Streamlining the Digital Banking Experience using Technology

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The ever-changing dynamics of the financial environment have made digital banking the lifeblood of banking services. Technological leverage to create a seamless digital banking experience is necessary in an era when customers demand convenience, ease, and effectiveness in their digital interactions.?

WHY DO TRADITIONAL BANKS NEED TO GO DIGITAL??

A seamless digital banking experience increases customer satisfaction, reduces operational costs, and boosts overall efficiency. Customers increasingly demand that their banking services be instantaneously, highly personalized, and secure.?

MEET THE TRADITIONAL BANK...?

One of Klika's clients is one of the largest banks in Austria, serving 2.5 million customers. While maintaining its leadership position in traditional banking in Austria (with influence in the German and Swiss markets) by providing a wide range of retail and corporate banking products, comprehensive savings, lending, leasing, investment, building society, and insurance products and services through various online and offline channels, our client realized that a new era had dawned.??

The traditional bank faced significant challenges in customer experience, sales and advisory capabilities, and software implementation and efficiency. To stay competitive, the bank needed to adopt new technologies to increase ROI.

... THAT WENT DIGITAL POWERHOUSE WITH OUR HELP?

One of the first challenges we tackled was the bank's cumbersome legacy system. No matter its strengths, there were better solutions for our client's digital banking needs. Early on, we spotted its complexities, which caused maintenance to be slow and expensive.?

After careful consideration, our team decided to build a new system and use the mainframe as a tool to access the core business system.??

We were basing our new system on the ability to integrate third-party services, severely reduce maintenance costs, and improve overall performance. We have used modern microservice-based architecture to ensure the new system is flexible and scalable.?

WE HAVE EXPERIENCE AND WE WORK FAST?

Our extensive experience in building architecture solutions for traditional and neo-banks enabled us to work at an accelerated pace. We were integral to the core development and quality assurance team, utilizing Kubernetes as a container orchestration platform for a domain-driven microservice architecture and Java/Spring to create the microservices.?

We split the platform into two sets of domain services. Read the case study here to fully understand why and see a list of all the technologies we have used.??

Simplified digital banking is all about speed and convenience. Nothing says “convenience” better than great-working mobile applications. Our team developed highly functional mobile apps for iOS and Android, serving both frontend and backend, with all the functions and features relevant to the end-user.?

THE HUMAN FACTOR?

Humans are the cornerstone of every organization. While technology can evolve, the human reasoning for why we use it the way we do must also progress. The traditional bank culture is rooted in expertise and reliability, but it can also be rigid, potentially hindering the overall structure.??

That is why we needed to lead by example. Using a Spotify-like agile model that focused more on behaviors and principles, we have released software faster and tracked progress better.?We relied on Continuous Integration/Continuous Delivery and other changes primarily in business operations, tech practices, and culture to bring agility into a traditional bank setting.?

The results were astonishing—before our eyes, we saw an organization transform into an agile-driven organization, with its different teams empowered to take ownership and remain autonomous even in a team setting.?

BANKING SYSTEM YOU CAN TRUST… BECAUSE IT WORKS?

This is an excellent example of how we took our client’s great foundation and ushered it into a new age of digital banking. With the system comprising roughly 200 microservices, we helped create a customer-first holistic customer journey—easy and safe to use and technologically advanced to parallel any neo-bank service.?????

Technology is the lever that will propel the digital banking model. Focusing on a digitally holistic banking experience will put you ahead in the competitive landscape.??

With a decade of experience in fintech, Klika is all about custom-tailored solutions that meet your needs. We are here to help you serve your clients better and faster. Let's talk about how you can foster that relationship in the best way possible.?

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Keep your ideas flowing and your tech spirit high. Until our next update!