Asia-Pacific Bank Creates a Personalized Customer Journey through Open Banking
New business model, faster time to market, customer experience focus
Failing to grow in size and scale using traditional banking methods, this institution needed to transform into a modern digital bank, one with greater agility and scale to meet customer demand.
With TIBCO as its platform, the bank became technology-driven, customer-focused, and able to leverage innovative fintech solutions to increase its agility and scalability.
A new business model, faster time-to-market
To build a much-coveted digital core to streamline processes and focus on customer experience, the bank sought a strategy for digital transformation by implementing open banking initiatives.
The goal was to become cloud-native, increase development cadence by a factor of 10, and build APIs to improve performance, all of which are supported by open banking. With the help of TIBCO, it achieved these goals.
The benefits were significant. The bank now automates 100% of its deployment pipeline, which provides increased cost efficiency, increased resilience, reduced time to market, extended product ecosystems, and more experiments for improving the customer experience.
"We are 90 percent insourced, self-managed, self-run, and not dependent on vendors," said the bank's CIO.
Customer experience focus
The institution embedded itself into every part of customers' lives by embracing open banking solutions. This helped the bank accommodate customers’ expenses, financial methods, and banking preferences. Supporting this transformation are over 350 APIs that integrate its systems with those of more than 90 partners.
The first digital bank in its home country, the institution provides account opening in a mere 90 seconds. Customers can even do so in non-traditional venues such as coffee shops. It's run by an API ecosystem that enables an entire banking experience to run on a smartphone. Artificial intelligence enables the bank’s chatbot services as well as lending and cross-selling opportunities.
"We became an integrator of fintech and ecosystems to create a digibank," explained the CIO.
Innovative company culture
The bank identifies itself as a "26,000 person startup," with the goal to strengthen its people and culture. It encourages its employees to be customer-focused and data-driven.
"We not only believe in being data-driven, but taking risks and experimenting, and being an agile learning organization,” the CIO stated.
Adopting open banking concepts has allowed the institution to broaden its offerings by experimenting with new digital products and services. Currently, the bank is running 1,000 experiments, with about 15,000 employees participating. These programs include imaginariums, startup exchanges, API hackathons, and more.