Enabling Financial Institute For The Future

Overview

In any business, growth is the process of increasing a company’s revenue, market share and profitability over time. It involves expanding operations, entering new markets, launching new products or services and attracting more customers.

The merger of 2 or more Entities, like Banks, often aims to bolster growth through increased market share and enhanced operational efficiency. By combining resources and customer bases, merged institutes can streamline processes, offer a broader range of products and services and expand over their individual geographical presence.

In case of Financial Institutes, mergers may lead to improved financial stability and resilience, allowing them to better navigate economic challenges and capitalize on growth opportunities. Overall, strategic mergers can catalyze growth and strengthen the competitive position of banks in the market.

Problem Statement

We worked with a Large Financial Institute based in Australia, who had just completed acquisition of Consumer Business from
another major bank. They wanted our services for

  • Seamless transition of other bank products such as mortgages, loans, and deposits & services into existing line of business
  • Maintain customer experience and improve the performance of Internet banking & Mobile banking.

Our Solution

Our team of Solution Engineers, Developers and Consultants worked with the customer’s core team to design and develop the following outcomes.

  • Build new and uplift existing microservices architecture-based solutions for migrating customer/business accounts into existing business.
  • Enrich migrated accounts for loading into existing databases.
  • Integrate other bank services into the existing portal and mobile apps & enhance customer experience.
  • To ensure the bank’s compliance and controls are in place and strictly adhered to.

Business Value Add & Our Role

Business Value Add
  • New microservice was built which was considered as one of the top 5 APIs for the bank.
  • Completed the necessary compliance framework related to cloud attestation that is mandated for heightened risk outcome for new API development.
  • Built a robust, reusable caching solution to meet nonfunctional requirement.
Solution Engineering, Development, Quality Engineering
  • Solution Design
  • Development
  • Functional and Non-functional Quality Assessment
Product Management

Our experienced team of consultants were responsible for

  • Breaking down large and complex business requirements to technically implementable user stories
  • Backlog Management
  • Work Prioritization
  • Stakeholder Management
  • Delivery Management
  • Scrum Management