Banking and financial services is considered to be one of the most mature industries for technology adoption. With a huge ecosystem of networks and applications, many of the banking industry players are on the verge of moving from in-house products to OEM and adopting cloud-based products or SaaS models as part of their business strategy. However, going digital can also open doors for uncertainties. It is imperative to identify the right path for digital transformation strategy to be proactive to changes and challenges it brings along. While banks are busy digitizing their front operations, business processes, trade, customer experience, etc., they also need to relook at their legacy application landscape.
Hexaware, being the legacy system transformation expert, ensures that the bank does not lose the business values and goals while traversing the transformation labyrinth. With a digital banking advisory named #RightFitPath, Hexaware directs banking players to have a failsafe digital banking strategy roadmap that resonates with their business goals. #RightFitPath advisory assesses, analyzes, and prioritizes the digital transformation components required for customer journey towards digital banking based on their ease of use and business value.
Hexaware’s #RightFitPath digital banking advisory consists of pre-built evaluation grids that are split up across different products found in a banking landscape like core banking, product for origination or collections, digital banking products, etc. This evaluation grid has criteria or parameters across the business, functionality, product features, architectural tenets, commercials, solution principles, training, and support that basically a bank requires to rate a particular product vendor and platform.
With the pre-built evaluation grid based on Hexaware’s experience in the marketplace, we refine it with the customer based on their requirements and provide recommendations to the customers on what and how to step further in their digital transformation journey. These criteria have separate ratings, i.e., the weighted rating model generated out of this evaluation grid model.
Before embarking on the digital transformation in banking, Hexaware performs a thorough digital banking assessment on the digital banking maturity of the existing bank functions or operations to categorize them into base-digital, competitive-digital, or differentiator-digital and directs them to the best suited digital transformation path and products accordingly. Hexaware has identified six distinguished categories in the digital banking product space to start the assessment of the digital strategy:
To form a base for sturdy evaluation, other factors are taken into consideration that can be a part of or can get affected by the digital bank transformation goals. These factors consist of scalability, customization, and ease of deployment, integration, and use. Defining these factors can give the finance and back players frictionless technology onboarding with a failsafe unified approach. Additionally, this assessment also sheds light on the other overlooked factors that hold immense importance in the digital makeover, such as agility, alignment with architectural processes and standards, modularity, reusability of existing components, compliance, information, and data management, etc. Based on all the above factors and criteria, the recommendation of product subset is initiated.
The #RightFitPath advisory comes into play once the products are shortlisted. These products and their vendors are evaluated based on their ease of use and business value. A comparative analysis is performed across the evaluation grid. This analysis unveils where the shortlisted product or vendor falls in the range of does not fit, good fit or flexible, etc. based on which the bank can choose the best fit or flexible product as evaluated by the #RightFitPath.
The marketplace for banking products is full of multiple players. These products carry different feasibility, agility, ease of use, etc. Various vendors and third parties provide a quadrant view of these products. It is an outside-in view as it doesn’t assess the bank’s requirements and customizations. However, Hexaware’s #RightFitPath advisory provides an inside-out view based on the thorough assessment done identifying the banks existing digital banking maturity and requirements. It provides a much smaller subset of players based on the predefined business case so that the decision-making for banks becomes easy.
To accelerate your Digital Banking Transformation journey and to get granular product and vendor details matching your digital banking requirements, connect with us for a quick demonstration.
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