Business Agility and Digital Delivery in Retail Banking
💡🚀How to efficiently bring more business agility and customer-centricity in the retail banking sector using Data, Platform Solutions and Agile Organizations.
⚠️With regards to our confidentiality policy we are not able to disclose our clients’ names and confidential information publicly, thank you for your understanding.
Context
Our client is a French multinational investment bank and financial services provider that has been a leader the banking sector for more than a century.
With the ever-increasing financial regulations and the ever-changing customer demands, the new emerging banking and payment solutions brought to market by FinTech players, pressured our client to initiate a business transformation in its Retail Banking Services branches and bring more business agility and digital delivery to their customers.
We were hired by our client to assist their IT teams in the definition of an enterprise architecture allowing the easy integration of innovative services and applications, bringing more interoperability, data continuity and transparency. Part of our mission was also to train the business teams about business agility and the concept of customer-centricity and services.
This is a multi-level problem requiring the successful implementation of a technical solution that can, on one hand, bring to the bank customers the ability to access the offered services easily, freely and with the best user experience, and on the other hand, it requires a change in the organizational structure of the retail banking departments to become more agile and customer-centered.
We started by auditing their current retail banking processes, tools and organizational structure in order to understand the strengths and weaknesses of our client’s legacy infrastructure, organization and operational model.
Usually, the banking sector doesn’t easily welcome radical changes, so before asking our clients to throw away everything they had and start from scratch with a clean solution (which is in some ways the easiest option but the most unrealistic and dangerous one also), we always conduct deep technical and operational analysis to make sure that we can bring a customized solution that perfectly fits our client’s context and avoid unnecessary risks.
Our systemic approach allowed us to identify the processes that could easily be migrated to an automated digital banking platform with a hybrid architecture and a unified integrated database.
So, we have worked with Microsoft and Temenos teams to implement the architecture we have designed for the platform. The idea was to have a platform system which could be integrated with the legacy system that supports the retail banking applications and database.
the platform acts as a connecting layer between the existing data sources as well as the internal and external user interactions and makes it possible to gradually implement new components and replace old systems. At this intermediate level, a common database is created that can be used for automated, efficient processes. Specialized software providers can design and deploy such a platform with the appropriate business applications for banks quickly and in a solution-oriented way.
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