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Digital Transformation in Corporate Banking

Digital Transformation in Corporate Banking

Today, more than ever, people value the ability to transact and carry out tasks from the comfort of their homes or on the move otherwise referred to as ‘anytime anywhere’ banking. Corporate banking is in the cusp of revolutionizing its identity with significant layers of digital transformation.

This blog reflects existing roadblocks of digital transformation in corporate banking, the focus areas and the limitless benefits associated.

Existing roadblocks in digital transformation for Corporate Banking

The pace of digital transformation in corporate banking is slower in comparison to retail banking. Many existing dilemmas reside within this segment which causes a hindrance towards effective digital transformation.

  • Monitoring and management: Portfolios and positions in corporate banking need consistent monitoring and management, which might be challenging to do digitally. Corporate bank customers go beyond looking for banks that provide financial services; they often want partners to help them manage their businesses properly.
  • More at Stake: The relationships in corporate banking require more commitment from the customer and bank, which can be challenging to achieve. Since the stakes are higher, the risks also increase their reluctance to foray into digital transformation in corporate banking.
  • Complex to Implement: Retail processes are more straightforward and more linear to understand, making it easier to adopt digital transformation processes without a hassle. The services in retail banking are also very productized, making them easy to navigate. On the other hand, corporate banking might mean that a large corporation has many accounts across geographies, currencies, and banks, complicating it.
  • Corporate banking is relationship-driven: As opposed to retail banking, corporate banking is developed by relationships that might have taken several years to build in some cases. Many of these relationships were from in-person meetings and interactions using paper documents. It has been challenging carrying over and using digital transformation in corporate banking for these relationships.

The four ways of digital transformation in corporate banking

While there are existing roadblocks in digital transformation, corporate banks can still manage to transform digitally which can yield them accelerate business growth. We have listed for ways

Predictive insights through Big data and Analytics for improving sales pipeline

Banks have access to a lot more information than other companies in other industries. They collect data through onboarding, account openings, and the several transactions carried out. Meaningful insights can be drawn out from such data for boosting sales and marketing effectiveness. For example, Big-data and analytics can play a significant role in personalizing customer engagements. This means, banks can recommend appropriate products suitable for a particular customer. Similarly, service improvements can be initiated using sentiment analytics.

Digitize commercial routines to improve front-office efficiency and effectiveness

In corporate banking, relationship managers usually spend lower than 30% of their time in client-facing activities. Banks have tried using many front-office initiatives to no avail; the introduction of digital transformation in corporate banking can help solve this problem better. Process digitization can give the relationship managers more free hand to have more time to interface with clients and even use some digital channels for further communication.

Many front-office software solutions allow these relationship managers to organize their activities and complete administrative tasks quicker. This way, they can meet up with colleagues and prepare themselves for client interactions based on their profiles.

Enhance connectivity with clients and cost-to-sere by using true multichannel banking

Corporate banking models only consider relationship managers as the only vital sales channel and often neglect multi-channel support. This goes back to the relationship-driven nature of corporate banking and the management method. Banks can use digital transformation in corporate banking to use multi-channel banking methods. Some others have started experimenting with more unique coverage models and multi-channel offers for corporate entities.

Digital technologies allow some customers to engage with the bank and perform some activities online, such as capturing information which could even be through mobile devices. Only the complex questions are routed to the relationship manager. These multi-channel methods also allow the banks to reduce their costs to serve customer segments that do not generate as much revenue and justify costs in the relationship manager model.

Automating processes from beginning to end through quick process digitization

End-to-end processes are formulated to reduce complexity and make a customer’s journey faster, smoother and stress-free. Digital transformation in corporate banking regarding the client onboarding process can reduce the time taken from about two weeks to less than 48 hours. Apart from faster processing of procedures, there is also a considerable decrease in error and cost reduction.

Many banks have employed automation and lean methodology processes such as continuous improvement and reducing waste to foster better end-to-end processes. This way, banks can implement digitization technologies through short stints compared to multi-year or multi-month projects, which take too long for results to show. By using digital transformation processes, you can start seeing significant results in weeks.

