Blog

Accelerate Engagement with Banking Tech Expertise

At Mastek, we drive digital connections whether it is through helping develop innovative payment services, creating superior customer journeys or providing flexible offerings. Our Banking solutions take advantage of the opportunities presented by big data whilst being cognizant of compliance concerns, to create customer nurturing and retention programmes that help achieve end-user client stickiness.

Mobile Interaction

Making Interactions Innate, Not Merely Transactional

Our people have direct experience in this industry and offer our Banking clients the advantage of domain expertise. Given the implication of regulatory changes such as PSD2 (Payment Services Directive 2), customer retention programmes are a top priority for us.

Take the case of our pioneering challenger bank customer. We recently delivered a solution enabling them to communicate effectively with mobile clients - further allowing progression of the relationship beyond that of transaction banking. Mobile devices are fast becoming the communication channel of choice, especially as part of long term replacement strategies for branch offices. This makes it imperative for banks to embrace digital and drive out a communication platform that allows clients to interact, not just transact

Mastek's Intelligent Integration Platform

Mastek’s Intelligent Integration Platform

Mastek Banking’s Intelligent Integration Platform (IIP) provides the opportunity for Banks to integrate their key assets and deliver real appreciated value for their customer base. The IIP does not integrate systems for transactional supremacy; instead it delivers Banking relationship capabilities that drive customer stickiness, which is an important consideration with PSD2 around the corner.

Our IIP offers true working examples of how digital transformation can be achieved without the need to change platforms, applications or modernise infrastructure. Whilst the digital platform is not new, it has to be customised for communication with the end customer.

By intelligently integrating data, analytics, digital, mobile and community assets, Banks can deliver differentiating services that combat these threats. Our Intelligent Integration Platform delivers the following banking solutions

With consumers driving the Banking agenda today, competition is gaining momentum. Mastek’s Community Banking solution offers Banking clients a fresh approach to creating stickiness with their customers. By re-thinking how Integration is used in the Retail, Business and Corporate enterprise, our clients can ‘sweat’ existing assets to drive new value added services to their customers, and retain them through the period of changing regulation. We describe this as Intelligent Integration and enable this capability through our , which allows the Bank’s core systems to continue business as usual.

Mobile: A Relationship Touchpoint

Our fast paced lifestyle facilitated by technology is increasingly going mobile. Whether through phone or tablet, mobile is raising the bar in terms of application expectations, and is central to how we work and live. As competition builds additional value through mobile delivery channels, core transactional banking service delivery is not effective enough to retain customers.

At a recent Digital Banking Summit, senior stakeholder participants commented that their mobile strategies were little more than transactional sub-sets of internet banking. Is this sufficient to keep consumers loyal?

We believe that the smart mobile device will become the virtual Branch going forward. Therefore, placing mobile at the core of banking services will drive customer retention and advocacy. Banks must do far more than offer traditional banking services, as regulation and competition are increasing customer’s expectations from banks.

Our innovative approach coupled with our IIP helps banks retain customers and generate stickiness in the face of uncertain market conditions. We enable our customers to differentiate themselves in this era of branch closures, customer account switching and increased competition driving regulation. Now, why would you ignore the opportunity to communicate with your clients through a channel that controls their daily lives?

Revolutionising Intra-Bank Payments

The regulator continues to drive changes in the payments market for the Banking sector. It is usually a strategy to dis-intermediate Banks from an essential service they provide to their customers. At Mastek, we have developed a payment strategy and product that will enable banks to protect this heartland service once PSD2 comes into effect in 2018.

Through our IIP and BeNow payment platforms, we will deliver intra-bank payments that actually work. Our intra-banking payment services will not only reduce the costs of handling payments for their customers, but drive down recurring costs for their customers and deliver increased satisfaction and stickiness.

New Customer Stickiness Indicators

Price and rates are proving to be weak differentiators for Banks. Instead, regulation, such as PSD2 and open banking APIs, will drive competition for banking sector customers. It will also provide increasing opportunities for consumers to move, or fragment their banking relationships. Banks will have to deliver value-added services and outstanding customer experiences to stand out. The cost of new customer acquisition for banks is very expensive and those that delight customers will be the winners.

