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Intelligent Banking: The Power of Digital

Events

12th Mint Annual Conclave | Mumbai

Future of Banking: How to Navigate the Digital Road

March 18, 2019 | The St.Regis Mumbai


Sudhir Tiwari, MD, ThoughtWorks India spoke as part of a panel discussion on Charting the Digital Road for Banking.

Banking is experiencing a seismic shift. Technology is augmenting humanity and diffusing traditional constraints. Intelligent banking, the intention economy and hyper-personalisation are reimagining the nature of financial ecosystems.


In this era of digital transformation, smart banks like yours are putting tech at the core of their business, effectively disrupting their own selves and the financial sector at large.

Insights

Sudhir Tiwari, MD ThoughtWorks India talks about AI-Guided Digital Business at ThoughtWorks Live, India 2018


Gary O'Brian, Global Head of Advisory, ThoughtWorks, talks about Enabling Sustainable Transformation

Case Studies

Reimagining Retail Banking with World's Largest Challenger Bank

Blockchain Platform to Digitize Global Commodities Trading

Innovation and Personalization in Digital Banking

Credit Scoring System for Rural India

Seamless Banking Experience for HNI Customers

Intelligent Private Banking Platform

REIMAGINING RETAIL BANKING WITH WORLD'S LARGEST CHALLENGER BANK

Location: Europe & Americas | Project Type: Platform for Growth

A Berlin-based fintech startup is reimagining retail banking for today’s mobile lifestyle. Clocking a presence in 24 European markets, 2.3 million customers and more than €1 billion accounts, the bank was looking to launch its services in the UK.


While expanding to the new geography with not one but two banking schemes, the fintech was also transitioning to a microservices architecture.


  • The two banking schemes went live within 3 months of each other
  • Customers will receive salaries and pay direct debits via their bank accounts
  • Customers can designate their fintech accounts as primary accounts
  • The fintech is positioned as one of the world’s largest challenger banks

INDUSTRY-WIDE POST-TRADE PROCESSING PLATFORM FOR COMMODITIES

Location: UK | Project Type: Blockchain, Platform for Growth

VAKT, a consortium funded by nine leading energy companies and banks wants to transform the global commodities trading industry - make it digital. ThoughtWorks leveraged blockchain technology to build a digital platform, allowing all parties to manage the post-trade process in the same place for the very first time.


  • Launched the world’s first enterprise grade blockchain trade settlement platform for the global energy industry
  • The project was completed in 5.5 months
  • The solution is a single source of truth for traders revolutionizing their business processes
  • The platform drives efficiencies, reduces costs and opens up new revenue opportunities
  • There is greater visibility into logistics data, improving decision making

INNOVATION AND PERSONALIZATION IN DIGITAL BANKING

Location: Singapore | Project Type: AI-Powered Intelligent System

Standard Chartered Bank provides a wide-range of products and services for personal and business customers across 71 countries. The bank launched the eXellerator, an innovation lab in Singapore is dedicated to exploring emerging technologies for sustainable business solutions. The lab explores how the future of banking could look using immersive technologies.

“The future of banking is vast. The mirror raises the profile of what you can do if you work a certain way, which is one of the reasons we are working with ThoughtWorks. The approach to agile development, creating something and getting that feedback from users, is something we can showcase from an innovation point of view.”


 - Stuart McConnell, Technical Director, eXellerator, Standard Chartered Singapore

CREDIT RATING SYSTEM FOR MICRO-FINANCE INSTITUTION

Location: India | Project type: AI-Powererd Intelligent System

Rang De is a non-profit offering low-cost credit to rural entrepreneurs that launched Swabhimaan, aimed at rural women is a financial literacy and microcredit initiative. Bioscopes or digitised kiosks provide access to financial literacy, online loan application, credit scoring and cashless disbursal of money.


ThoughtWorks leveraged IndiaStack and Digital Transformation to work on the loan application software for Swabhimaan. A crucial component of the solution was experience design, especially given the high level of tech immaturity in India's rural regions. ThoughtWorks rendered an intuitive experience that incorporated features like fingerprint scanning as data security measures.

FRICTIONLESS EXPERIENCE FOR HNI CUSTOMERS AT THE SWIPE OF A FINGER


Location: Global | Project Type: Legacy Modernization, Mobile & Platform for Growth

The world’s 3rd largest private bank headquartered in Zurich wanted to elevate their private banking clients’ customer experience. They wanted to build a digital private bank that would provide personalized and timely information.


ThoughtWorks built a scalable digital relationship management platform of which the first phase was delivering a banking mobile app. The digital app ensures superior user experience design and speed to market of new features. ThoughtWorks also set up an innovation studio to develop future-ready customer-centric offerings.


  • The digital platform provides alternate revenue streams
  • 3000+ customers have been on-boarded
  • Faster time to market, crunching 6 months to 2.5 months, via new products on the mobile app

INTELLIGENT BANKING PLATFORM FOR GLOBALLY DISTRIBUTED HNI CUSTOMERS

Location: Global | Project Type: AI-Powered Digital Business, Legacy Modernization

A leading American consumer bank wanted to develop next-gen customer experiences for their globally distributed and ultra-high networth individuals.


ThoughtWorks used product thinking and agile principles to build a private banking platform centered around a financial data repository that manages complex data transactions, using emerging technologies. The digital transformation journey included modernizing a 15-year-old legacy platform.


  • The first delivery milestone was achieved in 8 weeks
  • 3 of the client’s 14 strategic initiatives have been accelerated saving an estimated cost of USD 0.5M through automation and capability building initiatives

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