A challenging business environment is compelling corporate banks around the globe to adopt online platforms in pursuit of growth, lower costs and greater customer responsiveness.
Here is how Mindtree helped a mid-sized corporate bank headquartered in the United States build a robust online banking platform. By doing so, the customer has succeeded in growing its client base and transaction volumes and has improved efficiency and usability.
The challenge
The customer was growing rapidly and needed a robust and scalable online banking platform to support expansion into newer markets without diluting their existing focus. This posed a challenge as their existing online banking system was difficult to use, and could not keep pace with the increase in clients and transaction volumes. Functional, technical and security-related issues included:
- An inconsistent user experience across systems due to multiple independent systems
- Poor scalability as several crucial architectural units were missing
- Limited support for foreign exchange transactions, hampering foreign currency payments
- High incidence of errors and manual intervention in the wire transfer module
- Impaired usability due to the lack of mobile banking functionality
- Poor protection from cyber attacks and online fraud
The bank therefore needed an IT partner who could quickly assess their existing technology landscape and help them attain the next level in online banking.
Our solution
Mindtree collaborated with the customer to devise a holistic approach to integration and in-house development to meet their business needs. We took ownership of all releases of the platform through a solution encompassing the following highlights:
Supporting growth through technology: We facilitated customer's client segmentation strategy by creating interfaces between the existing corporate banking platform and the new online banking platform. We also supported the customer’s internationalization initiatives by integrating their US banking platform with a new UK banking platform. The team supported the bank's goal of offering banking services over multiple channels by integrating online banking with a mobile banking platform. Mindtree also broadened their payment capabilities by integrating third-party payment applications with the corporate banking platform.
A collaborative approach to functional enhancements: Mindtree enabled a wide range of new functional capabilities including template-based single wire initiation; FX Spot Sell and FX Forward transactions; user controlled custom reporting; and enhanced user administration.
A robust security framework: The team collaborated with third party solution providers to enhance fraud control processes and reduce check frauds. Mindtree also implemented an out of band authentication mechanism for high-risk transactions. We facilitated integration with high-end risk analytics tools by channeling real-time application usage data for ongoing risk monitoring, fraud detection and forensics. Other measures relating to browser security, audit trails and security alerts were also put in place.
Business impact
- Growth enablement resulting in 10,000+ active clients on the online channel
- Improved usability for internal and external users
- 50% increase in foreign currency transactions
- Highly enhanced security measures
- Real-time processing with reduced need for manual intervention
- Preparedness for expanded services through integration with third-party platforms
- Enhanced scalability through standardized frameworks
Customer testimonial
‘You have all done an amazing job. This is a huge milestone and I can’t express to you enough on how proud the entire management team and steering committee is with what you all have accomplished working hand in hand with the business’.
- Head of IT Engineering