Exploiting the explosion of mobile in today’s digital world will be the key to driving customer retention at an acceptable cost, but this means going beyond the ways banks have serviced customers.

Mastek’s Intelligent Integration Platform approach is based upon dramatically improving customer experiences and journeys that go beyond just traditional banking. What if a Bank is the first mobile/tablet application choice for a consumer to perform most of their daily activities? Imagine the branding and stickiness this would ensure? Think innovatively about what your strongest assets are and how to better utilise what you have, rather than what you need to change or acquire, will deliver increased customer satisfaction, trust and stickiness.

Automate to Reduce Cost, Increase Quality

We have an enviable track record for testing programme delivery and customer advocacy.

Unlike most Indian pure players who focus heavily on resource augmentation to maximise resource count and therefore, their own revenues, at Mastek we concentrate on automation to accelerate delivery, quality and repeatability. This is demonstrated with most client assignments across various verticals where we achieve a 45% savings against traditional testing methods.

Through automating testing processes, we maintain testing quality, standards, repeatability, efficiency and significant cost reduction. We combine automation techniques with data anonymisation tools to help customers reduce TCO and resource dependencies that deliver:

  • Improved quality – No room for human error
  • Lower risk – As code is tested immediately
  • Reduced cost – Fewer resources required to maintain a testing operation
  • Improved time to market – immediate release programme

At Mastek, we have world class processes for pseudonomising personal information in test databases using anonymisation or pseudonymisation techniques known as data masking. Our masking software speedily desensitises test databases by replacing existing sensitive information with other values that may appear real, but are actually artificial.

Data that may accompany any testing scrips for automation testing offshore is protected. The Mastek data masking tool represents data with equivalent content, to keep the formats and rules. However, it never represents real data, until it returns onshore and is decrypted with the unique customer key.

Speeding up Regulatory Compliance

Mastek’s ability to deliver the regulators demand at speed requires testing resources at both a system and user experience level. Many organisations struggle to release business resources to support testing, because of their own demands. Through our automation and partner approach, we enable organisations to deliver value at speed to their clients. We have several examples of test script automation, which have enabled our clients to quickly comply with regulatory changes.

The value added services we deliver to customers through the Intelligent Integration Platform (IIP) is based on:

-Analytics
-Business intelligence
-Well architected, Hadoop data lake environment

These capabilities take advantage of structured, unstructured and real time data available to Banks, and enhance the customer journey use case

From community banking services to real time fraud management, predictive and location-based offers, or currency ordering for example, the Bank’s clients benefit from exceptional customer experiences

Centre of Excellence for Analytics

Through the wealth of experienced resources available at our Centre of Excellence for Analytics, we meet business demands for value to the end client. Whether this is based on Mobile Insights, or helping clients understand spending habits, Mastek delivers:

1.Digital Analytics Strategy Development
2.Mobile Analytics
3.Spend Analytics
4.Incremental data warehouse build
5.Logical Data Warehousing
6.Uncovering value through processes
7.Leveraging big data and analytics

Underpin Customer Experience with Insight

A great banking experience can only be delivered through the insight that banks have on customers. These results can be achieved through effective Analytics, BI and Hadoop capabiliti

For instance, the customer’s geo location could be leveraged to deliver Community-based banking experiences. While potentially fraudulent transactions can be prevented through effectively using mobile technology with analytical models and geo-location spotting.

Delivering Customer Engagement with Digital Insights

These days, customers hardly ever physically visit their bank branch. As a result, the growth of Digital-only banks, data insight and mobile delivery become increasingly critical for delivering traditional transactional banking and value-added services.

As an example, linking a bank’s Retail and SME-based clients for mutual benefit in a way that the Branch Manager of 50 years ago once did is perfectly achievable.

Mobile Analytics

With customer retention becoming crucial, digital and mobile channels are rapidly turning into the channel of choice for customers.

Mastek’s mobile analytics application is designed to enable banks to understand the customer’s mobile channel usage and habits.

Our mobile analytics application is developed following multiple conversations with bankers and with the customer journey in mind. It is:

-Comprehensive in specific areas of information
-Simple to integrate with existing infrastructure
-Designed to assist with enhancing customer experiences

Find out how you can revive your relationship with banking customers. Download your mobile analytics brochure to know more.

