Indian IT services provider Tata Consultancy Services (TCS) has joined forces with Envestnet Data and Analytics (Envestnet D&A) to help the latter speed up its digital transformation journey.

To achieve this, the America-based company will extend its technology ecosystem and implement cloud-first data architectures while providing financial wellness services better for its customers.

The collaboration with Tata Consultancy Services will allow both companies to work together on market opportunities that are transformative. They will also collaborate to develop insights and products that aid global financial institutions in enhancing relations with their clients and create higher lifetime value.

Alongside expanding its platform’s core capabilities and cloud-enabled information estate, Tata Consultancy Services utilizes its cloud-based capabilities as well as Machine First approach to enhance the technology infrastructure of Envestnet D&A to streamline operations and boost innovation in its products.

Farouk Ferchichi — Envestnet D&A Group President said: “Our mission at Envestnet is to empower advisors and financial service providers with innovative technology, solutions, and intelligence to make financial wellness a reality for everyone.

“As such, we are pleased to partner with TCS to accelerate our response to the growth opportunities in the marketplace, allowing us to scale our product innovation and be more dynamic in meeting clients’ expectations. This includes helping firms leverage data and analytics to optimize their operations and create more personalized experiences for their customers.”

The collaboration will create an all-encompassing data platform that will enhance the experience of clients across payment, banking, and wealth products. It will also allow users to enrich existing data sets by incorporating new information from other sources and provide insights to help develop new portfolio strategies.

In addition, Tata Consultancy Services will leverage its specific knowledge of the context of its customers to create and deliver specific analytics solutions designed specifically for its customers in the financial and banking services sector by using the Envestnet D&A platform.

Rakesh Kumar — Tata Consultancy Services US West, Banking, Financial Services and Insurance Business Unit Head said: “Using our deep financial experience developed over decades, TCS is helping leading wealth management institutions across the world leverage new technologies to navigate the evolving business landscape, pursue innovation and improve customer experience.

“We are looking forward to this unique partnership to help Envestnet D&A in their journey towards building a robust ecosystem, accelerating their innovation strategy and driving newer growth opportunities.”

  customer experience, digital transformation, Envestnet, Envestnet Data and Analytics, Farouk Ferchichi, Rakesh Kumar, Tata Consultancy Services, USA