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Top focus points of digital transformation in Corporate Banking

While developing tools for digital transformation in corporate banking, consider these areas as it is one of the most important to customers:

  • Risk management: Consider intuitive tools to help customers keep track of the constantly changing risks in credit, interest rates, operations, regulatory compliance, currency, and information security.
  • Liquidity management: Develop methods by which customers can easily manage funds for financing, investment, and operations.
  • Cash management: Look at easy-to-use solutions that make buying, lending, collections, letters of credit, payments, information reporting, investing, and foreign exchange easier.
  • Data management: Develop tools that foster partnerships and collaboration with creditors, technology service providers, chief financial officer, investors, and banks.

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What can digitization offer to Corporate Banks?

  • Competition Edge: New technologies will continuously develop, which will lead to an increase in specialized skills. Digitization isn’t a one-and-done process. It ensures you are ready for the next technology wave, and you can position yourself to cater to customers and offer new solutions. Allowing employees to develop these skills will sustain the bank’s growth and keep you ahead of competitors.
  • Time to market: Digital transformation in corporate banking gives far less time for the banks to release products to the public. Because of the continuous integration and continuous deployment processes, banks can reduce their testing time and release products to their customers quicker.
  • Customer Experience: Today, people are looking for services that make their lives easier more than ever. Digital methods focus on providing the best customer experience to stay competitive. Companies that focus on the customer’s journey increased speed and agility in insights, customer adoption of digital customers, and agility in transformations will be the authority.
  • Process Simplification: Digital transformation methods have shortened the steps and processes for businesses to connect with their clients. Technology has made it easier for people to connect and banks leveraging that advantage for their digitization brings their workforce and whole architecture together.
  • Cost Savings: From managing physical documents to scheduling and making it for in-person meetings, digital transformation in corporate banking considerably cuts down your costs.

How can Maveric help in digital transformation for Corporate Banking?

Maveric is a solution-led banking transformation provider for retail banking, corporate banking and wealth management. As an award winning transformation partner for many leading corporate banks, we can bring our contextual solutions, frameworks and proven accelerators to plan and execute your digital transformation goals. Our extensive banking domain coverage, contextual solutions, insights-led engagement and high velocity execution has enabled us to be a partner of choice for digital transformation.

Conclusion

Digital transformation is an unavoidable topic in corporate banking. Agility and flexibility of banks to respond faster to their customers will be the key to success. Furthermore, superior customer experience with insights led ecosystem will be the ultimate goal through exponential digital transformation.

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Talent management in the new normal

Talent management in the new normal

COVID-19 has deeply stirred and shaken up the roots of everything that we knew once, throwing businesses, the people, and their innate beliefs in a chaotic state of what we are calling the ‘new normal’. A far cry from the normal that existed before, the new world order brings with it a plethora of challenges for businesses to operate in the already intensively competitive market.

The most critical implication of the new normal comes for the HR managers and the leaders of the company, desperately calling for a rapid and effective transformation in talent management and leadership strategies.

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What will be the fate of the remote working scenario? How crucial is the role of AI and bots for effective workforce planning? How can the HR managers devise and implement better policies in the new normal?

Along with addressing many of such concerns, this blog will also highlight the key considerations for the HR team to undertake while developing post-COVID talent management strategies.

Taking the big decisions

Number 1: Continue work from home or return to the office?

41% of employees are likely to work remotely at least some of the time post the pandemic.”

Gartner’s HR survey has clearly depicted that most organizations, especially the larger ones are likely to continue the work from home (WFH) model.

The pandemic led to an overnight shift from office working environment to remote working, leading the companies to discover the new way of managing work that they never knew could function so well. A Deloitte study showcased that 85% of the leaders said, “agility of their workforce to cope and adapt to the new ways of working is the one thing that surprised them the most.”

So, is it wise to return to office when people have become used to operating from the comforts of their homes?

