Retail & Private banking technology solutions | Hexaware

Adopt Digital Banking Technologies for Retail & 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. Enablement of 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 in addressing the above challenges and provides customer-centric banking solutions, through an integrated strategy of cloudifying the banking sector, maximizing automation and transforming customer experience (CX) through the entire journey lifecycle. This offering drives business imperative as showcased in Figure 1

Business Imperatives Addressed by Hexaware’s Digital Bank Solution

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

The Digital Bank solution comprises of a comprehensive framework, enabling banks to achieve digital transformation by focusing on operational efficiencies and customer centricity with an added focus on FinTech-based offerings. 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.

To be effective, digital transformation in banking must incorporate all customer segments served by a bank. To this end, Hexaware’s Digital Bank service caters to both retail consumer banking (including Lending and Mortgage solutions such as Origination and Servicing), 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 leveraging the existing IT landscape to achieve operational efficiency, by cloudifying infrastructure and operations for economies-of-scale
  • identifying actionable insights through data analytics by allowing to
    • Offer an optimized mix of business products and services.
    • Enhance customer experience with the best-in-class automation technologies, with a specific focus on streamlining customer on-boarding and use of robotic technologies like AI and ML
    • Enhancing 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 Systems CRM and Delivery Channels Decision Support / Analytics Process Automation and Operations Support Cards Payments
Support & maintenance of retail banking system, core banking products services, integration services Re-engineering of internet banking system to scalable high-end internet architecture based on API banking, mobile applications development, migration support & interface development. Customer analytics, data and identity management, AML, real-time fraud monitoring, performance optimization, executive analytics, portals & dashboards Loans and Mortgage Origination, 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 for both open and closed loop card systems

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

What we offer

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

  • Customer Experience Transformation: An integrated offering for the entire customer journey with coverage for:
    • Streamlined Customer On-boarding
    • Servicing: Digital Managed Services with use of voice bots, chatbots, AI and ML technologies, helps in servicing
    • 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, thus not just achieving an omnichannel experience but also enhancing retention and cross-sell / up-sell opportunities
  • Business process assessment framework: A comprehensive framework to create a LOB-aligned structured approach for digitizing operations 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.
  • 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 models, reports, and dashboards, successfully built on industry-proven KPIs & KRAs

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

Globally, several private banks are expanding their digital channels and re-designing advisory processes for improving client acquisitions, retention, and request handling. 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.

Imperatives in private banking

Figure 1: Imperatives in private banking

What we offer

Our comprehensive services suite for private banks comprises of 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, etc.

Managed test services (MTS)

  • Private banking institutions can save costs leveraging MTS capabilities through comprehensive business testing for ensuring increased business coverage, improved automation (up to 40% on an average), and a jump-start kit of test cases.

Enterprise data management
Enterprise data management services include:

  • 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.
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