Overview
India’s largest regional bank embarked on a transformative journey to transform its Mobile Banking for Current Accounts and Savings Accounts. The initiative aimed to shift from a product-centric approach to a customer-centric one, leveraging the Vahana platform to create a unified and seamless digital journey. The transformation focused on improving turnaround time
(TAT), enhancing relationship manager (RM) efficiency, and ensuring compliance with central bank guidelines. This case study highlights the challenges, objectives, solutions, and impacts of
this transformation.
Objective
The primary objective of the revamp was to create a customer-centric digital journey that would:
Solution
India’s largest regional bank partnered with Decimal Technologies to digitally transform the Mobile Banking journey on the Vahana platform. The solution included the following key components:
End-to-End Digital Onboarding:
A fully digital onboarding journey for CASA(Current Account and Savings Account) customers, ensuring compliance with central bank guidelines such as E-KYC, Aadhar (centralized national ID validation), IRIS, face authentication, and biometric verification.
Customer-Centric Approach:
The revamped journey prioritized customer stickiness by introducing AI recommended cross-selling opportunities and product variants based on the customer’s profile.
Composability:
The solution focused on business composability which allows the reuse of business components across consumer journeys. Modules such as KYC, communication managers, consent management modules, and payment modules are created once and reused as Lego blocks across various journeys enabling flexibility and reliability. Vahana platform’s flexible architecture enables business composability by delivering the necessary microservices and micro front ends.
Scalable Backend Operations (DOPS):
The new DOPS design addressed the limitations of the existing system by offering:
AI Orchestration: Strong structured and unstructured data extraction, processing, and highlighting of discrepancies through Vahana platform unstructured data processing capabilities.
Fraud Detection:
• AI enabled the identification of fraudulent documents, tampering, and highlighting of anomalies to push suspicious documents through additional manual checks.
• Integration with relevant AML and fraud databases to identify individuals and entities to be flagged for further investigation.
Flexible and Customized Workflow: Leverage the Vahana platform admin module to manage organization structure, product configurations, user and access management, case management, and requisite exceptions and deviations.
Scalable Architecture: Horizontally scalable architecture to cater to the load volumes during surges.
Configurable Tech Stack: Enabled faster and cost-effective changes, converting weeks to days and days to hours.
Compliance Reporting: Quicker and more efficient generation of compliance reports tailored to central banking needs, resulting in tremendous time and effort saved on responding to central bank queries.
Improved Stability and Observability: Brought in zero downtime and entire trace and auditability of every single operation to comply with central bank regulations.
Impact
The revamp of the bank’s mobile banking journey has delivered significant improvements across multiple dimensions:
Conclusion
The digital transformation of the mobile banking journey marks a significant milestone for the bank, which aims to become a leader in customer acquisition for savings and current accounts. The key to success has been the Adoption of composability and hyper automation using AI and No Code with customers at the center.