HR teams will have to carefully base their decision of resuming office or continuing WFH on factors like the type, scale, and size of the business operations, the level of cloud adoption, the employee resilience, and their zest to reskill and upskill, etc.

Apart from this, employee productivity and data security will be the driving variables to arrive at the most favorable solution.

Number 2: Permanent or contractual gig workers?

Pandemic has led the HR departments to take some stern decisions regarding the size of their workforce, forcing them to cut jobs and roles to minimize the operational costs and stay afloat amid the tough times.

In the times when every company is looking to fetch maximum output in minimum costs and is mostly operating in a remote environment, contract-based jobs have seen a tremendous boom, instilling back the organizations’ confidence in outsourcing.

Moving forward, the HR teams will now need to develop a more planned and structured strategy, defining the job roles, their criticality, the spot in the job hierarchy, and other such aspects to gain a clear understanding of the jobs that require permanent, loyal workforce and those that can be easily outsourced.

Prerequisites to developing a future-proof, flexible strategy

Before the leaders and the HR and talent managers begin to realign their strategy to fit the new normal, they need to unlearn a few beliefs that worked in the pre-COVID era but are kind of obsolete now and start embracing the new ones.

Below we discuss a few things that the leaders will need to consider before they build a refreshed talent management strategy for the better times ahead:

  • Identifying potential areas that can be improved using a new approach, new technology, or automation.
  • Analyzing the company’s position in the digitalization journey and its effectiveness in adopting the same.
  • Assessing the type of talent needed across all functions and departments to add value, both internally and externally.
  • Focusing on building a more flexible, agile talent management model that is adaptable and resilient to any unforeseen circumstances.
  • Rebooting the work scope, work description, performance rewards and management, hiring practices, etc.
  • Striving to build more empathetic and productive work environments for employees to attain their organizational, career, and personal objectives better.

Three Critical Areas to Focus

Talent management in the new normal will be significantly shaped by the decisions and transformations that take place in three areas – automation, reskilling and upskilling, and navigating remote work in the light of security and autonomous operations.

Let us discuss each one of them in detail:

Automation

Any and all things within the organization that is repetitive and requires a step-based approach should be done by AI tools and bots. Automation will play a key role in talent management strategies, allowing the managers to make better decisions based on the organization’s capacity and willingness to adopt AI technologies. AI can also prove to be a blessing for companies with complex yet repetitive functions requiring huge manpower as they can drastically reduce operational costs with the right bots and automated tools in place

Reskilling and upskilling

As digital transformation, moving to cloud systems and adopting more advanced IT technologies to function become a necessity rather than a choice, individuals and managers need to continuously and rigorously undertake upskill training of self and team to make themselves more efficient and productive with the new, hyper-digital working environments. Reskilling the existing talent will be equally necessary for fungible skills and for more cognitive-based job roles as AI takes over the mundane jobs.

In short, the talent managers will need to imbibe the culture of continuous learning across everyone in the team in order to help them stay relevant and climb up the ladder in a more meaningful and fulfilling manner.

Navigating remote work environment

If the organization is sticking to the WFH model for the time being, the HR managers will need to build better policies and strategies to make remote working more productive, resilient, secured, and autonomous for better outcomes. They will need to strike a balance between being empathetic to the employees’ challenges of working from home and driving them to be equally productive like in the office. Another major focus of the managers should be to inculcate a sense of responsibility along with authority and flexibility to become efficient decision-makers, helping the leaders to shift to more autonomous modes of operations.

The Road Ahead

Preparing for the future, the organizations and the talent managers need to brace themselves for new challenges along the way. Talent management in the coming time will require managers to rethink their normal work ways and nurture more personalized, meaningful ways of retaining the top talent while simultaneously embracing the power of AI as well as contractual gig workers.

Maveric have re-designed the Talent Management function to nurture young talents, enrich individual’s technical and functional skills and to meet future skill demands. We call it as hire and nurture program, where we recruit and groom fresh talent and provide them with rigorous training on business fundamentals, functional and technical competencies apart from soft skills. Post which, we put them in pseudo projects and closely monitor their performance and problem solving skills before we deploy them in live client projects.

