Avasant assessed 35 banking process transformation service providers using a rigorous methodology across the key dimensions of practice maturity, domain ecosystem and investments and innovation and positioned HCLTech as a Leader. Details from the report:

In the rapidly evolving banking sector, driven by customer demand for security and personalization, banks are integrating automation and generative AI to enhance operations, customer interactions and fraud prevention.

HCLTech meets these demands with comprehensive banking services, utilizing AI and analytics to enhance operations and customer experience. Its proficiency in risk and compliance, combined with platforms like digitalCOLLEAGUE for employee productivity, Toscana for automation, and AI tools like iKNOW and iGenie, empowers it to strengthen data security and facilitate cost and productivity gains for its clients.

Its continued expansion in Europe and North America, along with acquisitions and strategic partnerships to enhance its wealth management and financial crime solutions, has earned HCLTech recognition as a Leader in Avasant’s Banking Process Transformation 2024 RadarView.

Key highlights of the report:

• HCLTech offers comprehensive banking BPO services, focusing on areas such as retail banking, private banking, financial crime, and corporate banking.
• It is leveraging Gen AI to support the customer service operations of its banking clients. For instance, iGenie aids agents in addressing queries during customer engagements, and iKnow creates training questionnaires from e-books and manuals, generates text summaries and compares legal contracts.
• It leverages its workflow automation platform, TOSCANA, to help clients transform back-office and front-office core banking operations and reduce costs.
• Its digitalCOLLEAGUE acts as a digital coworker for bank employees, automating tasks and streamlining processes to improve customer service.