The Golden Parachute of Private Banking

The Golden Parachute of Private Banking

Private banking digital economy has given rise to first generation HNIs. The clients prefer to visualize their portfolios and access their private banking requirements on their mobiles/tablets/laptops than manual interaction at the bank’s physical location. In the digitally transformed world, digital banking is the favored necessity.

Our client is a pioneer in private banking with over $300 billion in financial assets under management and some of the world’s wealthiest clients due to a far-reaching geographic presence and attractive products.

But they were troubled by their outdated IT systems, the legacy approach of their portfolio management functions, a dated website and lack of virtual banking visualizations. Other challenges included issues with systems, processes and the overall IT landscape faulty development and testing processes. They expected a solution which would resolve all these problems of theirs and help in overall process improvement, pleasing user experience and efficiency in digital transactions.

Hexaware analyzed their systems, infrastructure and processes and came up with a solution that provided quality assurance experience with end-to-end testing services while leveraging our Testing Center of Excellence. We also implemented a new digital application that brought rich features to portfolio management and enhanced overall user experience with availability of private banking functionality over a smartphone, tablet or computer instead of the legacy website.

The primary benefits from Hexaware’s digital transformation in banking are

  • Faster Time to Market and increased Automation for effort saving of over 47%
  • Reduction in the testing cycle by 39% with efficiency saves to the tune of 30%
  • 78% reduction in deployment issues in testing
  • Mobile app UMI score of >99% indicating excellent user experience

To know how digital banking transforms private banks into futuristic private banking players with modernized offerings, enhanced user experience and cost and effort savings, download this Compelling Story.

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