As banks overhaul and update their customer relationship processes to remain relevant to requirements, after personal financial management (PFM) tools, the next logical step in the digital transformation process is smart transaction management (STM). GFT's trial STM solution enables a reduction in mainframe queries of at least 80%, significantly reducing hosting costs.

The challenge

Provide customers with a complete, enriched and user-friendly view of their financial data

  • Customer loyalty was being eroded by competition from agile, more user-oriented fintech startups
  • The bank needed to leverage its large volumes of historical customer data by using data mining and enriching information as close to real time as possible. This was necessary to enhance the banking experience, day or night, on any device
  • Due to the sheer size and complexity of the infrastructure at this global financial institution, it was necessary to deploy a small-scale version of the proposed solution to prove its efficacy in the field and demonstrate its value to the organisation. This would validate any investment in  large-scale deployment

The engagement

Development of a small-scale STM deployment scenario in under four months

  • To enhance relationships with banking customers, smart transaction management (STM) is the next step of digital transformation after personal finance management (PFM)
  • GFT worked with the bank's big data project team to extract more valuable information on customer transactions and develop relevant solutions for the customer, with the aim of increasing loyalty and reducing customer attrition
  • GFT developed a small-scale deployment scenario outside the bank, which integrated seamlessly with the bank‘s existing technology and process infrastructures
  • By adding five to ten years of customer data and continuing to upload data in real time, GFT proved the system would run smoothly without any negative impact on the bank’s infrastructure

The benefit

Added value through mobile devices and a user-centric STM solution

  • 80% reduction in mainframe queries, significantly reducing hosting costs
  • 60% time reductions delivering new transaction management solutions for customers
  • Richer, deeper business intelligence to enhance customer relationships
  • A more rewarding, relevant and engaging experience for banking customers
  • A stronger position for the bank to take advantage of future open API-based STM options
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Manuel Lavín