Tata Asset Management embraces digital transformation and AI innovation

In an era where digital transformation is reshaping the financial industry, Tata Asset Management stands at the forefront, leveraging cutting-edge technologies to enhance its services and customer experience. Hemant Kumar, the Chief Distribution & Digital Officer, provides an in-depth look into the company’s recent digital initiatives, the integration of generative AI, and their strategic plans for the future. Kumar delves into the company’s innovative use of generative AI, noting its application across various business aspects.

Can you take us through some of the recent digital initiatives you have taken? What has been the impact?

We have recently done a complete revamp of our investor and distributor portal (Pragati) to enhance user experience, the ease of use and new set of functionalities are specially being appreciated. We have also automated customer journeys, significantly increasing customer lifetime value. We have launched a mobile app for our employees and distributors that empowers them with powerful financial tools and product content on their fingertips. 

What are some of the areas in which you are using generative AI? What impact does it have?

We’re leveraging generative AI across various business aspects, such as creating product explainer videos more efficiently and conducting quick analysis and research. Implementation of AI solutions is being explored for faster query resolution through chat and voice-based channels. We are also using AI solutions for generating digital content like images and articles, which has greatly improved our content creation process.

How do you plan to integrate AI strategically into the organisation’s IT roadmap, and what challenges do you foresee in this implementation?

Generative AI is rapidly evolving, and we’re continuously exploring new developments to create value. It’s a core part of our digital strategy, and we’re proactively identifying key problems that AI can solve, driving agile solutions to stay ahead of the curve. We look at generative AI as an enabler which is helping our employees to do their work faster and better which in-turn results in providing a better experience to investors.

In the next six months to one year, what are some of the new digital or technology initiatives planned?

We have multiple exciting digital initiatives that are currently under works. These include – launching new transaction mobile apps for investors and distributors, introducing new tools on our platforms to streamline the investing journey and providing better portfolio insights to the investors, deploying AI-based conversational bots to further enhance user engagement. Keep an eye on our website and our social media channels for updates on our new initiatives.