Spend Analytics

With the Competition and Markets Authority review of Banking Competition underpinning PSD2 and Mifid2, the pressure on banks is mounting and driving the need for much more transparency of the banks products and services as well as increasing significantly the churn levels of customers in the sector. The lack of churn has been seen as an indicator of poor competition in the market and the result is for the demand to not only open up the payments market to more players, but is also driving the demand for open API Banking.

This will interest the aggregators in the market which have been common place in the US market for some while. Through such aggregation customers will see the benefit of broader services and "compare the bank" type insights. To be able to provide these broader services Banks, aggregators, and Wealth management organisations, to name a few, will need insight to the customers transactions. The combination of regulation and the customer consent will provide access to this very powerful data.

By analysing these transactions using Mastek's Spend Analytics capabilities, Financial Services organisations will be able to get ahead of the regulation, and begin to deliver insights to their clients that not only deliver a 360 degree view of the clients income and expenditure, but also drive value added services to customers helping them get greater value for money, in a way that delivers customer stickiness against this backdrop of regulation.

By integrating this spend analysis capability as well as deeper analytical insights such as peer group analysis, predictive cash flow analysis, connecting Retail clients with SME clients, or simply show clients where and with whom they can save money on utilities for example, clients will gain far more value from the Financial Services provider than ever before. Combine this and the ability to deliver these insights and recommendations through the Digital and mobile channels the customer expects of it's Financial Services provider today, and you will have a formulae that not only delivers great customer experiences, but also gets ahead of the coming regulatory challenges helping you to defend your client base by retaining and growing customers.

Beyond Insight to Value

Once customer insight is achieved, our Intelligent Integration platform identifies the appropriate digital channels to interface with in order to deliver impactful value.

These digital channels will define the customer relationship, advocacy and brand image and have to be spot-on. If banks want to consider charging customers for such value-added services, they must look beyond transactional banking offerings.

Moreover, increasing regulation is also driving a clear distinction between Investment banking and the rest of the banks activities. As such, client revenue within the Retail, SME and Corporate banking sectors will gain greater focus. Which is why, the ability to differentiate through price or rates for traditional banking is extremely limited. Therefore, value added services will be crucial to allowing banks to drive client revenue and retention.

Revenue Generation

By leveraging combined analytical capabilities with Intelligent Integration, banks can to deliver value added revenue generation opportunities. For example, by driving client stickiness with a range of value added services, banks can consider different Subscription Banking and Wealth Management offerings.

Such offerings could attract different charge models based on selectable services for instance. As an example, using community banking, banks can identify charging models for introductory business to their SME clients or peer group analytical and marketing services.

Under the PSD2 regulatory changes banks can become service aggregators to attract new clients whilst building stickiness with existing ones by adding to a package of chargeable services

In today’s world of complex payments, intra-bank payments present the opportunity for banks to deliver value added services for their business and corporate clients. Doing this, provides considerable savings for clients on UK payment fees and charges, whilst reducing the bank’s handling costs.

Whilst a few banks have experimented with a mobile-based application, the take up has been slow, as users of the application are really unaware of who else banks at the same place. This is where Mastek comes in. Our Intelligent Integration Platform (IIP) provides a common ground for the bank’s customers to familiarise themselves with one another through Community Banking. The banks can then provide value added services around payments to deliver customer stickiness, which is an essential strategy for success as part of the PSD2.

To date, banks have not met with great success on premier/subscription banking. This is because the services they provide no longer justify the subscription fee. An example of this is the vehicle breakdown cover, which is a very basic membership and service offering. Given that most new vehicles are sold with a two to five year warranty and breakdown recovery, why would an additional breakdown service be seen as offering any value?

Making the Connection with Community Banking

With PSD2 just around the corner, non-banking providers will have the opportunity to enter the banking arena. Banks will have to step up to the mark with a range of value added services that actually interest their customers. At Mastek we recognise the services that consumer, business and corporate clients want. Our platform is designed to drive community banking, where the members are willing to pay for joining the community, as they derive real benefits.

