Challenge
A Tier 1 Bank in Australia had observed its retail market share erode to both traditional competitors and new financial service entrants. Formulating a response was impeded by dependence on a legacy core whose scarce resources were focused on risk remediation. Ultimately, they embraced a strategy to launch a new brand focused on customer journeys rather than products. In order to move forward to deliver business and customer outcomes, the bank needed a way to simplify and reduce the dependence on its core banking platform.
Zafin platform enabled:
- A cross-product layer that serves product information across the stack of their new digital-only brand
- APIs that interoperate seamlessly with the bank’s orchestration layer. Customer journey-related solutions that personalize products and pricing based on the customer’s life stage
- Full compliance with a regulatory framework by providing audit, transparency and robust product governance
Resulting in:
- Simplified, high integrity, scalable and resilient platform
- Improved customer experience via a digital-only solution
- Increased transparency and control for bank employees and customers
Key Metrics
Reduction in products from > 300 to < 10
<3 minutes to onboard a customer and originate a transaction and savings account package through self-service capability
New products configured and ready for launch in minutes rather than more than nine months