Finacle — Core Banking Redefined

Krishnaswamy Subbarao stakeholder and sponsor infosys

"How do we shift from a purely transactional experience to a more connected and meaningful one, with a strategic focus on digital engagement?"

"How do we shift from a purely transactional experience to a more connected and meaningful one with a strategic focus on digital engagement?"

Krishnaswamy Subbarao —
Head of Solutions, Infosys (Sponsor)

The approach

Q3 FY19 results showed double-digit quarter on quarter growth within FS for Infosys. The question then was, what's next for Finacle? We decided to develop, define and design a connected customer experience alongside a connected delivery framework (ease of implementation) to increase the value for all parties.

About Finacle

Finacle is an award-winning core banking platform developed by Infosys. It provides universal digital banking functionalities for over 1.3 billion bank accounts, to banks in 100+ countries and has a market share of 25%.

Aligning the teams and learning from past challenges
This phase is focusing on aligning stakeholders and defining a shared vision for an 80-week program. A common understanding of the ways of working is equally valuable as the redesign and redefine exercise. Past challenges and the analysis of individual stakeholder's expectations pave the way for a reusable and scalable approach. Most stakeholders feel a little uneasy about spending 25—30% of the preliminary research on tooling, culture and way of working (wow) in general, however in 9 out 10 cases it helps to increase the trust and gives back control to the decision makers.

Aligning the teams and learning from past challenges
This phase is focusing on aligning stakeholders and defining a common vision for an 80-week program. A common understanding of the ways of working is equally valuable as the redesign and redefine exercise. Past challenges and the analysis of individual stakeholder's expectations pave the way for a reusable and scalable approach. Most stakeholders feel a little uneasy about spending 25—30% of the preliminary research on tooling, culture and way of working (wow) in general, however in 9 out 10 cases (link to REI) it helps to increase the trust and gives back control to the decision makers.

1. How do we want to collaborate? Scope & key activities
From over 40+ corporate- and six retail banking journeys, we had to narrow down our preliminary phase to three journeys each. User testing and the validation of persona types, experience and journey mapping were key activities for each journey. This blueprint approach increased our estimation accuracy and gave both, the delivery team as well as the decision makers a more realistic view of the remaining journeys. Sales teams had a better idea of release cycles; product managers increased flexibility through scaling capabilities.

2. How to align our expectations? Decision-making criteria
We surveyed 10+ roles from pre-sales to implementation, to provide clarity of expectations,
to listen to and align stakeholders and to help navigate priorities (tactical & strategic).

How to align our expectations? Decision-making criteria
We surveyed 10+ roles from pre-sales to implementation, to provide clarity of expectations, to listen to and align stakeholders and to help navigate priorities.

How to align our expectations? Decision-making criteria
We surveyed 10+ roles from pre-sales to implementation, to provide clarity of expectations, to listen to and align stakeholders and to help navigate priorities (tactical & strategic).

2. How to align our expectations?
Decision-making criteria
We surveyed 10+ roles from pre-sales to implementation, to provide clarity of expectations, to listen to and align stakeholders and to help navigate priorities (tactical & strategic).

3. Where do we stand today? Identifying the gaps in the market
Edgewerves Finacle named a leader in The Gartner Magic Quadrant™. Competitors occupy either a better CX or the ease of implementation. For Finacle it had to be both.

3. Where do we stand today?
Identifying the gaps in the market
Edgewerves Finacle named a leader in The Gartner Magic Quadrant™. Competitors occupy either a better CX or the ease of implementation. For Finacle it had to be both.

4. Where do we find new clients for Finacle? Redefine the experience of the product
The analysis from Forrester and Gartner on banking platforms and our expectation research showed that ease of implementation was an essential experience to a CIO or CTO. Our workshops also identified the opportunity to win over the CMO of financial institutions, who have low to medium customisation capabilities but with a higher need to function and appear modern and innovative. A new design language should make Finacle more attractive to those who value CX more than just functional requirements.

Where do we find new clients for Finacle?
Redefine the experience of the product
The analysis from Forrester and Gartner on banking platforms and our expectation research showed that ease of implementation was an essential experience to a CIO or CTO. Our workshops also identified the opportunity to win over the CMO of financial institutions, who have low to medium customisation capabilities but with a higher need to function and appear modern and innovative. A new design language should make Finacle more attractive to those who value CX more than just functional requirements.

5. How do we give to our clients what their customers need? Value proposition
"Closer to the customers" is both, the new value proposition but also an internal mindset. Internally we could apply a mindset that was more empathetic to our clients. We would behave in a similar way a bank would do, we would face similar challenges, and wearing a banking hat on solving those challenges. This was the key to creating a more relevant value add — across all domains within finacle, from pre-sales to implementation.

