Online banking in corporate banks is still at a very nascent stage. Most banks provide minimum service through disparate online channels, across product lines. A majority of them are organized as per product lines – cash management, corporate finance and leasing. Each business unit tends to have it’s own customer channel. This makes it difficult for the CIOs / CMOs to present a unified and coherent user experience. Adding mobile to the mix only increases the woes of corporate users.
Of late, there is a marked change. This is both due to customers’ demands and banks’ own needs to maximize business from corporates. Most of the banks are looking to implement a next generation customer portal. The demand may arise due to various reasons: need for mobile enablement, better information management, better marketing opportunities and better performance. Nevertheless, CIOs / CMOs have started driving large scale reengineering, if not transformation projects in this space.
Digital business offerings
Mindtree believes that digital businesses will continue to become more important to any organization’s overall success. Existing digital capabilities are spread across a wide range of channels, business processes and offerings. However, organizations occupy different stages along this spectrum. While the spectrum is a continuum, bands can be identified to classify digital capability characteristics. Organizations must move towards the right band for their digital businesses to utilize the available potential for their industry in the digital marketspace. Mindtree has the expertise and know-how to partner with your team in implementing the right digital business strategy.
We believe that the possibilities for customer value creation are greater in the digital marketspace than in the traditional marketplace due to two unique capabilities – interactivity and individuality. Mindtree has a Digital business model which will not only help your business harness the potential of digital opportunities but also help in realizing the objectives of lower cost of ownership. This model also helps to acheive faster time to markets for the proposed solutions.
Mindtree has a dedicated digital business center of excellence. This works along with functional consultants to provide end-to-end services in digital business space. For this transformation we employ best of the off-the-shelf products technology advancements and world class user experience teams trained in product design, fine arts and branding. We engage at every stage of your digital business, from discovery to implementation, with our unique strengths and cross functional expertise. Our research and past experiences have helped us abstract a host of re-useable solution patterns that reduce time to market while deploying critical new offerings in the digital space.
Portals and collaboration offerings
The Portals, Content and Collaboration Practice brings together expertise in engineering next generation digital and social collaboration solutions.
Success story
Supporting wires over USD 60bn in 1 year from corporate online banking channel for over 1000 corporate customers
The customer
The customer is a mid-sized corporate bank based in US.
Business challenge
- Customer wanted to expand into newer markets, without diluting focus on niche client segment
- The existing online banking channel was unable to cope with the increase in customers and transaction volume
- There were major usability issues resulting in costly errors in initiative large value transfers
Technical challenges
- Poor scalability due to crucial missing architectural units, such as messaging framework service bus and integration tier
- Improper integration between backend systems – e.g. Core Banking, ACH, Fedwires, Bill Payment etc - and front-end online channel. This caused maintenance and upgrade problems
- Multiple independent systems that grew over time in silos, resulted in inconsistent user experience across account types and transactions
- Less intuitive, old application User Interface (UI), caused data entry errors and excessive back office involvement. This resulted in minimal real time transactions
- Lack of mobile banking channel deterred growth
- The online channel was susceptible to cyber attacks and online frauds. This was due to lack of browser security, limited authorization and multi-factor authentication framework
Our solution
- Adopted a consultative approach to understand the customer’s current business processes and IT infrastructure
- Developed a holistic approach of integration with business applications and security infrastructure of the bank
- Improved UI both from content management and transaction initiation perspectives
- Enabled new transactions and multiple system interface to allow a wider bandwidth of user activity on single channel
- Enabled user controlled custom reporting features along with integration with quick-books to address specific reporting needs of bank’s clients
Key benefits
- Singnificant improvement in customer satisfaction Index
- Enabled client to focus on newer customer segments and operations in new geographies
- Supported 50% increase involume of USD and foreign currency wires, over the last 5 years
- Increase in straight through processing of payments and transfers
- Highly enhanced security against online fraud
