The project implementation was recognized and awarded by the bank for its operational excellence
The client is India’s second largest bank, with total assets of $79bn. It is also the most valuable bank in the country in terms of market capitalization. The Private Banking group offers financial products and services to the 'High Net-Worth Customer' segment through multiple booking centers in Bahrain, Singapore, India, Oman and other countries across the globe.
The bank offered its private banking services in many countries and offered different types of products originating in various markets. It was looking for a single system to support all of these. Compliance was another consideration. System was required to ensure that product sale and advice complies with customer’s risk profile, bank’s own policies and regulatory norms. Providing single view of customer holding and productivity tools to Relationship Managers was needed to ensure a superior customer experience and higher advisor productivity. Operations and processes had to be standardized and automated for efficiency and better control.
Basically the bank wanted to bring efficiency in the back office and better customer experience combined with higher advisor productivity with front office tools.
After studying the client’s business requirements and mapping it to the technological support system that would enable business outcomes, Intellect Design Arena’s iGCB division proposed its Intellect© Wealth Management Software suite of products along with customized feature development. To meet the business requirement, iGCB offered the following components from its Intellect suite. The solution is SOA compatible.
The solution was implemented in six booking centers around the world.
The solution has enabled the bank to increase productivity as a result of migration from an outdated Excel based system (over 80+ Excels sheets) to a GUI-based open platform. This has enabled it to increase customer base and better customer service as it was able to support over 5000 orders per annum and over 100 users (30+ concurrent) users.
The key features of the solution include:
In 2008, the project team was awarded the Diamond Award awarded by the bank. The project was recognized among top ten projects in the area of operational excellence and was placed among the top 3 under the Control category.