How do we give to our clients what their customers need?
Value proposition
"Closer to the customers" is both, the new value proposition but also
an internal mindset. Internally we could apply a mindset that was more empathetic to our clients. We would behave in a similar way a bank would do, we would face similar challenges, and wearing a banking hat on solving those challenges.
This was the key to creating a more relevant value add — across all domains within finacle, from pre-sales to implementation.

Our reason "Why"

Because CX leaders should always start with the benefits CX transformation efforts can bring instead of leading with a budget request our product strategy consists of building blocks and a streamlined delivery approach.
We delivered:

A program blueprint for continuous improvements
User-Testing as a service capability
Benchmarking as a service capability
A new and inclusive design language
A design system approach powered by computational design
AI & ML integrated into the experiences

ROI evaluation

In our ROI evaluation, we are looking at CX benefits
like increased customer retention and greater cross-sell
opportunity. Revenue benefits if Finacle was a bank with
1 billion customers* and based on © 2019 Forrester Research
ROI model for CX transformation:

A projected decrease in call centre costs (after Year 3): 15% YOY
Incremental customers retained: 90.250.000
Incremental revenue generated from cross- and up-sell: $2.921.250.000
Incremental revenue generated from recommendations: $4.674.000.000
Total incremental cost saving from improved CX: $1.000.000
ROI results low case, most likely estimates (risk-adjusted): 243432%
Net cash flow, most likely estimates (risk-adjusted): $44.454.174.717

In our ROI evaluation, we are looking at CX benefits
like increased customer retention and greater cross-sell opportunity. Revenue benefits if Finacle was a bank with 1 billion customers* and based on © 2019 Forrester Research ROI model for CX transformation:

A projected decrease in call centre costs (after Year 3): 15% YOY
Incremental customers retained: 90.250.000
Incremental revenue generated from cross- and up-sell: $2.921.250.000
Incremental revenue generated from recommendations: $4.674.000.000
Total incremental cost saving from improved CX: $1.000.000
ROI results low case, most likely estimates (risk-adjusted): 243432%
Net cash flow, most likely estimates (risk-adjusted): $44.454.174.717

*Assumption that we can retain 70% of customers with a market share of 20% in the banking segment and average annual revenue of $400 per customer and $100 per additional money market account (MMA) over three years, projecting a high-benefit/high-cost model. Success metrics must be tracked to evolve assumptions over time. CX transformation leaders should not strive to create a model based on assumptions that are precisely right but on ones that reasonable people will say are not wrong.

As part of our approach, we delivered various prototypes to internal stakeholders, pre-sales and implementation teams to collect feedback.
The same was also used to validate our ideas and assumptions with real users as well as customers.

As part of our approach, we delivered various prototypes to internal stakeholders, pre-sales and implementation teams to collect feedback. The same was also used to validate our ideas and assumptions with real users as well as customers.

One aspect that needed attention was the omnichannel experience. We used an in-branch cash transaction as our primary retail journey because it was complex enough to validate our blueprint, and it touched on every aspect of the customer interaction, including back-office activities.

One aspect that needed attention was the omnichannel experience. We used an in-branch cash transaction as our primary retail journey because it was complex enough to validate our blueprint, and it touched on every aspect of the customer interaction, including back-office activities.

As part of our approach, we delivered various prototypes to internal stakeholders, pre-sales and implementation teams to collect feedback. The same was also used to validate our ideas and assumptions with real users as well as customers.

One aspect that needed attention was the omnichannel experience. We used an in-branch cash transaction as our primary retail journey because it was complex enough to validate our blueprint, and it touched on every aspect of the customer interaction, including back-office activities.

Prototype 1 of 6

finacle team and tools with fayssal loussaief

To deliver high-quality customer and implementation experiences with consistency and at scale, we defined a set of tools as part of our blueprint:

As part of our approach, we delivered various prototypes to internal stakeholders, pre-sales and implementation teams to collect feedback. The same was also used to validate our ideas and assumptions with real users as well as customers.

One aspect that needed attention was the omnichannel experience. We used an in-branch cash transaction as our primary retail journey because it was complex enough to validate our blueprint, and it touched on every aspect of the customer interaction, including back-office activities.

