The key driver for innovation and transformation in retail banking industry is digital natives expecting high levels of connectedness and personalization even for what are today a largely commoditized set of products and services. More importantly, expectations from retail banking solutions are for a simplified, friction-free customer journey with the use of digital technologies, in the face of added competition from fintech players (in alternative lending and payments space) and neo banks. With interest margins shrinking, shift to fee-based income and reducing operational costs are two key avenues to augment the bottom line.
For the bank, a well-oiled ecosystem to deliver efficiently (hence with reduced costs) only starts with modernized core applications that deliver as much straight-through-processing as possible, but must move to a far more dynamic enterprise by shedding legacies. Such an ecosystem is well-connected both internally and externally (with customers, partners and third parties) and leverages lean processes, automation and digital experience as a culture than just a best practice such that new products and services to augment income are rapidly marketed to retail banking customers. It is with such priorities that Hexaware has built focused capabilities that strengthen the bank’s resilience to change, enhance its outreach to the retail customer and provide an engaging experience, while keeping operational costs minimal.
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