tailored query resolutions across various channels, encompassing both digital and assisted-service environments. In securities services, the AI engine focuses on back-office and middle-office functions, enabling it to predict tax treatments for payouts, differentiate between dividend and interest classifications, and identify missing data in corporate action events. Additionally, it streamlines the ingestion and interpretation of complex documents.
As regulatory scrutiny intensifies around AI systems, financial institutions must prioritize explainability and control. TCS has embedded explainable AI and audit logging as fundamental features of the Compass product. This system logs AI interactions and decisions, facilitating stakeholder oversight of data flows and outputs. It also includes mechanisms for systematic bias testing and traceable workflows, providing compliance and risk management teams with enhanced visibility over automated decisions.
The platform adheres to stringent data lineage and process control standards. Privacy-by-design principles are integral to data handling and model deployment, ensuring that users can scrutinize the logic behind AI decisions through the tool’s explainability capabilities. Venkateshwaran Srinivasan, Global Head of Financial Solutions at TCS, remarked that the launch signifies a pivotal advancement in the company’s approach to artificial intelligence across its financial services software suite.
“Our vision is to unlock greater value for our customers through AI agents tailor-made for multiple use cases across the transaction life cycle of our solutions. Our primary focus is on making AI integral to TCS BaNCS, enhancing operational efficiency and helping our customers manage risk effectively while prioritising robust governance, transparency and responsible AI practices. We are committed to helping our customers shape the future of intelligent, customer-centric financial services,” said Srinivasan.
Looking ahead, TCS plans to expand its offering of AI agents and use cases within the BaNCS framework as financial institutions increasingly adopt AI technologies in regulated environments. This strategic initiative underscores TCS’s commitment to innovation and its role in shaping the future of financial services through advanced AI applications.
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