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Shaping the Future of Digital Banking

India’s financial services sector is expected to continue to invest in digital business, which is estimated to grow 9.1% to $11 billion in 2020, according to Gartner, Inc. Leaders in the financial services industry are building modular platform capabilities that would offer highly personalized experience, across digital touchpoints. Banks are also building robust operating models that would enable them to be resilient and adapt to market shifts. 

 

ThoughtWorks is a digital native disruptor with 25+ years of experience in building platform ecosystems and data-driven business models for companies in the financial services industry.We have industry extensive experience in transforming organizations in the financial industry right from large traditional banks to new age digital banks to fintechs. Based on such transformative experience we have formulated a pragmatic model that would help organizations to become a modern digital business.

 

The entire approach towards building the modern digital business is powered by ThoughtWorks’ Digital Fluency Model that recommends a multidimensional approach to attaining digital aspirations. The model helps customers identify the aspirational fluency pattern and the investments they need to make in order to build capabilities.

Building Blocks of Modern Digital Business for Financial Services Industry

Frictionless Operating Model: Enable financial institutions to redefine their operating model to proactively manage risks, regulatory environment and adopt to market disruptions 


Platform Strategy: Build adaptive and modular platform strategies that would enable banks to add new products & offerings and scale to new markets 


Experience Design and Product Capability: Design, deliver and evolve customer-centric products that would help banks increase customer experience across the financial lifecycle


Intelligence Driven Decision Making: Enable banks spot new patterns, context and detect hidden correlations that would help in fraud detection, lifetime value prediction and new revenue generation


Engineering Culture, Delivery Mindset: Help banks adopt modern approach to software development and enable them to launch products in rapid iterations based on customer feedback

Upcoming Event: Mint Annual Banking Conclave 2020

Hear us speak at the expert panel discussion on Digital Transformation: The Big Leap Ahead

How to Accelerate Digital Fluency in Banking

Conversation between

Avinash Raghavendra (Head - IT, Axis Bank) and

Sandeep Reddy (Head - Financial Services, ThoughtWorks India) at

ThoughtWorks Live India 2019

Client Stories


Building Digital Lending Platform for India’s 3rd Largest Private Bank



Platform Strategy for Indian Government’s Digital Payments Entity



Building a Self-Service Digital Layer for a global insurance company



Building Digital Lending Platform for India’s 3rd Largest Private Bank



ThoughtWorks built a flexible loan origination platform for the bank and enabled them to quickly roll out products to respond to market needs providing agility. The platform includes loan origination, risk assessment, digital underwriting, handling approval, back office, and disbursement to auto dealer accounts. ThoughtWorks also provided business consulting and tech strategy alignment to drive product thinking and continuous delivery. 


  • Platform helped increase digital lending from 0% to 30% in 2 years
  • Platform help launch new products in 4-5 weeks, as against the 6 months it would take to do the same with the old system


Platform Strategy for Indian Government’s Digital Payments Entity

ThoughtWorks is involved in revamping and rebuilding a payment platform to enable the client compete with rapidly growing digital payment ecosystem. ThoughtWorks found that the issues are primarily due to legacy user workflows, a legacy tech stack, failing transactions and inefficient transaction throughput. ThoughtWorks upgraded the tech stack to enable addition of new features as well as enabled the customer’s co-located team with us using our agile delivery best practices. 

 

  • The outcome is an increase in transaction volumes and user penetration using this modernized mobile payments service 
  • ThoughtWorks met the customer’s stringent deadlines for their mobile app and backend refresh

Building a Self-Service Digital Layer for a global insurance company

Our client is a global insurance firm with a 173 year legacy. ThoughtWorks created a self service Progressive Web Application, built with cutting edge technology. The digital layer interacts with the insurance firm's platform to get required information on policies, claims and demographic data on the policy holders and was architected by a combination of microservices and serverless based architecture.


  • The self-service digital layer enhances customer experience and helps our client become an insurance partner of choice.
  • The operating cost per policy is reduced
  • Our client's goal of developing a multi-capability technology platform for newer offerings and customer personalisation is met.

Becoming a Modern Digital Business in 2020

The allure of digital lies in its promise of delivering speed, agility, and innovation. But digital doesn’t happen in a day and a big-bang transformation approach won't realign your stars.

Considering the shift in design, philosophy, and culture - how challenging would it be to embed digital into the fabric of your organization?

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