As part of our 2025 growth mission, we are looking to hire across our multiple operating geographies. Our India based offices would account for the maximum new hiring, these include our regular office locations in Chennai and Bengaluru, along with Pune as our next destination. Most of these hiring have already started across our various businesses such as data, digital, core banking (Temenos) and quality engineering. You can be a part of our family and #acceleratenext your career with us.

 

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Customer Experience in Banking – The Five Success Steps

Customer Experience in Banking – The Five Success Steps

The period of transformation is upon us. No matter the industry, organizations are shifting their goalposts in order to meet their customers where they are. Newer innovations, disruptive business models and changing customer needs necessitate organizations to have a well-defined customer experience strategy and transformation roadmap. Such a roadmap not only avoids the risk of investing in the wrong technology, but also saves organizations from designing the wrong experiences.

“Customer experience is the new brand” is a famous quote. This is a reality in the current digital banking revolution and is the single largest priority for banks. The significance and criticality of customer experience transformation is more or less the number one priority in every industry sector. In Banking specially, customer perception plays a phenomenal role in customer acquisition and retention. This is where customer experience transformation adds a substantial value.

Banking on the change

The Banking industry, specifically the part that caters to retail customers, has been on the cusp of digital transformation for a few years now. Improved and reliable internet access has been a game changer – allowing banks to cater to the needs of their digital banking consumers without being physically present. These small conveniences led to bigger ones – now, a prospective customer can open an account and operate it without having to step inside a physical branch for years. Yet, a research by the Digital Banking Report shows that majority of financial institutions that do not have a formal customer experience plan in place.

But customers aren’t expecting less even if they see their bankers less and less. The survey mentioned above reveals that 84% of banking clients want to be treated as an individual person and not an account number. The standards for good experiences are higher too, with 67% of respondents agreeing. A takeaway for banks would be that only 49% are happy with their interaction experiences with their financial institutions – just a little over half the banking population feels there is room for improvement.

What banks need to know about changing customer expectation?

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The Five Success Steps of Customer Experience Transformation

Almost all leading banking and financial institutions across the world offer some form of digital banking solution. Investing in technology that allows for the digital transformation of customer experience with smart solutions and insights, however, can take them a notch above the rest. Here are five steps that can ensure more intuitive Banking services experience to customers:

  • Utilizing unified data for 360o visibility

    Unified data is the key to delivering relevant personalised experiences, who are looking for connected experiences across all interactions with businesses. By breaking customer information out of the silo, banking businesses can understand the bigger picture better and uncover more points of contact which might not have been apparent in the beginning.

  • Shifting to customer-centric offers

    Financial products, with their ‘one size fits all’ strategy, can alienate prospective customers with their rigid structures. Financial institutions now have the data and means to make sense of it via predictive analytics and artificial intelligence. By using various transactional, interaction-based, and other relevant data, services and products can be customized and shared with the consumers, along with personalised promotional offers.

  • Going beyond constraints

    Life doesn’t stop, and there is no reason for financial institutions to either. With advancements in data analysis resulting in more and more pointed insights, banks can scale their deliveries accordingly. Also, they can make the right offer to the right customer at the right time, through advancements in customer experience technology.

  • Offering multi-channel service

    From mobile banking to digital lending, flexibility is what drives the customer service in today’s financial space. Having a frictionless experience is important, and integrating continuity through multiple channels can help banking financial institutions simplify the lives of their consumers.

  • Building digital banking ecosystem

    With disruptive CX technology, it is possible to use open APIs to build a digital banking ecosystem of products and services to meet the customer needs. Allowing customers to track spends and analyse their budget, for example, can be a useful tool – and partnering with a digital specialist who can engineer this experience can add a significant business value.

The need for change

A radical change in customer experience can vary in regard to the time and resources required, when it comes to banking. A handful of elements and success steps are necessary for such customer experience transformation to deliver impactful results – A consistent focus on value, keeping the customer’s need at the center, and an ability to scale programs goes a long way. By listening to their consumers, Banks can enable relevant change agents that lead to tangible and intangible benefits like overtaking competitors, improved and efficient service, and enhanced working models.

