Retail and Private banking

Stringent regulatory compliance, changing customer requirements, and rising competition from non-traditional and Fintech organizations are placing immense pressure on the banking industry globally. Enabling rapid digitization, aimed at delighting customers is a key aspect for banks looking to differentiate themselves in today’s crowded marketplace.

Hexaware’s Digital Bank offering helps address the above challenges and provides customer-centric banking solutions. The offering drives the business imperatives as showcased in Figure 1.

Figure 1: Business Imperatives Addressed by Hexaware’s Digital Bank Solution

The Digital Bank solution comprises a comprehensive framework enabling banks to achieve digital transformation by focusing on operational efficiencies and customer centricity. The offering’s underlying tools help leverage the existing application and infrastructure, map the present and future digital landscape, and bridge the gap between the two based on business specific goals.

In order to be effective, digital transformation in banks must incorporate all customer segments served by a bank. To this end, our digital bank offering caters to both – retail consumer banking and private banking.

Today’s empowered customers demand highly contextual and tailored services. Digitization and customer analytics are critical imperatives for sustaining growth and profitability in the retail consumer banking sector. Our retail consumer banking services provide innovative solutions and niche services by leveraging the right mix of our domain and technology experience. Our expertise in various leading core banking platforms helps drive a transformation strategy that includes:

  • effectively using the existing IT landscape to achieve operational efficiency
  • identifying actionable insights through data analytics
  • leveraging the insights to enhance web and mobile based customer facing delivery platforms for superior service delivery and effective business management

The functional areas serviced by our diverse offerings are showcased in Figure 2.

Core Banking System CRM and Delivery Channels Decision Support / Analytics Process Automation and Operations Support Cards Payment Space
Support & maintenance of retail banking system, core banking product services, integration services Re-engineering of internet banking system to scalable high-end internet architecture, mobile applications development, migration support & interface development Customer analytics, data and identity management, AML, real-time  fraud monitoring, performance optimization, executive analytics, portal & dashboards Loan & lease accounting and taxation support, credit management system development & analytics, billing management system, finance & accounting operations, customer communications management Comprehensive solutions for issuers & acquirers, card management system co-development, testing & migrations, payment hub capabilities

Figure 2: Functional Areas Serviced by Hexaware’s Digital Bank Solution

What we offer

Our ‘Digital Bank’ offering for retail banks comprises the following:

  • Business process assessment framework: A comprehensive framework to create LOB aligned structured approach for operations digitization across office functions, using data as the core enabler.
  • Digital integration framework: An integration framework aligning business applications and infrastructure to support digital landscape transformation across technologies.
  • Relationship based pricing: A structured channel based services pricing, holistically assimilating both channel usage information and customer relationship data points.
  • Customer Communication Management (CCM): Inbound and outbound communications management, through real-time data integration including social media, to achieve unified user-interface and user-experience across multiple platforms.
  • Sentiment analysis : A semantics-based variable scoring model categorizing sentiment scores and actionable tasks, enabling the development of predictive models.
  • payAD:Card payment analytics comprising pre-built data model, reports, and dashboards successfully built on industry proven KPIs & KRAs.
  • Commercial Real Estate Solutions (CRES): An analytical solution driven by highly accurate Internet of Things (IoT) device-based data capture and superior digitization. It empowers banks to optimize real-estate utilization along with strategic decision-making at the CXO level for greater success.

Global financial volatility has made investors increasingly risk-averse, as they demand a higher ROI from their investments and superior responsiveness from their banks. Additionally, the industry has moved to a non-linear growth phase led by innovation, mergers and acquisitions, and an ever tightening regulatory and compliance landscape, all these further eroding margins.

Globally, several private banks are expanding their digital channels and re-designing advisory processes for improving client acquisitions, retention, and request handling processes. The focus of the industry is now on enhancing the value delivered, while ensuring cost efficiency across digitization initiatives.

Hexaware’s Digital Banking solution addresses the imperatives in private banking as shown in Figure 1.

Figure 1: Imperatives in private banking

What we offer

Our comprehensive services suite for private banks comprises the following:

Digital technology and process consulting

  • A Private Banking Centre of Excellence (CoE) comprising 20 domain consultants focusing exclusively on upstream services for effective execution of the bank’s digitization strategy. Our holistic services include product strategy, product customization, regulatory compliance, digital roadmap, margin lending and others.

Managed test services (MTS)

  • MTS capabilities enable private banking institutions to  save costs through comprehensive business testing to ensure increased business coverage, improved automation (up to 40% on the average), and a jump-start kit of test cases.

Enterprise data management

  • Private banking products and BI platform agnostic functional framework providing a 360 degree view of portfolio, performance and risk.
  • Pre-defined private banking specific KPIs, dashboards, reports and notifications for five modules – portfolio management, financial planning, risk management, transaction and sales management.