Banking & Financial Services
The Situation Today
In an era where digital technologies are rapidly evolving and disrupting business processes, enhancing consumer expectations, and utilizing newer channels of customer engagement, financial service providers and banks are starting to feel the pressure.
Three trends are beginning to shape the future of these institutions which have hitherto been focusing on transaction processing rather than on new customer-engaging technologies.
New payment systems like peer-to-peer, peer-to-machine and online payment gateways are changing the transaction fee-based model that banks were dependent on for years.
Mass personalization with large volumes of data from mobile and internet of things and the integration constraints from diverse banking channels like online, customer call centers, branch, mobile, etc. is becoming a major challenge with legacy technology making data processing difficult.
On-the-go banking has made the old ways of fulfilling customer demands through branches and one-to-one financial advisory, increasingly difficult. Coupled with vast volumes of data, cultural constraints, and new regulatory frameworks, banks have to find ways to cope with these new transformational changes.
Using digital technology, financial institutions must now lay greater emphasis on improving customer engagement and providing them with a richer experience.
What We Offer
To transition from a siloed, transaction fee-based legacy data system organization to a digitalized institution able to reorganize with every digital disruption that occurs in the market, and adapt to changing business models and new ways of customer engagement, it’s clear that financial companies need to opt for an integrated digital approach to business process transformation. HCL’s Digital System Integration (DSI) proposition enables companies to move from a legacy burdened system to a digitalized enterprise through a step by step process.
Through a leapfrog approach, dependency on legacy systems is reduced and capital unlocked from it while reducing the cost of modernization, thereby transitioning to a digitalized ecosystem. Data is integrated and automated through an industrialized approach to create a data landscape that can handle queries quickly, accurately, and with full control.
A truly digital bank can service customers anywhere and anytime. Through next gen mobility architecture and the enablement of seamless peer-to-peer payment systems, HCL’s DSI enables a truly digital landscape that is integrated, agile and cooperative, ensuring a great customer experience.
What We’ve Done For Others
HCL has helped a number of financial service organizations create an unparalleled, personalized customer experience, to gain competitive advantage, through:
Back-and Front-end Integration of interaction channels: With digital banking becoming the core of customer relationships, banks have begun differentiating themselves by delivering an exclusive user experience. To deliver, the back-end system/process must be both flexible and scalable, so that new initiatives can be undertaken without substantial investment. By focusing on reaching the customer through an integrated Omni-channel strategy, HCL’s DSI can help financial service organizations convert each customer channel into a revenue driver.
Mass personalization: Through integrated data-based decisions, HCL’s DSI helps financial organizations launch customer-centric products and services, keeping in mind the specific/ individual needs of every customer, thereby creating a meaningful, personalized experience without the added cost of advisory staff.
Digital operations transformation: Through targeted investments in newer technologies (social media, analytics, cloud, mobility, and more) financial institutions can gain sustainable competitive advantage by focusing on the business requirements of the digital consumer. HCL’s DSI helps banks extend richer features through mobile banking and creating community collaboration platforms on websites.