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About the client:
One of the largest financial institutions in the United States, the client is high-tech commercial bank, having funded more than 30,000 start-ups.
Business challenges:
- The client needed the capability to increase revenue from foreign currency deposits/loans and indirect foreign exchange products. They also needed to reduce TCO and operational risks associated with maintaining multiple source systems.
- There were challenges in managing testing activities, knowledge management and retention of various applications optimally to improve cost and QA cycle time
- Large number of legacy applications with reduced provider support
- The client’s UK operations needed to adhere to PSD2 regulations in a very short timeframe and were seeking domain, compliance and technical guidance to assist in efficient decision-making
Mindtree’s solution:
- Development of first mobile banking platform facilitated with on-the-go flexible banking experience
- Modelling of audit events
- Call-to-verify and text-to-verify for high risk transactions, profiling users and presenting challenge questions based on risk scores
- Foreign currency trading enabled from online banking system - FX Buy, Sell, Forward, Drawdowns, MTM reports
- Re-engineered loan origination system to add new features and modernize its technical stack
- Designed and developed an authentication mechanism that integrates the bank’s API’s with customer data available
- Re-engineered the existing data warehouse and the related processes
Business benefits:
- 50% increase in transactional volume (wires and foreign currency)
- Automated and simplified loan approval process
- 90% increase in the client base, 80% increase in the user base
- Redesigned to deliver a new and improved, intuitive platform with better look and feel for the bank’s corporate clients
- Scalable and robust platform available for multi-country roll-outs. Reduced TCO and process standardization. 24X7 real-time operational support for all the ETL processes and reports
- Implemented coherence across data storage modules for faster access
- The client was able to meet its compliance goals and timeline via a well-managed delivery model with zero defects