Finacle is a product that serves over 1.3 billion accounts from retail to corporate banking and sovereign wealth management.
Here is a big thank you to the team and participants behind its product redesign and repositioning initiative:

Ann Thomas Product Owner - Digital Banker • Krishna Mohan Product Manager - Corporate Channels • Nagendra Dubey Product Manager - Digital Banker • Siddhant Taneja Portfolio Manager - Digital Banking Platforms • Viswanathan Ramasamy Technical Manager - Digital Banker • Narisimha Nagaraja Prasad (NNP) Senior Product Line Manager - Channels • Suresh Anand Muthukrishnan Product Technical Architect - Channels • Ramnath Ramachandran Specialist - User Experience • Anupam Kumar Mathur Principal - Experience Design • Krishnaswamy Subbarao Head - Product Management • Raktims Senior Product Line Manager - Digital Banker • Julie Karmakar Lead Product Manager - Retail Banking • Haranaryan Sahoo Senior Project Manager - Implementation • Swati Biswal Group Project Manager - Implementation • Rahul Singh Gurjar Project Manager • Keshav_B Project Manager • Ankit Saxena Product Owner • Girish Tumkur Nagaraj PO • Balchandra Kemkar PO • Rahul Wadhavkar Portfolio Manager - Corporate Banking, US • Homa Alviri Product Manager - US • Manish Patni Product Manager - Corporate Banking • Chandramouli Kundagrami Senior Industry Principal • Sujeeth Samrat Principal Consultant • Shweta Shivaraja Principal Consultant • Pallavi Dharamsey Senior Consultant • Pramod Krishna Kamath Lead Product Manager • Sridhar Guturi Product Manager - US • Vivek_Jeyaraj Product Manager • Manish Koranne Manager- Product Testing • Govinda Narayana Bhat Manager - Product Testing • Subramanian Gopalan – FinUX • VJay – FinUX • Neel Sutaria Senior Project Manager • Judith Scheiderer UX Designer • Luke Travis Senior Visual Designer • Ben Bishop Technical Lead • Fayssal Loussaief Customer Experience Director

User testing demo participants (all Brilliant Basics)
Alan O. • Elisa C. • Victoria P. • Ben C. • Neil C. • Jo H. • Magda M.

Legal team (Infosys)
Nitin Ashok Dhavate • Aashita Jain • Vivek Malhotra

Brilliant Basics Governance
Anand Verma • Ralf Gehrig • Lindsay Wall • Neil Cooper

As part of our approach, we delivered various prototypes to internal stakeholders, pre-sales and implementation teams to collect feedback. The same was also used to validate our ideas and assumptions with real users as well as customers.

One aspect that needed attention was the omnichannel experience. We used an in-branch cash transaction as our primary retail journey because it was complex enough to validate our blueprint, and it touched on every aspect of the customer interaction, including back-office activities.

Finacle is a product that serves over 1.3 billion accounts from retail to corporate banking and sovereign wealth management. Here is a big thank you to the team and participants behind its product redesign and repositioning initiative:

Ann Thomas Product Owner - Digital Banker • Krishna Mohan Product Manager - Corporate Channels • Nagendra Dubey Product Manager - Digital Banker • Siddhant Taneja Portfolio Manager - Digital Banking Platforms • Viswanathan Ramasamy Technical Manager - Digital Banker • Narisimha Nagaraja Prasad (NNP) Senior Product Line Manager - Channels • Suresh Anand Muthukrishnan Product Technical Architect - Channels • Ramnath Ramachandran Specialist - User Experience • Anupam Kumar Mathur Principal - Experience Design • Krishnaswamy Subbarao Head - Product Management • Raktims Senior Product Line Manager - Digital Banker • Julie Karmakar Lead Product Manager - Retail Banking • Haranaryan Sahoo Senior Project Manager - Implementation • Swati Biswal Group Project Manager - Implementation • Rahul Singh Gurjar Project Manager • Keshav_B Project Manager • Ankit Saxena Product Owner • Girish Tumkur Nagaraj PO • Balchandra Kemkar PO • Rahul Wadhavkar Portfolio Manager - Corporate Banking, US • Homa Alviri Product Manager - US • Manish Patni Product Manager - Corporate Banking • Chandramouli Kundagrami Senior Industry Principal • Sujeeth Samrat Principal Consultant • Shweta Shivaraja Principal Consultant • Pallavi Dharamsey Senior Consultant • Pramod Krishna Kamath Lead Product Manager • Sridhar Guturi Product Manager - US • Vivek_Jeyaraj Product Manager • Manish Koranne Manager- Product Testing • Govinda Narayana Bhat Manager - Product Testing • Subramanian Gopalan – FinUX • VJay – FinUX • Neel Sutaria Senior Project Manager • Judith Scheiderer UX Designer • Luke Travis Senior Visual Designer • Ben Bishop Technical Lead • Fayssal Loussaief Customer Experience Director

User testing demo participants (all Brilliant Basics)
Alan O. • Elisa C. • Victoria P. • Ben C. • Neil C. • Jo H. • Magda M.

Legal team (Infosys)
Nitin Ashok Dhavate • Aashita Jain • Vivek Malhotra

Brilliant Basics Governance
Anand Verma • Ralf Gehrig • Lindsay Wall • Neil Cooper