Our client, a leading provider of ATMs, kiosks, point of sale systems and smart devices for financial services, retail and hospitality industries, made a strategic shift to providing complex omni-channel solutions across a wider array of services, platforms and devices.
As a result, our client faced three major challenges with transitioning the business services offered to its clients:
- The first challenge was in building a unified product architecture, which was complicated by the fragmented nature of the existing product landscape within the firm and within two recent acquisitions.
- The second challenge was related to changes in the profile of their target customer. The client was looking to target smaller financial institutions as clients, and as a result, needed to significantly reduce the cost of implementation for their products to make them more appealing to smaller firms.
- Lastly, the client wanted to support complex transactions and interactions to meet the changing behaviors and expectations of consumers and banks. our client’s existing product offerings were expensive to implement, lacked existing integration with each other and were not flexible enough to meet changing business requirements and customer priorities. As a result, loyalty, retention and satisfaction rates dropped and resulted in a significant drop in revenue
The Sovereign Solutions team began the engagement by conducting an across-the-board assessment of the business priorities, business requirements, business architecture, organization structure and technical architecture of all customer facing and internal products and services across our client and its two acquired companies. Our initial goal was to document the current state architecture, analyze it, and make recommendations on a target state architecture and roadmap that would:
- Allow the combined entity to be more agile, implement business requirements faster.
- Reduce the time and cost to implement their products within a customer environment
- Simplify and streamline the process of integrating the client’s products with one another
- Support the new, complex use cases the business team identified as part of the long-term strategy.
Our team envisioned a cutting-edge architecture that integrated the products of all three companies into a single unified platform by leveraging existing assets across the firms, redesigning product interfaces, bringing new architectural components and patterns into the organization and leading the efforts to build new technologies for capabilities that didn’t exist anywhere else. The new platform could be run in a licensed deployment at a large financial institution or in the client’s SaaS environment, supported modular integration of components and features, could be run on premise or in most public cloud infrastructure, and utilized a straight-forward, low-cost implementation approach.
With advanced product integration and new capabilities, our client was able to offer cutting edge features such as:
Mobile cash withdrawal, which allows a user to send cash to an ATM machine or bank with the recipient only needing a cell phone or ID to pick up the funds.
- Streamlined new account open and loan application features that allow multiple internal and external users to participate in the transactions together across multiple device types and locations
- Advanced technology initiatives, including Amazon Alexa, voice, Virtual Reality, remote video teller, and intelligent chatbot interfaces with banking applications
- A single view of account data and transactions from all devices and channels across all accounts, including loans, credit cards, checking and savings accounts • Complex analytics and marketing capabilities that allowed our client to sell and display ads or cross sell products to end users on ATM machines, kiosks and other devices based on a user’s purchasing habits, location, preferences and behavior
- ATM as a service, ATM/credit/debit transaction processing as a service, core banking data as a service and remote virtual teller as a service
- Cross platform application development framework that supports deploying applications to mobile devices, web browsers, tablets, smart kiosks and ATM machines
- Instant payment services for peer-to-peer financial transactions
With the new architectural roadmap and a new, sophisticated, integrated platform, our client was better able to compete in the marketplace by proactively deploying new features quickly. This resulted in a revenue increase of 35%, faster transactions processing and a single, ubiquitous view of user accounts and transactions resulted in significantly improved customer retention and satisfaction rates.
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