Modernizing banking channels to adapt to the new digital world

Background

7 million customers of a large retail and commercial bank in the UK were going about their daily banking activities on the bank’s digital channels built on legacy UI / UX technologies & integrated to its core mainframe systems. To ensure higher customer engagement and continued loyalty, the bank identified a need to redesign the customer journeys on a modern technology stack and offer enhanced features through web and mobile channels. These journeys also needed to integrate with the bank’s digital marketing Pega application for cross-selling and up-selling additional services. The pandemic contributed to accelerating the program and Coforge was selected as the transformation partner.

Coforge Approach & Solution

Coforge undertook a system study to recommend a value stream modernisation strategy. This involved a deep dive to reimagine the existing customer journeys and propose new ones. A cross-functional team comprising the bank’s technology, business, product owners, and Coforge consultants got together to redesign existing customer journeys and propose additional ones to enhance the customer experience in the areas of Personal and Business Banking, Corporate Banking, Credit & Debit Cards, Mortgage, and Insurance services.

42 customer journeys covering retail and corporate customers were identified for transformation. Once the customer journeys were prioritised, a dedicated team of domain specialists and engineers began developing these services using an iterative Agile methodology. Changes were rolled out to the bank’s customers using a blue-green deployment strategy.

The technology stack comprised AWS, cloud-native Microfocus COBOL running on Linux, and an industry product for corporate payments. The user screens were developed in Angular and Java and the database was upgraded to Oracle from the legacy RDBMS. APIs were also developed using Springboot and deployed on IBM API Connect.

Outcome

1. Implemented 42 key customer journeys on the digital channels leading to an increase in customer transactions by 68%.

2. Saved 45% in costs annually and improved release frequency through optimisation of the software delivery process

3. Implemented key projects like two-factor authentication as mandated by PSD2, a quick balance feature that lets customers view account balance on the mobile home screen without logging on to Mobile Banking, and Open Banking implementation.

4. Integrated online channel with Pega Marketing to personalise user experience.

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