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LEADING REGIONAL BANK PROVIDER MODERNIZES OPERATIONS WITH SOFTWARE-DRIVEN CONVERSION OF ITS CORE BANKING SYSTEM

THE CLIENT

 

A regional bank in the US that caters to clients with high wealth, offering personal banking, business banking, trust, and wealth management services and products.

The client wanted to modernize its operations, improve efficiency, and enhance the customer experience. It is a complex and time-consuming process involving many steps, including data mapping, data conversion, system integration, and testing.

BUSINESS CHALLENGES

The customer's core banking system is old and has been in use for 30 years. It has many issues, such as poor access to data, especially customer data, scalability, reliability, slow response time, daily balancing & reconciliation, item processing limitations, reporting capabilities, etc.

THE SOLUTION

 

We embarked on a cross-functional and business-led effort to connect frontline, operations, and technology teams. Creating a detailed and purposeful implementation plan, we de-risked the conversion exercise through a phased implementation approach.

Our implementation strategy involved three major integration layers: a core abstraction API layer, a Core banking System Connect layer, and ETL data synchronization. These layers provided a central access point to the Core banking System, a layer of abstraction for internal systems to access core banking APIs, and a data design that synced the bank's data from the core for better analytics.

The new core banking software is a platform that can adapt to the future, enhance capacity, and integrate seamlessly. It would shorten the time-to-market and provide better client and employee experience, and it has an extra layer of API abstraction when connected to the new core from the bank's internal system.

CORE TRANFORMATION ARCHITECUTRE

 

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Core Abstraction API layer

  • Created APIs for all internal applications to access the core banking system.
  • Provided layer of abstraction when connected to new core from the bank's internal system. This layer was built with wrapper APIs that would act as an integration point to segregate the bank's internal system from the external core and allow it to scale without dependency on the core.

Core banking System Connect and Vendor Application Integrations

  • We provided a central access point to expose and manage all Core banking solutions using the API gateway solution Connect. This gave the client and its partners secure and controlled access to the Core Banking API gateway.
  • Eliminated direct-core access and redirected vendors to access the core through the bank's internal systems.

ETL Data Synchronization and Data Jobs

  • This majorly redefined the bank's data and its repositories. With refreshed data design, new data lakes were created to seamlessly sync the bank's data from the core.
  • This gave the bank greater control over its data and provided easy access to data for better analytics.


PROGRAM EFFORTS AT GLANCE

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BUSINESS BENEFITS

Mphasis provided recommendations for best practices and supported specialized technologies that helped businesses assess and mitigate risks involved in their overall program. Our commitment to delivering high-quality products and services that meet client expectations has resulted in several benefits.

Significant time savings for the client through the integration of multiple banking systems into one

Streamlined account servicing and opening, with real-time onboarding of new residential loans

A new teller system, with easy access to check images, signature cards and statements, and client profile views

Improved scale and enhanced client and employee experience

Quicker and more seamless integration of applications and features, enabling the bank to easily integrate future technology upgrades

Enhanced overall client services and the ability to offer new products and services to customers