Really! Customer Journey Planning in a Bank

From consumer to business and corporate, the bank’s customers are changing as a result of ever-changing lifestyle technologies. Added to this, regulatory changes are driving increased competition which is transforming client-bank relationship expectations.

Unfortunately, today’s digital banking experience delivers minimal capability. Often released as a ‘catch up’ strategy, it is primarily based on a sub-set of transactional internet banking applications.

Beyond Banking Transactions

That digital banking is still in its infancy became evident at a recent conference on Digital Banking attended by Mastek’s Banking stakeholders. Most of the banks that we met claimed to be digital. In effect, they were taking elements of their Internet Banking service offering and repackaging it as a mobile app. Unfortunately, nearly all of these banks focused on transactional banking elements, some admitting that they had done a poor job of it so far.

The fact is that banks that deliver more than just the transactional banking experience will not only differentiate themselves to their clients, but benefit from customer acquisition at an acceptable cost. Our IIP places digital capability at the heart of your banking enterprise. Using it, we can enable your bank to define customer journeys that create mutual value exchange.

Driving Differentiated Customer Experiences

At Mastek, we believe that customer journey planning is essential to developing customer relationships of value in the future. By reviewing the customer’s day-to-day relationship journeys within and outside their banking relationships, banks can deliver significant value to their customers. Banks must provide enriched digital and mobile experiences that will drive customer stickiness even in the face of regulatory changes that encourage competition.

Our vast experience includes not just the Financial Services sector, but extends to Retail and Healthcare, enabling us to better understand the daily lifestyle of consumers, business users and corporate clients. As an innovator in this space, we seek to bring real value-added options that will deliver new revenue streams to the Banks and their clients alike.

Customer Expectations are High

Price and rate no longer serve as differentiators in the banking market. Customers expect real value from their banks. The imminent regulatory demand for banks to have clear separation between their Investment and Retail Bank may challenge the free banking model going forward.

Bank revenues will need to grow to meet shareholder expectations. Yet, the banks are under threat from ever-increasing and diverse competition and service models. Subscription-based banking models have not always delivered the revenue streams originally expected. Much of this is down to lack of value the clients perceive they are getting.

Most add-on ‘free products’ covered under the monthly fee are rarely tailored to the specific client. As an example, some offer car recovery services as part of their subscription banking service, even though many of their clients regularly buy new cars, which cover such recovery services from the manufacturer. The more sophisticated the customer, the greater the value he expects from the bank. The data that banks have access to should be utilised to create innovative tailored value added services.

Get in touch to find out how Mastek’s Intelligent Integration platform can enable banks to deliver enhanced customers experiences that drive revenue opportunities.

An Invitation to Engage: Hack-a-thons

Hackathons Briefing
The Hackathon briefing
36 Mastekeers forfeited

36 Mastekeers forfeited their Saturday break to work on a proof-of-concept for a digital-only bank

Our ‘Hack-a-thons,’ which are a forerunner to a fully working Proof of Concepts (PoC) are hugely successful with customers. Delivered out of our Mumbai Centre of Excellence, Hack-a-thons provide customers with the opportunity to express their business requirement, and for Mastek to quickly understand and deliver the solution.

Mastek ‘Hack-a-thons’ are exciting, adrenaline pumping sessions involving competing Mastek teams building an end-to-end working model of the solution. Our people work together and/or with partners to generate truly innovative ways of sweating the bank’s assets in order to drive higher levels of customer loyalty. The winning team takes away a prize at the end of the day.

Resources

Blog

Recharge Customer Experiences - Intelligently Integrate [Report]

By simplifying value added service delivery and creating customer stickiness.

Read More >>

Blog

5 Ways to Adopt Agile BI for Digital Banking Transformation

If you’re lagging behind digital disrupters, our recommendations can help you gain lost ground.

Read More >>

Press Release

Mastek to Deliver Notification Engine for a UK ‘Digital Only’ Bank

Read More >>
Mobile Integration

The Mobile Channel

and Customer Mobility

Meet the Banking Team

Meet the Banking Team

Nigel leads the Financial Services practice at Mastek. He has worked in the Banking and Financial Services sector since 1998 and has considerable experience in front office applications, banking strategy and driving initiatives into banks to maximise consumer value.

