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Digital Banking Transformation, Without Core Replacement

FintechOS enabled this 100+ year old business and retail bank to achieve its digital transformation goals without having to replace its existing core systems.

Background

A 100+ year old business and retail bank, with a mission to serve non-profits and a focus on delivering exceptional customer experiences, needed to digitalize its business, but was constrained by its legacy systems.

Challenges

With Millennials and Gen-Z as its largest customer group, the bank needed to digitalize its customer journeys to stay relevant. Yet, while the bank had digital transformation goals, it had no clear path to achieving them. The bank’s core systems were antiquated, difficult to integrate with, and the cost and technical effort to develop new digital products was prohibitive.

With Millennials and Gen-Z as its largest customer group, the bank needed to digitalize its customer journeys to stay relevant. Yet, while the bank had digital transformation goals, it had no clear path to achieving them. The bank’s core systems were antiquated, difficult to integrate with, and the cost and technical effort to develop new digital products was prohibitive 

While the bank had a digital onboarding solution, the solution was based around the core banking platform and did not provide an experience that met target customer expectations. To compete, the bank needed to deliver a more personalized and streamlined customer journey.

Solution

The bank selected FintechOS to achieve its digital transformation goals. FintechOS enabled the bank to extend the capabilities of its existing core systems, digitalizing and automating their processes and customer journeys efficiently and cost effectively.

The FintechOS platform empowered the bank with composable data capabilities, a low-code/no-code Studio, and pre-built customer journey accelerators, enabling the bank to go live with its new digital offerings quickly.

Results

The bank is no longer hampered by legacy technology and provides its customers with differentiated digital journeys for onboarding and account management. Using the FintechOS platform, the bank was able to launch two-factor authentication via SMS messaging and connected with several third-party systems, without having to rip-and-replace their existing core infrastructure.

With FintechOS Studio, FintechOS’s visual builder product, non-technical teams can create and launch truly personalized products and customer journeys. This includes adjusting and fine-tuning ratings and coverage – providing the bank with self-sufficiency, removing dependency on technical teams and partners. Also, with the FintechOS platform, the bank can connect, integrate, and embed its new digital journeys with several third-party processes.

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