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  • Tips & Best Practices : Creating a Winning Customer Experience in Banking

    Customer Experience in Banking today highlights the dramatic ways in which banks are adapting to meet the requirements of the digital age. Based on Go-Live Faster’s expertise in helping several banks go live on time with their desired customer experience, here are some of the top best practices that can help banks deliver a great experience.

    How can Banks reorient to create a winning Customer Experience?

    Over the last few decades, banks have seen a transformational shift from being a classical lending borrowing system to a digitally modern and operationally agile institution. Although banks have undergone a technological change, the core objective of most banks is a business transformation driven by customer centricity. Banks are rapidly adopting a digital first approach to revolutionize customer engagement across all banking channels. More than just implementing a new product, committing to customer experience means long term sustainable growth for banks. It’s inevitably true that customer experience is linked to operational excellence which means making interactions seamless at every stage; a poor customer experience can irrevocably damage the value for banks. With the growing popularity of Fintech behemoths, banks are at a risk of losing control over their customers. As Fintechs continue to lead innovation in the banking industry, they will always be gunning for bank customers. For banks creating a brand that is perceived to be customer centric and one which offers better value can be a gamechanger.
     Focusing on Usability
    While banks are trying hard to forge ahead in the digital race by rolling out more products and features faster, they often forget in the end everything revolves around its usability. Making customer experience personalized and more focused on what’s relevant to them presents a game-changing opportunity for banks. The focus should no longer be on just solving complex banking problems by digitization alone but refocus on usability and user centric design. Banks need to make a shift from having a functionality mindset to one that is customer centric and value driven like some of the most loved brands.
    The Emotional Connect
    Given that a brand is experienced through its digital interface more than ever before, only few are successful at delivering a delightful digital interaction. While banks understand a digital first strategy is essential to transform the business, they miss out on creating the right kind of digital feel that builds an emotional connect with their consumers. For consumers digital experience is not just about simplified banking but also about engagement and delight. Consumers are looking for the same level of digital engagement similar to what their favorite brands offer.
    Deploy Intelligent Processing Technologies
    An AI/ML assisted intelligent development support environment can dramatically improve digital experience. Machine Learning algorithms help process more information and provide faster intelligent insights than their human counterparts. These insights help banks predict, automate and augment decision-making capabilities, thereby building quality early in the project lifecycle and bringing in optimal results in the customer journey.
    Bank Readiness Checks
    The view of digital banking and application development needs to evolve from a stand-alone and linear view to one that recognizes the interconnectedness and complexity involved in designing and implementing technology solutions. Digital banking customer experience is not just about the front end application but a constructed effort along the entire customer journey. Complacency, along with lack of cross functional business processes, can result in long-term reputational damage that may undermine customer relationships.
    Data Readiness Checks
    Enterprise risks arising out of data inaccuracies can often cause irreversible loss of reputation and put the bank at regulatory risk. In one of our recent conversations with a leading bank in the US, the head of Commercial Products shared his experience on how the product launch went to plan from a usability and functionality perspective, but some customers called in to complain that they were not seeing their data, but what looked like some other customer’s data! We have seen this situation play out more often than banks would like. Banks must understand data and user migration are infinitely more complex than functionality or usability and need to have periodic data readiness checks in place to stay away from botched implementations and outages.
    Going Frictionless
    With the whole new focus on delivering faster and better, it comes as no surprise that several banks are in the news for botched implementations and outages. Banks have to be cognizant of the fact that they are exposing customers to a new system/new set of features and this kind of transition needs to be seamless. Be it moving from legacy systems to technology upgrades banks need to ensure day-to-day activities are not impacted and customers are not locked out of their accounts. Periodic assessments of enterprise risk in BAU are a must for banks, where each assessment tells where banks stand and what changes they need to make to get better at it.
    Learn from our experience of handling large implementations and understand the strategies we developed to shorten implementation timelines without compromising quality. Get in touch with us today to know how we can help you deliver a winning customer experience.

    December 19, 2018
  • Best Practices for Treasury Management Implementations: Product Teams

    When a bank opts for a new treasury management system, managing and executing its implementation is no mean feat. It is a career defining activity for a treasury professional. The right treasury management system has to be selected. The system has to be customized to be in tune with a bank’s processes and existing technology applications. The system needs to be validated within the bank to ensure that it functions correctly. All of this while staying within time and budget limits and keeping up with day-to-day treasury activities! It is not surprising that an average implementation cycle can range from 18 to 24 months based on the complexity.