Working across the EMEA region, Nigel brings external market knowledge, together with experience of banking deployments into the marketing mix. Nigel’s focus is to constantly drive real solutions that overcome the ever changing challenges that banks face in a consumer driven market.

Nigel Heller

Head of Financial Services
and Banking

Malcolm Cressey

Malcolm joined the Mastek Banking team from CSC where he was a Principal Banking Solutions Consultant, specialising in generating a variety of offering propositions for the UK and European banking market. Malcolm has over 40 years of experience in Banking from both sides of the industry (Banker and Vendor). From a start at First National Bank in South Africa, Malcolm has progressed over the years to consulting and sales. He brings specialist knowledge in core banking, debit and credit card management systems, and more recently, in testing services.

Malcolm Cressey

Business Development Director
Financial Services and Banking

Graham Cobb

Graham joined the Mastek Banking team from IBM where he led the European Banking and FM industry team for Big Data and Analytics. Here he engaged with CX level clients, helping them leverage analytics to inform and drive their strategy. Prior to IBM he worked at Barclays for over two decades, straddling Business and IT functions across multiple business divisions, including retail and SME banking, premier, wealth management and central functions of the company. Graham has held responsibility for leading teams in defining channel performance frameworks and associated measures to drive performance in and across the distribution channels. He’s worked on developing and implementing PMI solutions, as well as establishing BI Competence Centre capability in both the Retail and later UK Bank wide.

Graham Cobb

Subject Matter Expert
Banking and FS

Aravindan Thangaraj

Aravindan joined Mastek in 1995 and is responsible for business development and account management within the Financial Services vertical. He has 26+ years of technology and sales experience across insurance, financial services and the public sector working with customers in the UK and Europe. He is focussed on the consumer lending, micro finance, vehicle leasing, wealth management and asset & investment management micro-verticals. Aravindan also has considerable experience in programme management of large scale insurance platform implementation.

Aravindan Thangaraj

Account Director
Financial Services

Ashish Joshi

Ashish has over two decades of experience at programme management for large banking projects including business development, client relationship management and sales. His focus areas include helping clients achieve top-line revenue growth, as well as improving organisational efficiency and productivity. Ashish also specialises in mortgage/lending and vehicle leasing.

Ashish Joshi

Account Director
Financial Services

Gordon Cullum

Gordon works across Banking, Financial Services, Retail and Healthcare divisions. His background and key focus areas cover emerging technologies, large scale architectures and integration patterns. He has predominantly worked as an Enterprise Architect across most industry verticals. Gordon has worked with clients and employers on enterprise transformation programmes including BT Global Services, NHS, Asda, Orange, The Office for National Statistics, Atom Bank and North of England P&I Association over the past 15 years.

Gordon Cullum

Head of Technology

Mick Bull

Mick is responsible for all aspects of Mastek’s BI, Analytics and Big Data solution portfolio. He commenced his career at Midland Bank’s embryonic BI team in 1983, before moving to a BI software vendor. Mick has held diverse industry roles, from Consultant to Practice Director for Oracle Consulting’s UK BI practice, to Sales & Marketing Director and then Managing Director at SolStonePlus, a leading boutique Oracle BI & Analytics consultancy partner. Remaining partly hands-on, Mick maintains a keen interest in business use cases that drive BI & Analytics and the architectures and tools supporting them, across all verticals, including around 8 years in Financial Services projects.

Mick Bull

Solutions Director
Business Intelligence & Analytics

Sandeep Dongre

Sandeep has 18+ years of IT experience across various domains including Insurance, Retail and Financial services. In addition to his existing responsibilities, he also doubles up as a Solution Director. Sandeep’s expertise involves providing test transformation programmes, test automation, tooling and non-functional testing solutions. More recently, he setup a mobile test lab and spearheaded the digital testing areas specifically for the banking sector.

Sandeep Dongre

Lead - Global Testing Centre of Excellence

Kavita Desai

Kavita has over 12 years of experience in the Financial Services domain. She has worked on large programmes with leading customers in the UK and India, and leads Mastek’s Business Analysis Centre of Excellence to engage with talent across Mastek. Kavita also promotes business analytics capabilities and thought leadership with the business analyst community.

Kavita Desai

Business Analyst