Takeaways

Reshaping customer experience can happen in a multitude of ways, but the financial institution attempting it must take key steps before attempting the same. This can be achieved by partnering with new digital platforms, which allows customers to have a sleek, mobile experience that has now become the norm. Such solutions from digital partners with proven track records, are designed with customer adoption as their first and foremost consideration, along with customer satisfaction and enhancing retention.

Banking financial institutions need to become truly customer-centric in order to attract new and retain existing customers. Changing customer expectations are already creating opportunities for upstarts in the fintech sector, but even the established institutions can take advantage of the digital technologies available for customer experience transformation. By tweaking the already-reliable foundation, Banks can accelerate to the next, while delivering superior and innovative experiences to customers.

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Pune Calling!

Pune Calling!

When it comes to Indian tradition, culture and ancient historical events, you cannot miss the beautiful city of Pune. Once called Poona, the city has witnessed the birth of greatest Maratha empires who played a significant role in India’s freedom. It is more or less the cultural capital of Maharashtra in a way. When it comes to modern-day-living, the city offers all that you need.

At Maveric Systems, we are in full bloom in Chennai and Bengaluru. We are coming to sow our seeds in this city with plenteous talent – Pune!

If you are striving for Banking Domain Excellence, Maveric is the right choice

With 2 decades of banking domain experience and 1800+ specialists, Maveric is now looking to expand its footprint in Pune with talented individuals who could be part of our future growth journey. Our banking customer stories on their transformation journeys have been phenomenal over the years. Whether it is retail banking, corporate banking, cards, wealth management and more, we have produced result-driven outcomes using our tech and domain led competencies. These include Data Tech, Digital experience engineering, Core banking and Quality Engineering.

So what are you waiting for? Come join our team and build the future of digital banking with us!

Current Open Opportunity for the Quality Engineering team:

  • Java Selenium Automation Experts
  • Required Experience – 4 to 10 years
  • Job Responsibilities
    • Strong hands-on experience in API Test Automation
    • Experience in BDD/TDD process
    • Strong experience in Automation, Java and Selenium
    • Proficient in bug tracking and test management tool-sets (JIRA, SVN, GIT, Jenkins, HP-ALM)

Get in touch with Jayalakshmi G for the open opportunities

Email your profile to jayalakshmig@maveric-systems.com and do not forget to mention the relevant job opportunity.

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Be a part of world-class Quality Engineering Team for Banking

Maveric’s QE teams lives by with its core promise of continuous quality. This promise is brought alive via Digital-age QE solutions, and cutting-edge test approach that is engineered for speed and geared to bring QE at scale. We foster a culture of “95% QE automation”, through our IQe platform, tools, accelerators and matured frameworks, which are engineered with cognitive computing and predictive analytics for intelligent automation. Be a part of world-class quality engineering team for Banking.

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6 Tips For Women Looking To Get Back To Work

6 Tips For Women Looking To Get Back To Work

With the exorbitant cost of child care and a widespread lack of decent maternity leave, the Australian Bureau reports that about 73% of women take a career break to care for young children, aging parents or other family reasons.

More than 69% of these women wish to re-enter the workforce later, but that gap on the resume is often intimidating. Whether the woman has been out of the workforce for two years or ten, all women agree that the resume gap is real and challenging to overcome.

But before we jump into any conclusions, we want to tell women that they have reason to feel optimistic about returning to work after a hiatus.

Why?

Even if the willingness to hire someone, after the career gap, might be low, things are changing in the business world for the better. Many companies have realized that women with career gaps have a lot to offer to an employer.

Forward looking organizations are beginning to recognize how women struggle to get back into the workplace and are open to talk about it. Not only that, they also want to empower women with the resources needed to re-enter the workforce.

While we see these progressive companies are coming forth to help women, for the most part women are left to themselves to figure things out. That’s why, in this article, we wanted to share six tips that can help women prepare themselves to re-join the workforce.