    Go-Live Faster has been part of multiple implementations over the past years and has had the first-hand experience of some of the key challenges faced and risk mitigation strategies. Here are some best practices that Go-Live Faster believes should be practiced by product teams during an implementation:

    • Map your need for change to the product life cycle and conduct an objective analysis of existing system features with business gaps.

    • Spend time understanding the incumbent system. Build detailed data/ feature maps of the incumbent system.

    • Define your minimum viable product (MVP). In addition to this, a product road map from that MVP to the fully functional system (FFS) is important.

    • Spend time and money writing detailed requirements upfront. Breaking requirements down into project phases helps.

    • On an average, each organization banks with anywhere between 3 to 5 banks. Just because you see your competitor offer a feature on their system does not mean you need it for yours.

    • Front load activities linked to Wires/ACH and Information Reporting functionality.

    • Ensure that backend systems are available and integrated for validation. Identify accounts with Check Images, deposit items and special cases in the back end systems before validation begins.

    • Brutally prioritize and limit the number of customizations. Deploy the high priority, customized functionality early.

    • Verify high priority and high risk functional areas early. Get Product and Line of Business teams involved in daily failure point triage calls with the vendor.

    • Sign failure point turn around SLAs with the vendor. Get the vendor to focus on high and medium priority failure points.

    • Bring all integrating system vendors on the same page through weekly/ bi-weekly meetings. Create more clarity and raise flags early.

    • Share the list of user conversion failure points with the support team before the system goes live. Post go-live, divide the support team to champion specific functional areas of the application.

    • Communicate, communicate, communicate- This is critical to ensure collaboration and change management.

    The success of a treasury management system depends entirely on the success of its implementation. Proper implementation is just as important as selecting the right treasury system. Majority of the times, it is only when a crisis comes up and treasury departments have to produce quick and accurate reporting on the organization’s liquidity, that the actual quality of the supporting treasury technology is actively tested. To prepare for such events, treasury professionals need confidence in the quality and dependability of their treasury technology. While the above is not a laundry list, we believe that anybody doing a treasury implementation would find it useful.

    July 1, 2016

If you are looking for someone who can help you accelerate your time to market on product releases look no further. Get in touch with us today to explore our scientific and analytical reports derived from our proprietary technology!

Our Blog
Category

  • Tips & Best Practices : Creating a Winning Customer Experience in Banking

    Customer Experience in Banking today highlights the dramatic ways in which banks are adapting to meet the requirements of the digital age. Based on Go-Live Faster’s expertise in helping several banks go live on time with their desired customer experience, here are some of the top best practices that can help banks deliver a great experience.

    How can Banks reorient to create a winning Customer Experience?

    Over the last few decades, banks have seen a transformational shift from being a classical lending borrowing system to a digitally modern and operationally agile institution. Although banks have undergone a technological change, the core objective of most banks is a business transformation driven by customer centricity. Banks are rapidly adopting a digital first approach to revolutionize customer engagement across all banking channels. More than just implementing a new product, committing to customer experience means long term sustainable growth for banks. It’s inevitably true that customer experience is linked to operational excellence which means making interactions seamless at every stage; a poor customer experience can irrevocably damage the value for banks. With the growing popularity of Fintech behemoths, banks are at a risk of losing control over their customers. As Fintechs continue to lead innovation in the banking industry, they will always be gunning for bank customers. For banks creating a brand that is perceived to be customer centric and one which offers better value can be a gamechanger.
     Focusing on Usability
    While banks are trying hard to forge ahead in the digital race by rolling out more products and features faster, they often forget in the end everything revolves around its usability. Making customer experience personalized and more focused on what’s relevant to them presents a game-changing opportunity for banks. The focus should no longer be on just solving complex banking problems by digitization alone but refocus on usability and user centric design. Banks need to make a shift from having a functionality mindset to one that is customer centric and value driven like some of the most loved brands.
    The Emotional Connect
    Given that a brand is experienced through its digital interface more than ever before, only few are successful at delivering a delightful digital interaction. While banks understand a digital first strategy is essential to transform the business, they miss out on creating the right kind of digital feel that builds an emotional connect with their consumers. For consumers digital experience is not just about simplified banking but also about engagement and delight. Consumers are looking for the same level of digital engagement similar to what their favorite brands offer.
    Deploy Intelligent Processing Technologies
    An AI/ML assisted intelligent development support environment can dramatically improve digital experience. Machine Learning algorithms help process more information and provide faster intelligent insights than their human counterparts. These insights help banks predict, automate and augment decision-making capabilities, thereby building quality early in the project lifecycle and bringing in optimal results in the customer journey.
    Bank Readiness Checks
    The view of digital banking and application development needs to evolve from a stand-alone and linear view to one that recognizes the interconnectedness and complexity involved in designing and implementing technology solutions. Digital banking customer experience is not just about the front end application but a constructed effort along the entire customer journey. Complacency, along with lack of cross functional business processes, can result in long-term reputational damage that may undermine customer relationships.
    Data Readiness Checks
    Enterprise risks arising out of data inaccuracies can often cause irreversible loss of reputation and put the bank at regulatory risk. In one of our recent conversations with a leading bank in the US, the head of Commercial Products shared his experience on how the product launch went to plan from a usability and functionality perspective, but some customers called in to complain that they were not seeing their data, but what looked like some other customer’s data! We have seen this situation play out more often than banks would like. Banks must understand data and user migration are infinitely more complex than functionality or usability and need to have periodic data readiness checks in place to stay away from botched implementations and outages.
    Going Frictionless
    With the whole new focus on delivering faster and better, it comes as no surprise that several banks are in the news for botched implementations and outages. Banks have to be cognizant of the fact that they are exposing customers to a new system/new set of features and this kind of transition needs to be seamless. Be it moving from legacy systems to technology upgrades banks need to ensure day-to-day activities are not impacted and customers are not locked out of their accounts. Periodic assessments of enterprise risk in BAU are a must for banks, where each assessment tells where banks stand and what changes they need to make to get better at it.
    Learn from our experience of handling large implementations and understand the strategies we developed to shorten implementation timelines without compromising quality. Get in touch with us today to know how we can help you deliver a winning customer experience.

