A leading bank transforms its branch banking experience into a highly efficient branchless banking experience
In today's digital age, customers expect seamless and personalized banking experiences. Our client, a major bank, had a network of physical branches but was facing decreasing foot traffic as customers increasingly turned to digital banking platforms.
Additionally, the bank wanted to improve its current lending process by providing personalized products to attract and retain more customers. To adapt to this changing banking landscape, the bank decided to shift towards an augmented lending and mortgage experience along with a branchless banking model.
The client was convinced that digital transformation and positive customer engagements are critical for enhancing their current operations. However, the process has its challenges. Some of the critical challenges faced by the bank in digital transformation and lending augmentation included:
- Choosing a digital transformation partner with domain experience and specialization for transforming CRM, mortgage, and lending activities
- Seamless integration of the new system with the bank's existing systems and infrastructure
- A scalable and cost-effective technology stack that can grow with the bank's business with the changing customer needs and priorities with a good ROI
- Collecting, storing, and segmenting customer data to create personalized marketing campaigns tailored to the individual customer's needs and preferences
- Delivering solutions quickly and efficiently in a highly competitive and time-sensitive market
- Providing ongoing support and maintenance for the solutions provided
- Using customer data and analysis to cross-sell and upsell products and services that the customer is likely interested in
- An architecture that allows for better data collection, storage, and analysis, allowing for more accurate and timely decision-making
The client chose Virtusa as their digital transformation partner because of our long heritage in digital engineering and deep domain expertise in the banking and financial services landscape. To address the technical challenges and support a seamless transition, we helped the bank with:
- Virtusa team's experience and specialization in internal transition sessions and pre-transition boot camps for operational support
- High-quality service based on a proven ASM engineering framework based on the principles of Eliminate – Automate – Simplify to improve efficiency in service delivery
- Leverage metric-driven approach for significant improvements in Run and Build
- Leverage global delivery model with robust onsite program leadership supported by a strong offshore team that enhances capacity cost-effectively with committed SLAs
- Focus on delivering higher business value to realize operating efficiencies and prioritize focus on critical transformation needs
- Leverage resource capacity across 'Run and Build' more effectively
The bank's transformation from a branch-based to a branchless banking model and the implementation of a CRM strategy and robust technology stack helped the bank to adapt to the changing banking landscape, improve customer experience, and reduce operating costs. By partnering with Virtusa, the bank realized a nimble mortgage process and power automation through Accello DTA and engineering accelerators. Some of the key benefits are:
Increased efficiency
A streamlined mortgage application and approval process, allowing for faster decision-making and a quick closing process with improved lender efficiency and productivity
Better decision-making
Access to a complete set of customer data, allowing for more accurate and timely decision-making
Improved agility
Quickly adapt to changing market conditions, such as changes in interest rates or customer preferences.
Reduced costs
Reduced costs associated with the mortgage application and approval process as a result of digitization
Better compliance
Ensure compliance with industry regulations by automating tasks; otherwise, perform manually
Improved accuracy
Reducing the risk of human error, improving the accuracy of tasks and data
Increased scalability
A mortgage process can be easily scaled up or down as needed, allowing the lender to handle fluctuations in demand.
Increased competitiveness
Stay competitive in the market by providing faster, more convenient, and more efficient service.
Improved customer experience
Better customer experience by automating tasks that would otherwise be performed manually, such as customer service and support.
A solution for the cognitive era in banking