Use case: Modernized banking functions
Goal
A leading global bank needed to modernize its legacy system for managing various banking functions like customer onboarding, KYC, and account maintenance to improve customer service.
Challenges
- Multiple bank departments used one legacy system for customer onboarding, KYC, and account maintenance
- The legacy system was intended for one customer service function, but was customized to handle all functions, ending up with more than 40 workflows
- This legacy approach made digital transformation slow, causing an inability to adjust to changes in markets and regulatory requirements
Solutions
- Replaced legacy system with customer service application that enables individualized workflows for each customer service function
- Automated KYC processes for customer due diligence
- Launched a new risk calculator interface for customer ratings
- Designed a comprehensive 360-degree view of customers
Results
- Improved customer service based on better customer insights for decision-making
- Transformed the KYC renewal process
- Dramatically reduced customer onboarding time
- Enabled future growth with the flexibility to introduce new applications
