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.
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:
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:
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