Infosys Leverages Innovative Digital Solutions for a Global Bank’s Retail Consumers

Infosys helped a Global bank streamline governance to ensure customer-centricity across all banking functions, increasing value realization. 

Challenges

Infosys is the global leader of next-generation digital services. The company enables its global clients through the process of digital transformation. One of its clients is a US-based bank that serves over 30 million customers through its award-winning digital banking capabilities. Its well-developed consumer retailing division includes a full range of financial products and services with advanced digital banking abilities and a retail banking network. The bank embarked on a multi-dimensional digital transformation program to improve its customer experience and simplify service delivery. Its goal was to create a state-of-the-art banking platform with a mobile-first strategy, AI and ML solutions, enhanced security, and omnichannel delivery. Another issue they want to tackle is reducing time-to-maker for new products and upgrading the technology of underlying systems. 

Initiatives

The banking client had put Infosys as the primary IT delivery partner for its multi-year digital transformation program. Infosys teams were tasked with providing development and testing support for new applications, production support for new and existing apps, DevOps, and infrastructure support. Infosys had managed to transform the execution model from waterfall to scrum-based agile model across the teams. It helped approximately 200 professionals from the development and QA teams transition to over 26 distributed agile scrum teams throughout multiple time zones and geographical locations. As the nature of the program was complex, implementing new technologies came with several challenges in managing the employees. To solve this issue, Infosys created a targeted training program to re-skill employees to improve adoption. 

Results

Infosys's solution resulted in seven improvements. It revamped the customer authentication and enrollment process on the desktop and mobile banking platforms. This meant the company had to redesign the UI flows, integrating services and migrating nearly 90 million profiles from legacy mainframes to a new secure platform. Infosys also created a security dashboard for this purpose. 

To transform core payments, Infosys enabled the bank to deploy omnichannel architecture that integrates with both front-end and back-end systems. It also added a new channel that facilitates faster money transfer through Zelle, a banking product. With Infosys's help, the client can enable B2C payment integration with PayPal. 

For a mobile-first strategy, Infosys created a native mobile app with a dedicated offshore mobile browser lab for device testing and 24-hour support. The mobile app supports digital wallets like Apple Pay, Samsung Pay, and enables cost-effective remote deposits. 

To enhance the customer experience, Infosys is leveraging technology expertise and UI innovation to modernize the platforms with unique solutions. Some of the solutions included redesigning the online banking website with dashboards and preferences, support for ADA compliance and internalization, online deals, rewards, and cashback, implementing budget analysis tools for consumer and investment accounts, and enabling P2P transfers. 

Infosys identified omnichannel integration and digital modernization of banking systems as a crucial area. The company created a roadmap to upgrade and integrate banking solutions on iPad across 3000 branches, developed an enterprise-wide omnichannel authentication platform, and enabled direct calling from the mobile app. 

The digital portfolio of the banking client is being enhanced by Infosys with next-generation digital platforms powered by AI and ML. The team developed AI and ML-based risk scoring models for authentication and enabled NLP-based search optimization throughout. A voice-integrated, conversational chatbot for customer service has also been developed for the client. 

Infosys helped the bank streamline governance to ensure customer-centricity across all banking functions, increasing value realization. The core principles of engagement are flexibility, transparency, and traceability through which an open and transparent culture can be fostered.