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
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:
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
Our ‘Digital Bank’ offering for retail banks comprises the following services:
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.
Figure 1: Imperatives in private banking
Our comprehensive services suite for private banks comprises of the following:
Digital technology and process consulting
Managed test services (MTS)
Enterprise data management
Enterprise data management services include: