Client Overview
The client is a leading Indian bank which is part of a financial services conglomerate with a market cap of more than US$ 34 billion. They have over 1600 branches and 2500 ATMs across India. It offers banking products and financial services for corporate and retail customers in the areas of personal finance, investment banking, life insurance, and wealth management.
Business Challenge
- At the time of engagement, the smartphone penetration in India was 117 million, and expected to continue growing 45% year on year
- Exponential growth in consumption of internet services via smartphones makes it an effective channel for accessing banking services and transacting on the go
- Operating in a market with large established players including large public sector banks
- Existing solution was powered by the core banking vendor
- The digital solutions provided by the core banking vendor were minimal and unable to create an impact with customers
- Necessity to develop an alternate channel to drive customer acquisition and customer engagement
- Multiple form factors and device fragmentation on one hand, the bank’s multiple distinct back end system on the other. Interfacing both directly would make it complex and vulnerable to security threats
- Bridging this problem requires a state-of-the-art unified middleware that seamlessly integrates to multiple back-end systems and act as an interface for the mobile devices
- Frequent updates for small changes annoys the customers. An interface to configure and manage the platform enabling bank to silently push minor updates in the background
Solution Highlight
- Created an omni-channel platform interface using our platform, Papilio; connectin multiple banking systems to multiple access channels
- Created a mobile application, using Papilio, that runs on all platforms; encompassing 99% of smartphones
- Application is tested across different end-points using our test automation solution: Probatio.
- Provided a web interface to manage and configure the Smart Banking platform with ease
- The digital banking solution is a single app which caters to all the banking needs of the customer including savings accounts, current accounts, credit cards, loans, investments, insurance, Forex, deposits, transaction banking and more
- From a transactional banking perspective different payment modes are enabled through the solution including National Electronic Funds Transfer (NEFT), Real Time Gross Settlement (RTGS), and Immediate Payment Service (IMPS),
- Papilio also enables integration with multiple 3rd party service providers enabling services for movie tickets, travel services, grocery shopping, e-commerce portals, utility bill payments, and more
- Biometric authentication for better security
- Support for smart wearables
Benefits
- Comprehensive and secure omni-channel digital banking solution
- Available as a unified experience across multiple end-points
- 3 million transactions per day (as of Jan 2020) are managed by this platform i.e. 6.8% of mobile banking transactions in India
- High mobile adoption rate – more than 30% of the customer base uses mobile banking
- More than INR 31.15 billion (€374 million) worth of transactions happen via mobile banking, on an average, every month; that’s 450% more than 2 years ago
- Integrated with online wallets and other digital payment methods to accept payments quickly and to a provide an alternative to credit card payments.
- Businesses can use payment processing software to facilitate customer transactions in person or digitally