Past iterations of digital initiatives within the banking and financial services industry have mostly focused on digital channel enablement and multi-channel delivery. Attempts have been made to reduce costs and gain market share through self-service and serving existing capabilities over digital channels that are in vogue at the time. By and large, the impact of emerging digital channels on overall customer experience (CX) has gone unexplored. And to top it, client service capabilities around digital offerings have ranged from sub-optimal to non-existent. Not surprisingly, most banks have not been able to achieve measurable return of investment (ROI) from their digital investments. When new channels have been created, they have cannibalized traffic from other channels and seldom created net new business. In most cases, anticipated savings have also not materialized.
Banks are now gearing to completely transform the customer experience to retain a competitive edge. Every user interface, process, system and coworker interaction is being upgraded to provide an extraordinary customer experiences to its customers. As banks embark on this journey, they have to address a number of challenges:
- What is the right digital strategy for the next iteration?
- Can digital innovation be used to create product variations more useful and usable for the end customer?
- What is the best channel (digital or physical) to deploy certain products and features?
- Will combining capabilities from external sources make offerings more useful/usable for a wider audience?
- Can the bank tap into the rapidly evolving digital economy and claim market share by creating and participating in innovative businesses?
Mindtree believes that customer experience transformation for a bank is an iterative process involving three major steps. Banks will have to:
- Transform bank into 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, effectively exchange its business operations with partners and vendors.
- Innovate with products and channels: Design and build useful and usable services that fulfill unmet demand
- 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.
Introducing Mindtree’s Connected Banking
Mindtree’s Connected Banking helps banks and financial services organizations to transform customer experience, capture new sources of revenue and retain market share.
Connected banking focuses on using digital innovation to provide superb customer experience across all channels — physical and digital. It focuses on transforming the bank into a digital platform which serves as a catalyst for product and channel innovation leveraging all available internal/external capabilities. It enables banks to plug into the digital economy and co-create products and services with new and diverse revenue streams. The approach covers key aspects of core technology digitization and business process transformation required to enable product features and accompanying customer service capabilities. While Connected Banking is an end-to-end approach, it does not attempt to boil the ocean. Key facets of the approach can be aligned with the bank’s strategy and customized to achieve tactical objectives. Tangible value is delivered in an iterative fashion leveraging Mindtree’s proprietary frameworks, solution accelerators and Agile delivery capabilities.
At each stage of the customer experience transformation, Mindtree offers building blocks for Connected Banking. 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.
Product & Channel Innovation
Future-ready IT Roadmap
Define, design and execute IT strategies that drive business growth
Banks achieve strategic clarity when they focus on complete customer experience transformation. Typically, the several business units across a bank are involved in different digital initiatives to fend-off fintech invasion and protect its customers.
With a decisive digital strategy and roadmap, banks will be able to:
- Organize their digital initiatives based on their importance and complexity
- Identify dependencies across business units, and set realistic timeframes for their various digital initiatives
- Unify initiatives to meet strategic goals
Mindtree helps banks and financial institutions achieve customer experience transformation through a strategic, end-to-end approach—from assessing a bank’s existing portfolio to building an effective roadmap, applying solutions and working with a wide range of business partners.
With Mindtree’s next-generation connected banking roadmap, banks can embark on their customer experience transformation journey cost-effectively and with reduced risks.
Consulting & Advisory
Choose an experienced banking technology partner to drive business growth
Mindtree consultants define, design and execute strategies that drive business growth, reduce costs and create new revenue streams. We take a “big picture” approach; we work with you to learn your business vision and goals, IT environment, skill requirements and policies. We then develop short and long-term strategies based on best practices to deliver measurable results.
Mindtree’s approach is based on years of experience gained by our experts who have worked with leading banks and financial institutions on their various strategic initiatives. Our approach helps banks reduces the risk of mid-course corrections and delivers predictable outcomes. Our top services include:
Current State Assessment & Benchmarking
Recommendations for key functional, technology and process improvements
As the first step toward achieving customer transformation, banks should undergo an objective, third-party analysis and review of their existing digital banking systems and capabilities.
By benchmarking their existing capabilities against the digital-age banking capabilities of other financial institutions as well as leading organizations in other industries, banks can proceed with strategic choices with the benefit of a clear view of their current positioning.
We analyze current-state with respect to connected banking essentials and operational aspects which helps in identification of key gaps; we then conduct a workshop to review the findings and scoring methodology.