Project Reporting Process Digitalisation
Cloud application to support the digitalisation and automa ...
Client background & business context
- Client: The second largest bank in Germany by asset size and the central institution for 800+ cooperative banks and their over 8,500 branch offices
- Project: Custom product development for a comprehensive and centralized product portfolio
Challenges
The German banking system is quite a complex and multifaceted industry, and one of its main pillars is constituted by cooperative banks. More than 800 such financial institutions spread across 8000+ branch offices represent the interests of millions of its members. Such a complexity can be challenging, especially when it comes to having one clear, centralized and comprehensive overview of all financial products.
This was the precise issue our client was facing for its brokerage branches. In order to identify the best financial fit for their corporate customers, brokers had to log in to multiple systems and run various products searches in disparate places. This was a rather strenuous process that generated both unsatisfactory results and delays in responding to their customers’ needs or inquiries.
To mitigate the risks of poor customer experience, they urgently needed an integrative product portfolio, easy to access, comprehensive, user-friendly and up to date.
Our approach
After an initial presentation of the project scope with the product owner, we were added to the concept board and began working on the design phase, keeping in mind all needs and requirements. Shortly after, in line with the business stakeholders’ requests and operational agreements, we started implementing a robust Java solution, concurrent with the concept construction. Being in close contact with the business during the project allowed us to implement a large array of requests, based on the users’ feedback.
Acting as partners, we collaborated on designing and implementing the most viable solution for their entire product portfolio. Moreover, our advanced experience both in the financial field, as well as in software development, allowed us to advise the colleagues that created the concept to update the flow and helped:
- Define a single portfolio for centralized products and product details from 7 different entities
- Enable the participation of all cooperative banks to create, list, update and review their products on the product portfolio
- Enable all brokers from the cooperative banks to start inquiries directly from the product portfolio
- Include the additional products in the AI functionality to enable accurate predictions for product inquiry(s)
Technologies
- Java 8
- Spring Framework
- JSF
- Hybernate
- Tomcat
- Oracle
- GIT
- Intellij IDEA
- KeyCloack
- HTML/CSS
- JavaScript
- Angular 9
- NodeJS
- TypeScript
- FreeMarker
- Junit
- Mockito
- Log4J
- H2DB
- Fliway
- LiquiBase
Results
Our solution for the product portfolio was released in January 2021, allowing our customer’s key users to easily consult up-to-date products and initiate inquiries via a centralized product portfolio.
Moreover, the module enables representatives of all 7 entities to update in real-time information regarding their products, such as: contact person, product details, financial thresholds, check-out type, product type and several other details.
And last, but not least, the Inquiry process is made in such a manner that the users can provide the best products for their customers, based on their direct selections / needs. That is proof of how tailored digital solutions can optimize customer experience and increase productivity.
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