Disruptive financial players are pushing modern banks to rethink their customer engagement strategies. Hexaware believes that banks have to operate in a highly cost-efficient manner while staying in full control of all processes and risks.
However, disparate data and systems, manual processes, physical forms and ineffective communication flow act as hurdles in the journey of a true digital transformation. Ripping out an old system and replacing it with a new one presents significant amounts of cost and execution risk and is a marathon which takes years to be completed.
In the FinTech era, banks can no longer afford to play the waiting game. They need to act fast and find a middle ground that could lead them to faster digitalization.
A modern bank Solution:
Hexaware, along with its FinTech partner Five Degrees has come up with a disruptive solution powered by a unified digital banking platform. The integrated platform incorporates a banking-specific data model and tailored functionality with a robust core BPM engine and a flexible CRM solution. This enables banks to connect channels, product and core banking applications, services and FinTech ecosystem through its service and integration layer. The solution empowers banks to anticipate customer needs and offer them highly personalized services by providing an actionable 360° view of the customer. Banks also reap significant savings by leveraging automation, STP, lean processes and a shift to low cost channels without facing the risks associated with revamping existing core platforms.
This is achieved by re-imagining the enterprise as Lego blocks to maximize agility. The ‘Matrix’ middle platform acts as the enterprise glue and orchestrates all the banking processes directing data and content to the right gates resulting in high levels of STP and automation. The pre-developed processes with out-of-the-box (OOTB) ‘core banking’ functions allow for easier development and support ‘write once, run anywhere’ philosophy ensuring banks quickly obtain a ‘digitally ready’ eco-system that is highly scalable for all the evolving digitalization needs.
About Five Degrees:
Five Degrees is a financial technology provider delivering next generation banking software to retail and private banks. It aims to disrupt the incumbent software vendors by offering a superior solution that enables banks to serve their customers efficiently. Since its inception in 2011, Five Degrees has helped 10 financial institutions embrace digitalization, establishing a strong reputation in its home market and expanding its footprint globally.
The centerpiece to Five Degrees’ success is Matrix – its proven digital banking platform. Matrix offers a future facing fully automated banking services platform supporting any segment, product or channel through a rich mid office environment, connected to any (legacy) back-office of choice, or the available Matrix back office. This ensures operations are fully automated, with an unparalleled level of self service at every touch point giving both customer and bank instant insight and control in the process.
Five Degrees has garnered several accolades for its disruptive innovation. For the past three consecutive years, it has been chosen as the elite member of the illustrious FinTech50, Europe which awards game-changers in the field of financial services. In addition to this, Knab, a Dutch challenger bank which has embraced Matrix, was conferred with the prestigious Celent Model Bank award in 2015.