Engineering A New Age Digital Bank

One of the largest independent banks, HQ’d in CA, was able to develop a digital financial platform from scratch in 9 months using Brillio’s proven digital banking solution.

About the Customer

Headquartered in California, this client is a leading bank with presence in over 130 locations worldwide. A major objective for the bank was to further educate the immigrant population on US financial customs and to build a solution specifically for their needs. In 2000, the bank found itself catering to a traditional and aging customer base with a low volume and velocity of transactions, impacting profitability. This meant not only was the client missing out on catering to a more affluent and profitable segment but also failing to attract new customers. Significant low proportions of the Gen Y and the Gen Z segment was resulting in the bank’s inability to maximize customer lifetime value.

Owing to the inertia of catering to a segment with a lower digital affinity, the bank’s technology capabilities to provide digital experiences such online and mobile banking were lagging. Hence, there was a need to rapidly align itself to shifting demographics and social changes by onboarding onto a digital transformation journey.

Business Challenge

• Capture a more sizable opportunity within its customer base by acquiring more deposit share
• Deepening relationships through additional products
• Acquire new clients, both through its branches and through the launch of a digital bank

Solutions

To guide the client on their digital journey, Brillio partnered to ideate on both the business and technology pain points and build a roadmap to resolve them. Using its experience of multiple engagements in the BFSI industry, and a strong partnership ecosystem including MuleSoft, Brillio was well-poised to address the client’s challenges.

Following an assessment of the client’s landscape, Brillio recommended a three-pronged approach to revamp the client’s digital and physical footprint:

• Enabling Omni-Channel Experiences: Brillio developed an Omni-Channel Integrated Platform, that enabled a consistent user experience.The team created a new front-end that seamlessly connected to the existing back-end, introduced personalized set of features, and integrated financial instruments together. This platform helped the client acquire, integrate and analyze multiple sources of internal and external data to tailor processes from the point of view of the end customer.
• Digitize the Front-End: Leveraging its own award-winning design studio, Brillio re-imagined the user journey for the bank’s digital customers and re-designed the front-end of the banking application. Having defined the ‘to-be’ state of customer experience, it helped the client to identify the technical features that middleware needed to support. It was critical that the middle layer connected the back-end to the front-end securely, enabling the bank to capture the data which helped the bank develop a hyper-personalization strategy.
• Transforming the Core: The existing back-end systems used by the bank were based on legacy tools, and not robust enough to support new generation functionalities. With open APIs and ecosystems, the core needed to be configurable to platforms across all accounts to facilitate a global view of the customer. Brillio modernized the banking systems to optimize costs and support rapid product development.

Solution Benefits and Results

Access to a Younger Demographic –The client was able to gain intelligence on all interactions a customer has with the bank and a view of customer activities outside the bank such as on social media – to understand their preferences, behaviour and interests.

Customer Loyalty- A seamless integration for the customer journey across touch points – branches, IVRs, web, mobile, and social enabled a seamless experience that improved customer engagement.

Personalization – Improved targeting and visibility for cross-selling opportunities, allowing the bank to build a relationship-based on relevance.

Instant Gratification – Allowed the client to focus on individuals and not on customer segments, 24/7 anytime, anywhere as well as self-administer through intuitive interfaces.

The Digital Banking Solution resulted in:

• 30% increase in the bank’s share of wallet in its market segment
• 6 months’ time-to-market from ideation to app store
• $150 million revenue growth and an asset growth of $10 billion in under 9 months
• Just 2 months for a Minimum Viable Product (MVP) to go live