In the banking industry, ensuring the overall customer experience is a critical aspect. While there are CX offerings to enhance customer relationship, what most banks miss out on, is the engine, which runs the customer experience efficiently. Banks usually concentrate on providing enhanced features to the customers but, have concerns on maintenance of those features. However, with the market moving from being digital first to data first, banks have to ensure that their offerings and services are seamless across different audiences. That’s where Aspire’s OX suite plays a vital role by ensuring efficient execution of end-to-end process with minimal efforts, time, and errors.
Aspire’s OX suite
The banking industry is rapidly advancing towards digital innovation due to increased competition from fintechs and Tech giants. Therefore, banks are now in need of a support system that can handle heavy data flow with minimal efforts and cost. Also, banks are in no position to compromise on the customer requirements. Keeping in mind all these factors, we present our OX services, which act as an accelerator for the bank’s services and help to achieve maximum potential and probably exceed the expectations of your banking application. Here are the 5 pillars of Aspire’s OX suite
1.Reimagine core banking
Transforming banks to keep up with the digital world, starts with upgrading the core banking system. Banks that transform digitally face issues with their core banking platform. In order to avoid this issue, we transform bank’s core banking platform therefore, helping banks truly embark on their digital journey.
Long gone are the days when banks restricted themselves to the traditional methods of financial services mainly due of the limitations of the legacy-based system. In the current trend, the more the banks open themselves to innovation, the more they stay in the sight of a customer. On the other hand, options like cloud-based services, microservices, API management, etc., have attracted banks towards modernizing their applications hence, helping them to innovate.
3.Automate at scale
By now, banks have understood the difference automation can bring in their system, which helps them to grow rapidly. Elements like RPA, cognitive automation, and other facilities ensure the completion of different financial processes with less efforts, cost, and errors and that attracts banks. Take for example- many traditional banks still wish to automate their services without touching their legacy applications. In such cases, we automate using RPA which solves the predicament. Another common expectation of banks is, to eventually reduce the operational costs and to achieve what we call hyper automation, which can be called as the ‘next-gen automation.’
In any enterprise, QA is vital to ensure smooth running of the applications. The same applies to the banking industry as well, be it manual or automation, QA has become a necessity. In every area of banking like core maintenance, digital channels, payment transactions, etc., QA has become an essential entity.
5.IT infrastructure services
When we talk about IT infrastructure in banking industry, our stress would be on cloud enablement. Banks are advancing towards cloud technology and so are we. We at Aspire, take care of the overall IT infrastructure maintenance with our managed services.
Foundation of Aspire’s OX suite
The three foundation cultures of Aspire’s OX suite are Data culture, DevOps culture, and Open banking culture. For any bank, the major stumbling block for innovation is processing the huge amount of structured and unstructured data. Thankfully, our data analytics concentrates on such data to provide insights on the customer behaviour and a detailed analysis report, which in turn enhances customer relationship.
The second factor, which is purely based on backend support, is the DevOps culture. Banks understand the need for DevOps in their system majorly due to its automation capabilities. Another advantage of DevOps is Continuous Integration/Continuous Delivery (CI/CD). In DevOps, every process undergoes continuous innovation based on customer feedbacks, making the current release an improved version of the previous one ensuring an efficient upgrade of your entire system.
The third area is open banking, which is not a new concept. The reason for banks to opt open banking culture is the availability of a plethora of opportunities to both banks as well as customers, which is a win-win situation.
With stronger technical advancements like hyper-automation, microservices, cloud enablement, managed services, etc., we prefer to stand at the top of the digital innovation in banking services. With competition comes the need for innovation, and we leverage such opportunities to bring our out-of-box ideas, which can help banks stay on par with the changing trends.
To know about our CX suite, click here: https://ter.li/camauv
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