End-to-end digital transformation for a bank hones competitive edge and drives a 250% increase in new accounts
A major American regional bank – based in the mid-west and operating from 430 branches – fell behind the competition due to legacy technology. SLK enabled end-to-end digital transformation for the bank, conceptualizing, designing, and implementing the new solution. This resulted in 90% productivity improvements and 30% business growth driven by superior customer experience.
The client was facing several challenges that were impacting business. First, multiple tenured products were nearing expiration in retail banking with low buying prospects. The small and medium business division had no centralized information. Without access to a 3600 customer view, sales and service agents were finding it difficult to cross-sell and upsell products. While this affected organic growth, the existing siloed systems were also unable to support Mergers and Acquisitions (M&As). Timely and accurate data was seldom available to generate in-time regulatory compliance reports. Finally, the situation impacted the business as higher costs were paid per compute cycle.
An enterprise solution to address these issues would take around three years to implement – time that the bank simply did not have. Therefore, they wanted a partner who could help them with a quick turnaround of the situation.
The SLK team came on board and focused on business, architecture, and data consulting. Our assessment resulted in a solution design that would enable superior customer service and predictive analysis. The solution had the following components:
Business growth with
superior customer experience
Faster time to market
with agile IT
SLK’s Efforts Showed Quick Results:
The solution helped the bank consolidate systems for improved productivity and customer experience. They experienced a:
With SLK’s approach, the bank overcame legacy challenges and got back in the game.
SLK implemented a comprehensive QA automation strategy in a phased approach. Read more to find out the outcomes.
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