Phy-gital Roundtable: Breakfast Roundup from Germany and Netherlands

02 May '15 | Debjyoti Paul

German Shoppers: Meet Them in the Fast Lane to Phy-gital

15 January '15 | Ralf Reich

Shoppers Will Share Personal Information (But They Don’t Want to be “Friends”)

15 January '15 | Anil Venkat

Modernize or Perish: Property and Casualty Insurers and IT Solutions

14 January '15 | Manesh Rajendran

Benelux Reaches the Phy-gital Tipping Point: Omnichannel Readiness is Crucial

13 January '15 | Anil Gandharve

The New Omnichannel Dynamic: Finding Core Principles Across Industries

13 January '15 | Debjyoti Paul

Technology does not disrupt business – CIO day 2014 Roundup

02 December '14 | Anshuman Singh

Apple Pay – The Best Is Yet To Come

02 December '14 | Indy Sawhney

Digital transformation is a business transformation enabled by technology

01 December '14 | Amit Varma

3 Stages of FATCA Testing and Quality Assurance

06 October '14 | Raman Suprajarama

3 Reasons why Apple Pay could dominate the payments space

18 September '14 | Gaurav Johri

Beacon of Hope: Serving Growth and Customer Satisfaction

05 August '14 | Debjyoti Paul

The Dos and Don’ts of Emerging Technologies Like iBeacon

30 July '14 | Debjyoti Paul

What You Sold Us On – eCommerce Award Finalist Selections

17 July '14 | Anshuman Singh

3 Steps to Getting Started with Microsoft Azure Cloud Services

04 June '14 | Koushik Ramani

8 Steps to Building a Successful Self Service Portal

03 June '14 | Giridhar LV

Innovation outsourced – a myth or a mirage or a truth staring at us?

13 January '14 | Ramesh Hosahalli

What does a mobile user want?

03 January '14 | Gopikrishna Aravindan

How to engage your financial services customers, part 2: Omnichannel solution go-to-market challenges

Posted on: 18 August '15

Engaged banking offers big rewards (an increased customer base and greater revenues, for a start), but financial services organizations interested in implementing omnichannel solutions face meaningful challenges: your new and existing systems have to work together – as do their data – and you have to make room in your budget for a new solution. A customized Mindtree engaged banking approach can help tackle all three concerns.

First, let’s define terms. An omnichannel banking solution provides seamless integration of online and physical banking channels – branches, mobile banking, wearable technology, online banking and ATMs – so customers receive fast, secure, consistent service.

Engaged Banking

Sounds perfect, doesn’t it? But if you’re thinking about roadblocks, let’s look at the usual suspects.

Systems integration

Your organization probably has core systems that rely on conventional databases and methods of banking with disparate channels, product lines and business units to incorporate. To add digital touchpoints such as online banking, mobile banking apps, and wearables, you’ll have to integrate all these systems both with each other and with the omnichannel solution.

Legacy enablement and data analysis

To engage with customers’ life journeys, banks must collect and analyze a lot of data to provide a personalized experience. Migrating to omnichannel banking means integrating existing data from legacy systems without data leaks, all while making room for new information and data analysis mechanisms.

The budget monster

In the wake of the global financial crisis, banks face considerable budget concerns. They want a low-risk way to adopt digital banking that will still yield a measurable ROI. [When we say “ROI,” we’re talking about business value – as defined by you.]

Our solution for the financial industry

The Mindtree approach to engaged banking addresses these challenges and helps financial institutions adopt omnichannel successfully. Here’s the big picture:

  • We evaluate a bank’s readiness and business road map first. This involves looking at channel and IT system performance, features, accessibility and the current user experience with an eye toward migration to – or enhancement of – an always-on, seamless, omnichannel customer experience.
  • We develop recommendations, evaluate gaps, discuss solutions with you, and prioritize feature development in alignment with your business strategy.
  • We select from a library of industry accelerators and solution frameworks to find just the right ones to build your solution. Our deep expertise in systems integration, legacy enablement and data analysis helps ensure that your valuable data and existing systems will be incorporated into your new solution. Speaking of data analysis, how you set up your systems is crucial: the amount of value you get from omnichannel solutions is based on how well you can capture and process information. These data, when harnessed correctly in an integrated environment, can provide valuable insights into meeting customer needs and lowering risk.
  • We use the Agile methodology to shorten lengthy development cycles while maximizing value from legacy environments. It’s essential for turning ideas into solutions quickly, so you can drive incremental revenue growth and competitive advantage.
  • We customize a solution, powered by an extensive selection of APIs that will help your bank differentiate itself with engaging, value-added offerings that map customer data to customer needs.

To learn more about the Mindtree approach to digital services, download our e-book: Are You Living in a Digital Fairy Tale? Make Digital Real.

Nagaraj Modur

Nagaraj Modur has 14 years of experience in BFSI Technology and Consulting. He has handled consulting portfolios in Program Management, Transition Management, Business & Process consulting, and Testing and has played pivotal role in regulatory projects , product implementations and global rollouts.