Transforming Digital Retail Banking for a Leading Global Wealth Management Firm

Our client, a major player in the global wealth management industry, undertook a visionary Digital Transformation initiative to cater to the evolving needs of today’s digital banking customers. Recognizing the need to shift away from product-centric approaches, the client aimed to create a comprehensive suite of personalized banking offerings while navigating the challenges posed by regulatory pressures and heightened customer expectations.

Challenge

Objective: Enable a comprehensive suite of personal and business banking offerings across client/commercial experiences, sales & service, and an enhanced operating model.
Challenges:

• Overcoming the limitations of traditional banking models, which tend to be product-centric, and addressing the vulnerability of newer banking models to regulatory demands.
• Another challenge our team encountered was how to digitize real-time service delivery on a new platform.

Delivery

Arrayo played a pivotal role in shaping and executing the Data and Document Management streams of this transformative initiative, ensuring the successful realization of the broader Digital Transformation goals.
Delivered Data & Document Management Requirements:

• Supported all client/product journeys with tailored data and document solutions.
• Ensured alignment with the client’s shift towards customer-centric experiences.

Data Management Platform:

• Facilitated the availability of data for cross-cutting journeys supporting transactional, operational, analytical, and sales & client needs.
• Successfully delivered a robust Data Management Platform to underpin various banking processes and enhance data accessibility.

Document Management Platform:

• Supported digitalization and storage of documents, lifecycle management, search & retrieval, and retention capabilities.
• Integrated document OCR solutions.
• Implemented a sophisticated Document Management Platform, providing the foundation for digital document processes and ensuring compliance with regulatory requirements.
• Document Generation Capabilities: Enabled the creation of documents such as Terms & Conditions, Statements, etc., ensuring streamlined and compliant customer communications.

Value

The Digital Transformation initiative, supported by our team’s efforts in Data and Document Management, positioned the client as a leader in customer-centric banking experiences.
Enhanced operational efficiency and agility enabled the client to respond promptly to new opportunities and exceed customer expectations.
The credit risk management function was successfully transformed to withstand new regulatory pressures, reinforcing the firm’s commitment to compliance and risk mitigation.
By focusing on customer-centricity, modernizing data practices, and implementing advanced document management capabilities, our collaboration with this leading global wealth management firm has set a new standard for digital banking excellence. The successful execution of the Digital Transformation initiative reflects not only our commitment to innovation but also our dedication to empowering financial institutions to thrive in the digital era.