Client
Financial institution based in the northeastern United States. It has $57.5 billion in deposits, operates about 650 retail banking offices and over 2,000 ATMs, and employs approximately 9,800 people. It offers an array of financial services and products including retail banking, mortgages, corporate banking, cash management, credit card, capital markets, trust and wealth management, and insurance.
Challenge
The digital transformation project that Axis Corporate carried out in recent months helped to deploy an innovation program by rethinking its business processes and structures. The program it implemented aimed to modify the structure of corporate services in online and mobile banking, while developing a new platform for digital customer experience. The initiative involved migrating front- and back-end channels, which were running on legacy technologies and architectures, to a cloud-native omnichannel platform.
How we helped
Axis helped its customer change due to new demands and competition by orienting the customer to digitization and moving fast to stay ahead. The idea was to achieve the ability to sell products in a way that is 100% digital.
Moreover, this project transcended technology and placed people at the center, being a challenge for people, teams and eventually technology. The project has been part of a long-term transformation, which seeks to culturally re-found the company, with a more open spirit and a dynamic culture of collaboration, co-creation, and innovation.
Axis Corporate participates in projects that, like this one, involve a transformation of the organizational culture. That is, a change of mentality in the company’s collaborators, who modify their way of acting, stop working in silos and adopt a much more collaborative behavior.
For this reason, both Axis and its client consider that the innovation program went beyond technological change and structurally modified the company: it changed the mindset and the way of working of its employees, making the project, which was initially about digital transformation, become one of cultural transformation of the company.
And this first step of organizational change and training to operate the new platforms, allowed the project to end up being successful and fulfilling a triple objective: improvement in customer experience, reduction of time to market of new products and greater efficiency in the technology area.
Results
With the new solution, Axis Corporate’s client decreased lead times for launching new services from months to weeks and introduced self-service systems, while improving the customer experience, reducing waiting time by 40% and developing a faster onboarding process to the bank’s digital products. This has led to an increase in the number of digital transactions and attracted digitally native customers to its services. In addition, the cybersecurity of its banking systems was strengthened, with simplified management of platforms and higher security standards, enabling rapid detection and intervention in the event of fraud. Finally, development and maintenance costs were reduced by 40% each.
