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Modernizing financial services for the future

Transforming a global federal credit union with Salesforce
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5 min read
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The US-based client is one of the largest federal credit unions and a pioneer in like loans and mortgages. They have a portfolio of award-winning credit cards and offer innovative solutions to their members worldwide. The client bagged over a million members and assets worth billions under its capability with its unique mission and vision. It partnered with HCLTech to move from legacy applications to a modern, efficient system complementing its services using Salesforce.

The Challenge

Our client wanted to overcome the following challenges:

challenge
  • Develop dynamic business functionality with the Out-of-the-Box (OOB) platform offering to achieve faster ROI
  • Bring an omnichannel solution hosted on Cloud to support complex integration with downstream applications
  • Enhance mobile-first user experience with intuitive, clean standard intertaces
  • Develop the ability to monetize the final solution to other credit unions

The Objective

The client was seeking solutions to address the 'Achilles Heel' of digital transformation or the presence of legacy applications that were slowing down the transformation journey for the company and were unable to adapt to the rising business needs which includes better customer experience, and better ROI.

objective

The Solution

The transformation journey mainly focused on the migration from the old legacy systems to new, modern applications that supported the objectives, further improving the strategic mindset of the company. Here are the key highlights of the transformation journey

Solution
  • Financial Services Cloud Transformation: We evaluated Salesforce as the cloud platform for customer engagement by delivering several Proof of Technology (POT) on Salesforce products. We transformed the sales process for personal banking, loans, mortgages, and insurance by migrating from a legacy bespoke application to Salesforce. Additionally, we migrated customer services and employee functions to Salesforce Financial Services Cloud and enhanced the user experience with custom UX consulting using the Lightning component library and design systems.
  • Continuous Integration/Continuous Delivery (CI/CD): We established an agile DevOps operation by implementing a CI/CD pipeline and automation testing process, resulting in real-time software deployment, improved team collaboration, and enhanced software quality. This solution was extended to other credit unions by packaging it into Salesforce AppExchange.

The Impact

With the support of HCLTech, the customer could move away from legacy systems towards application modernization, further strengthening the company’s strategic and growth agenda.

Impact
  • Identified and modernized 339 business capabilities for scalability and reusability across digital banking
  • Increased membership by 21%
  • Grew the digital share of voice by 22%
  • Lowered their cost of acquisition and resulted in an overall better yield on ROI
  • Streamlined release management helped deploy new products and features at a faster rate
  • Reinforced a scalable architecture and structured sales process, increasing the customer lifetime value
  • Built responsive customer service which delivered greater value and accelerated growth for the business