Let’s discuss each of these points in detail.

Tip# 1: Get Clarity

We know you’re desperate to get back to work and anxious about getting started.

However, it’s advisable that you don’t just go and start vetting different job posting websites. Instead, take some time off to consider what you want from your workplace.

What type of job will be truly gratifying? And do you want to go back to a role you previously had, or do you want to try something different?

Consider what you’d like to get out of a job, and why (aside from financial reasons) you’re interested in working again.

Get clarity on what kind of job you want to take up, why you want to get back, what’s the kind of work environment you’re looking for, the amount of work flexibility and so on.

Getting back to work won’t be that easy and you don’t want to spend time and effort applying for a job and realizing a few days down the line that it wasn’t the right fit for you, right?

Tip #2: Update Your Knowledge and Skill Set

As per a recent report published by McKinsey Global Institute, as many as 14 percent of the global workforce will have to switch occupations or acquire new skills to continue working in the post pandemic world.

With companies looking for more professional experiences, you can’t carry the old skill set and expect to get the best jobs. So, learn more about how your industry progressed while you were in hiatus and evaluate the relevancy of your earlier experiences. You might use sites like Glassdoor, Angelist, and LinkedIn for this.

This will allow you to be more confident in job interviews plus, you’ll have a lot of clarity about where you stand in your professional life. If your industry has changed leaps and bounds, you might also consider getting some hands-on experience before taking the dive into a full-fledged job through some freelance or internship.

Tip #3: Ask Your Network of People

The best way to get work opportunities is by asking your network if they know of any job opening or available post vacancies. Getting referred by someone is far more likely to get you a job than applying through any job portal. Plus, you save all the hassle that goes into the application process.

Consider attending conferences to network and participate in ongoing conversations. This will help you get back into the groove and prepare you mentally for a comeback. You many also get updated on the latest industry outlook—the big players, the new trends, the market tilt, etc.

So, network with people, join in discussions, and tell people in your industry about your decision to come back to work. Many will come forward to help you and support you in your decision, boosting your confidence and making the process much easier for you.

Tip #4: Be Open to Talk About Your Career Break

Of course, any gap in your resume is likely to raise questions from future employers, so it’s important to figure out how you’re going to present that.

Prepare well-in advance and don’t shy away from talking about your career break. Being transparent and honest about your decisions will be much more appreciated, then trying to dither from the tough conversation.

Whatever your reason for being away, talk about it when asked. Keep it brief, talk about your past achievements, and gently affirm how you’re positive of giving your best in the company if you get the said position.

Tip #5: Get A Career Coach

The biggest block in re-joining the workforce can be your own self-limiting.

A lot of things are contingent on your mindset when you’re re-joining work. Your mindset will make or break you. Plus, it’s difficult to steer in the right direction in today’s competitive business environment all by yourself.

Finding a coach who can help you navigate this path is therefore a good idea.

Your coach can guide you in the right direction and save you the hassle of trials and errors you have to go through to find yourself the right job. They have probably helped people in the past get out of the rut you find yourself in right now.

They can help you set the right mindset and get the confidence you need to re-enter the workforce no matter how tough it may seem.

Tip #6: Prepare, Prepare, Prepare

If you are planning to hit the ground and get running, better lace up your boots and psych yourself for it. Dust off that old resume folder, edit it if needed, and start the work.

Highlight your experiences and write a persuasive cover letter for the companies you want to interview with. There might be some very tough questions coming ahead. So, get a list of all the questions that might be asked and how you’ll respond to each one of them.

Prepare your pitch and practice it multiple times before you apply and go for the interview. When you’ve prepared yourself, you’ll be a lot more confident and surer about yourself and your application.

You’ve Got This

While re-entering the workforce after a gap may seem daunting, it’s not that tough. There are many successful examples of women out there who took a break and re-joined work successfully.

You just have to put in the work and believe in yourself.

So, don’t wait. Get started today and use the tips we have discussed in the article to boost your self-confidence, revamp your resume, and get back to work!

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