    December 19, 2018
  • Best Practices for Treasury Management Implementations: Product Teams

    When a bank opts for a new treasury management system, managing and executing its implementation is no mean feat. It is a career defining activity for a treasury professional. The right treasury management system has to be selected. The system has to be customized to be in tune with a bank’s processes and existing technology applications. The system needs to be validated within the bank to ensure that it functions correctly. All of this while staying within time and budget limits and keeping up with day-to-day treasury activities! It is not surprising that an average implementation cycle can range from 18 to 24 months based on the complexity.

    Go-Live Faster has been part of multiple implementations over the past years and has had the first-hand experience of some of the key challenges faced and risk mitigation strategies. Here are some best practices that Go-Live Faster believes should be practiced by product teams during an implementation:

    • Map your need for change to the product life cycle and conduct an objective analysis of existing system features with business gaps.

    • Spend time understanding the incumbent system. Build detailed data/ feature maps of the incumbent system.

    • Define your minimum viable product (MVP). In addition to this, a product road map from that MVP to the fully functional system (FFS) is important.

    • Spend time and money writing detailed requirements upfront. Breaking requirements down into project phases helps.

    • On an average, each organization banks with anywhere between 3 to 5 banks. Just because you see your competitor offer a feature on their system does not mean you need it for yours.

    • Front load activities linked to Wires/ACH and Information Reporting functionality.

    • Ensure that backend systems are available and integrated for validation. Identify accounts with Check Images, deposit items and special cases in the back end systems before validation begins.

    • Brutally prioritize and limit the number of customizations. Deploy the high priority, customized functionality early.

    • Verify high priority and high risk functional areas early. Get Product and Line of Business teams involved in daily failure point triage calls with the vendor.

    • Sign failure point turn around SLAs with the vendor. Get the vendor to focus on high and medium priority failure points.

    • Bring all integrating system vendors on the same page through weekly/ bi-weekly meetings. Create more clarity and raise flags early.

    • Share the list of user conversion failure points with the support team before the system goes live. Post go-live, divide the support team to champion specific functional areas of the application.

    • Communicate, communicate, communicate- This is critical to ensure collaboration and change management.

    The success of a treasury management system depends entirely on the success of its implementation. Proper implementation is just as important as selecting the right treasury system. Majority of the times, it is only when a crisis comes up and treasury departments have to produce quick and accurate reporting on the organization’s liquidity, that the actual quality of the supporting treasury technology is actively tested. To prepare for such events, treasury professionals need confidence in the quality and dependability of their treasury technology. While the above is not a laundry list, we believe that anybody doing a treasury implementation would find it useful.

    July 1, 2016

If you are looking for someone who can help you accelerate your time to market on product releases look no further. Get in touch with us today to explore our scientific and analytical reports derived from our proprietary technology!