BFSI
new innovations are redefining the payment landscape
Banks can provide enhanced customer services when digitalising their systems and processes
Legacy systems are a key factor standing in the way of successful digital transformation. Some of the largest banks in the world still rely on core systems that were built 35 years ago, long before many of the improvement-driving advances we’ve come to expect were put into use. According to the 2018 Retail Banking Trends and Predictions report, 69 percent of banks are unable to leverage service and product-enhancing innovations due to legacy systems and dated back-end processes.
At the same time the financial sector is under constant pressure from new Fintech disruptors. Given that the disruptors tend to be startups focused on a particular technology or process, they are more flexible and faster when it comes to adopting innovative solutions and offering more personalised user experience.
The changed customer behaviour and higher expectations make banks realise how investments in digital technologies could benefit customer acquisition and satisfaction and by developing new products and services like banking apps they try to catch up with current pace.
Banks can provide enhanced customer services when digitalising their systems and processes
Challenge
Data-driven decision making
The demand from consumers for personalized banking services and the potential of automation to improve the efficiency and costs of delivering key services are two reasons the effective utilization of data is a business imperative for banks.
EACIIT Solution
Customer Centric approach
Built a prototype for the bank within 3 weeks to illustrate the benefits case.Blended over 2bn records of data from external data sources (Cap IQ, World Bank, Com Trade, Google News, LinkedIn & internal client data from CRM and transaction systems)
OUTCOME
Client 360 view
Easy to use navigation for the Relationship Managers to perform client insights on large data sets. Significant time saved to generate a top to bottom real time overview of each client where it could take 4 to 5 days to generate all these reports for the Relationship Manager before.
Estimated cost
Global bank project
Starting from 50,000 SGD development cost with a 3 week prototyping period and another 1 weeks to productionize.
Alternative Solutions
Tailor made systems
High cost tailor made systems which depend on a large internal IT team to maintain. Poor scalability or integration with new technology.
“Financial institutions have spent the last few years painting the vision of what it means to be a digital bank. In 2018, we’ll see a significant shift from optimization streamlining and automation – to creating new revenue streams. This revenue may come from new business models or simply new products and services, but it signals a recognition that simply doing the same things better is no longer enough.”
– Nicole Sturgill, Principal Executive Advisor at CEB now Gartner
According to research done by DBR (Digital Banking Report) the 3 top priorities in the banking industry for the next years to come are Redesign/enhance digital experience for customer, Enhance Data Analytics capabilities and find ways to reduce operating costs. Besides that high priority will be given to the automation of core business processes and update/replacement of components of the legacy operating systems.
This is the core business of EACIIT and can all be done by our team of talented developers. We have proven to be a solid partner for several banking projects.
