A multinational bank engaged Capco to conduct an end-to-end digital transformation and change management program to their Malaysian operation, as well as managing various global and regional projects. In this blog, we share what we did, why we did it, and the value which the bank has gained in working with us.
Following the global trend of digitization across many key industries, Malaysian banking customers have an increased appetite for digital solutions and the bank wanted to keep apace. However, in APAC there can be challenges to bring such projects to life. Finding talent that has a good understanding of the region and can speak the local languages is not always easy. Queue Capco!
To fully embrace the power of digital, the bank had a long list of project requirements, including the constant challenge of balancing processes efficiency with cost, while maintaining a well-organized structure that would continue to support the bank globally.
The bank were also looking to grow their FX business and enable real-time competitive rates at a global level, which would require automation of manual tasks, such as back-office processes, improve front-end design, and integrate local Asian languages into all platforms, all the while keeping up with regulatory compliance changes.
In providing over 60 domain-rich, highly skilled business analysts, project managers, UAT testers & designers across the client’s various portfolios, Capco was able to:
1. Migrate the bank’s existing website, internet banking and mobile banking services to a new state-of-the-art platform in iterative stages that would not disrupt BAU process
2. Integrate dynamic customer product features (enhanced UI/UX, mobile authentication, touch-ID, etc.) along with imbedding stronger security capabilities for the bank’s users
3. Build an FX platform that can perform in-house transfer and cross-border wire transactions across the online banking, mobile and branch channels and across multiple lines of business, involving wealth, retail, markets to offer seamless pricing to customers on a real-time basis
4. Implement Oracle FCCM automation to meet HKMA requirements and save costs
5. Conduct system enhancements and training on AS400
6. Support a wide range of the banking group’s retail banking and wealth programs
7. Fulfil the acute shortage of correctly skilled resources in the region by providing a mix of both local and global talent on a demand-basis to work with the bank’s employees when required
8. Enable significant cost optimization and business process improvement projects, including standardization and centralization of branch systems.
9. Improve the alert quality and coverage of the transaction monitoring system; less unwanted surprises
10. Bring in multiple language capabilities (Malay, Mandarin, Cantonese, English) to the whole operation, as well as in the UX of all customer-facing websites.
11. Carrying out Customer Due Diligence and Know-Your-Customer processes to assess bank’s customers, reducing backlog cases and risk from suspicious activities.
We believe our key strength for this initiative has been our project management capability, allowing flexibility in supporting various projects across the bank’s retail banking, wealth management, commercial banking, and group programmes.
Managing supporting the Malaysia-based transformation center on all key initiatives ranging from robotic process automation, DuitNow (internet money transfer) to the migration of internet banking and mobile banking has been an added success, as has helping the client to establish its Malaysia headquarters as the region’s go-to center for quality resources, bringing alignment with other global transformation programs, and providing best practice on preventing financial losses, fines, error rates, client complaints and reputation risk.
Rajiv Dalmia, Capco Malaysia’s lead Partner commented: “As a highly regarded global industry player, the bank were keen to embrace digital transformation. To do this, they required a consultancy partner that was highly specialized in financial services, with a track record in delivering complex, end-to-end digital transformation programs. Five years on, the bank is doing well and appreciates the continued value, collaboration and overall effectiveness that Capco Malaysia brings to the table. This has especially evident in the current COVID-19 situation; the demand for our resources have not stopped but has rather grown, and we’re still helping the bank to pursue further cost savings and efficiencies through digital optimization.”
For more information how we are working with banks in Malaysia and across the Asia-Pacific region, please contact Rajiv Dalmia, Partner & Country Head - Capco Malaysia.