A leading private bank in North America
Personal and business banking, insurance, and investments
Business need addressed:
To release working capital and reduce costs by improving field inventory management
- Digitization of account-related features
- Developed native mobile banking applications on iOS and Android platforms
- Updated legacy security framework to address end-to-end security needs
- Achieved significant costs savings with 9.2% reduction on teller deposits
- Enhanced customer experience with convenient features, such as online check deposits
- Widely accepted mobile app with 9 million logins during the first year of going live
- Highest rating for the mobile app amongst competition
- Convenient, comprehensive, and secure banking solution
- Improved customer service with analytics on customer behavior and usage
A large regional bank, with 123 branches across the state, needed a mobility partner to provide a personal mobile banking solution for their customers. Genpact developed a secure and convenient mobile banking application that helped the bank achieve significant cost savings by eliminating manual intervention. Additionally, the end-user’s experience was enhanced with convenient features, such as online check deposits.
Disruption from competition
Digital technologies are disrupting the way companies do business by delivering tailored services to customers anytime, everywhere, and in a cost-efficient manner. With an ever-increasing number of financial institutions adapting to this industry shift, maintaining customer loyalty is widely considered the industry’s biggest challenge. For the client, customer loyalty had so far been linked only with transactional measures, such as security, interest rates and returns, and customer credibility. However, such transactional measures were not good enough to retain customers anymore, especially the tech savvy, digitized diaspora.
Digitizing multiple banking transactions
A banking app sets the bar very high when it comes to security and data integrity. The bank wanted the app to enable customers to not only access accounts securely, but also transfer funds, pay bills, block cards (in the event of theft), deposit checks virtually, and a whole lot more. Only a handful of banks today allow customers to scan and deposit checks virtually.
Modernizing legacy systems
One of the key challenges facing banks is imbibing digital disruption across the system while also taking regulatory and compliance concerns into consideration. The bulk of the digital transformation that was happening in the bank revolved around front-end (customer-facing areas), while the back-end offices of the bank experienced a range of issues, such as:
- Complex legacy IT systems
- Semidigitized manual check deposit and processing at physical branches
- Siloed data sources
- Lengthy paper-based Account Origination process for customer onboarding
- Higher costs with greater infrastructure, labor, errors, and rework
- Lack of agility
- Branch-heavy, customer-facing banking transactions, which resulted in lower customer satisfaction (CSAT) due to lack of a seamless experience
Maintaining legacy systems eats up about 90% of the technology budget in most cases, which has a significant impact on customer experience and also renders the bank sluggish.
People, process, technology and infrastructure
Our Lean DigitialSM approach, which combines digital technologies, design thinking, and Lean management principles, helped the bank address industry challenges and improve customer experience. For this project, Genpact ensured strong collaboration between on- and off-shore teams, and prioritized data security and UX at the fore of all the sprints.
Mobile center of excellence (mCoE) using agile methodology
The client didn’t want just another outsourcing partner—rather, they wanted Genpact to seed a CoE within the bank and help their employees develop mobile capabilities. Genpact established a highly collaborative and iterative project environment using agile methodology and zeroed-in on the technologies that needed to be leveraged in order to bring this solution to life.
As a next step, Genpact evaluated development approaches like native and hybrid and went the native way, which supports most third-party engines.
Data security is one of the critical requirements of any banking app. Genpact used a leading two-factor authentication in addition to digital signature, user and device authentication and authorization, data security and encryption, and payment card industry (PCI) compliance to guarantee a safe and secure banking experience for the bank’s end-customers.
Mobile app analytics provide powerful insights into customer behavior patterns and usage trends. Genpact made use of IBM Tealeaf®—arguably the best mobile analytics platform available today—to help the client analyze data and unearth important trends and key insights into their customers. In addition, Genpact is capturing advanced analytics for troubleshooting and tuning.
Testing and integration
The biggest challenge Genpact faced was that for every incremental release of the app, all the functionalities and features had to be tested. The testing processes were automated, which reduced time-to-market for the bank and enabled automation of certain features, such as resetting the password and security code, or scheduling transfer or payments, which leveraged the Soasta platform.
Deployment and end-user feedback
The application developed by Genpact allows the bank’s customers to login quickly, deposit checks, pay bills, make transfers, and carry out other routine banking tasks. Feedback from the bank’s customers is that they not only find these features to be useful, they’re also easy to use and fast.
Some of the other solution specifications include:
- GPS integration to locate and find the nearest branch and office locations
- Multi-user login with more than one device
- Compatibility with latest Android and iOS versions
- Third-party integration: Secure integration with VASCO API’s, Mitek software solution for Image Processing, and Online Check Deposit Integration with Tealeaf® customer experience management
- System-level integration and validation with the bank’s back-end system
Achieved significant costs savings with a 9.2% reduction on teller deposits and 20% of all deposits coming in through the digital channel, eliminating manual intervention—the app handles check deposit volumes which would otherwise have to be handled by 13 different banks. Other benefits of the solution included:
- Enhanced end-customer satisfaction by allowing the bank’s customers to conveniently scan and deposit checks virtually, from anywhere, at any time
- Reduced cost of check processing from 75 cents to 50 cents
- Wide user acceptance—9 million logins during the first year of the app going live
- Achieved competitive advantage and the highest ratings for the app among the competition (iPhone App ratings at 4.5 stars, with the next closest competitor, a global bank, at 2.5; the Android app also beat the competition with a rating of 4.5)
- Addressed end-to-end security needs of the bank and its customers
- Helped the bank improve customer experience and provide tailored banking services based on customer profiles and credit and banking history
For more information, contact, firstname.lastname@example.org and visit, genpact.com/what-we-do/industries/banking-financial-services