Fintech innovators, with their ultra-focused services and products are posing a major threat to banks. They are all set to cut into a big chunk of banks’ customers. Banks will have to transform the customer experience to maintain a competitive edge.
Customer experience transformation is an iterative process involving three major steps. Banks will have to:
- Innovate with products and services: Design and build useful and usable services that fulfill unmet demand
- Position themselves as a platform: Harness the latest fintech innovations using “API-first” approach to add capabilities to existing systems; augment CRM with a transformational layer to enable contextual and consistent personalized interactions
- Transform operations: Apply new approaches to software development and delivery, conceptualize existing systems in new ways, and lay the groundwork for more comprehensive core upgrades.
With a transformed customer experience, fintech-ready banks will be able to capture new sources of revenue and retain market share with streamlined processes, cost structure and workforce.
At each stage, Mindtree offers building blocks for “Connected Banking.”
- Innovate with products and services
- Future-ready IT roadmap
- Current-state assessment and benchmarking
- Consulting and advisory
- Strategic roadmap solutions
- Digital Pumpkin for innovation and rapid prototyping
- Position the bank as a platform
- Data and analytics platform
- Sense and respond systems – social listening, Gladius
- Personalization framework and engine
- “API-first” omni-channel enablement framework
- Deep CRM - customer service, loyalty and digital marketing
- Backbase omni product development and personalization engine
- Apigee API gateway and product development
- Transform operations
- Agile delivery
- Workflow rationalization
- Managed services and ITO
- Risk and compliance solutions
Download our in-depth guide to read more.