Even though the majority of the experiences of the banking customers today is aligned with online channels, the face time at the branch continues to evolve in importance, with a shift towards the ‘advisory’ approach from the typical operations of brick-and-mortar setups. The tech savvy digital native customer does not really want to visit a branch, but when it becomes necessary due to the trust factor, one expects a simplified experience with high value for the time spent at the branch location. The balance is thus between operational costs (which can be substantial in up-town locations) and customer experience to create the bank branch of the future.
Beyond incentivizing the customer to use digital transactions for the mundane, our technology capabilities help banks bring together the best of both worlds – an approach that optimizes the mix of physical time at the branch and digital experience outside, creating a unified ‘smart branch’ experience. In this approach, relationship managers primarily focus on providing in-person advice for advanced products and services, whereas the more Standard Operating Procedure(SOP) based gamut of branch staff responsibilities are automated to the maximum extent with the use of self-service options (such as interactive kiosks).
When away from the digital branch, customers can use remote technologies to initiate and provide data and electronic documents for loans or new accounts, and when at the branch processing can resume with advanced tablet-based digital channels for branch staff. They can perform on-the-spot document processing, account opening and on-boarding kit activation functions, allowing prospects to walk-out as customers or enable existing customers to adopt digital technology effectively for self-service. Customers can plan relationship manager appointments at the branch to reduce wait time to zero and avail a catalogue of digital services with the use of location, mobile and near-field communications (NFC) technology based intelligence. Making face time more efficient in this manner also creates opportunities for relationship managers to up-sell the more complex products and services at the bank branch that increase the customer lifetime value (CLV) to the bank, when typical everyday transactions stand simplified in the digital branch experience.
Hexaware’s strategic consulting services for banking helps banks and financial institutions respond to particular problems emanating from the customer segment they address, the growth stage that they are in and the IT issues that may hamper a quick response to the market. We bring to the table specific tools that help measure how effectively business objectives are translated on-ground through IT for various services provided through all banking channels. Our holistic approach helps pinpoint and resolve the exact pain-points and bottlenecks that stifle operational efficiency of business systems behind the scenes (operations transformation), and those that create gaps in experience at the customer-facing end (CX transformation). Our assessment frameworks help derive strategic roadmaps for IT to help build sustainable assets that support business as both the market changes, and the organization grows.
With highly commoditized services in the case of Consumer Banking and reducing margins in Corporate Banking, user experience goes a long way in retaining customers beyond tangible business value in the services delivered. Our dedicated Customer Experience (CX) capabilities help create a comprehensive experience that isn’t just limited to the digital applications we help build, but one that pervades the entire customer journey and gamut of operational processes, beginning from the point of on-boarding. Our transformative approach leverages disruptive technologies and smart service agents to bring radical and far-reaching performance breakthroughs across the touchpoint spectrum. Our offerings span contact center outsourcing, chatbots and conversational UI, AI-voice assisted business apps and voice of customer analytics, thereby transforming and elevating customer experience in banking.
The right data creates the foundation for responding to business challenges and for regulatory compliance. However, evolving it to the next level of leveraging for strategic advantage requires radical abilities hinged on AI / ML (Artificial Intelligence / Machine Learning). Today, more than ever before, the role played by analytics in banking spans diverse functions, processes and organizational structures. Our Business Intelligence & Analytics solutions driven by data science expertise combined with strong banking domain expertise helps derive insights that aid decision making at all three levels – strategic, tactical and operational. Our well-equipped data science community and innovation labs for solutions incubation help banks share and mitigate risk by arriving at data science powered solutions before they commit to substantial technology investments in hitherto unexplored areas.
Hexaware’s Business Process Services bring the unique proposition of automating everything, even at the cost of cannibalizing our own revenues. This comes with both the belief and conviction that automation in banking process management is inevitable. With our banking domain capabilities that span global processes, we help take over servicing of critical processes from our clients, with proven de-risking approaches and help transform and cost-optimize those processes through automation. The following are the three pillars underpinning our Business Process Services / Digital Managed Services:
As Cloud has become the biggest imperative for a business today, there are peculiar challenges that banks and financial institutions face as organizations, not only for Cloud migration from a traditional ecosystem, but also while managing operations and developing applications. Key ones include ensuring zero business disruption, protecting customer data and meeting regulatory compliance. With industry leading partnerships and offerings of Cloud consulting, Cloud native development and Cloud enablement / migration, we bring a multitude of risk-free solution choices. These Cloud banking solutions not only transform operational efficiency and cost advantage, but also add competitive advantage, as banks leverage Domain Driven Design principles, Microservices architecture, Containerization, Agile, DevOps and Platform-as-a-Service to further evolve the core banking system.
Going further on our organizational strategy of delivering services underpinned on the highest levels of automation and passing back the entire cost advantage back to our clients, Hexaware continually drives the evolution of our clients’ operations by disrupting existing practices, implementing intelligent automation in banking, and transforming and optimizing current processes. This helps deliver an enhanced and elevated customer experience without inducing any additional risks. We move beyond RPA (Robotic Process Automation) to SPA (Smart Process Automation), which not only helps automate mundane, low complexity tasks of repeating nature, but leverages AI / ML technologies to figure out business activities that are the root causes of inefficiencies. The same can either be entirely eliminated with process corrections or be automated further for reducing costs.
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