Case Study: How Aspire Systems Helped A Sri Lankan Bank Scale Up Customer Satisfaction

Republished By Plato

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Customer experience (CX) is the defining competitive differentiator in the banking industry today, and for good reason; financial institutions that invest in customer experience have higher rates of recommendation, greater wallet share, and are more likely to up-sell or cross-sell products and services to existing customers.

This has prompted banks, credit unions, and other financial institutions throughout the world to take a closer look at their present goods and services to see whether there is opportunity to give a higher level of client-centricity and personalisation to improve the financial services customer experience.

Banks should focus on “humanising” the banking experience regardless of channel as they continue to capitalise on the digital banking momentum. This may not only increase client happiness but also secure long-term partnerships, particularly with younger customers.

Success Story – End-to-end retail banking solution implementation for a prominent bank in Sri Lanka

Case Study: How Aspire Systems Helped a Sri Lankan Bank Scale Up Customer Satisfaction PlatoBlockchain Data Intelligence. Vertical Search. Ai.

Photo by Tharoushan Kandarajah on Unsplash

This success story illustrates how global IT services firm Aspire Systems helped a prominent bank in Sri Lanka achieve a huge boost with innovative retail banking solution and significantly lowered the time to market.

About the Customer

Aspire’s client is one of Asia’s oldest development banks. The bank was recommended by the World Bank and currently offers personal, corporate, and international banking facilities.

A glimpse of their products and solutions shows credit card services, trade services, project financing, transfers, savings and finance management, budgeting solutions and much more.

Pain Points

The bank found it extremely challenging to come up with new offerings to the market quickly. On top of that, each of the banking channels were limited in its functionalities, while there was scope to improve and scale up.

Another major challenge that the bank faced was serious downtime and system unavailability during certain periods such as the month end or year end. This made it difficult for the bank to truly cater to the customers with 24/7 services, which provided customer satisfaction.

Aspire’s Solution

Aspire Systems initially understood the customer requirements as well as the scope for expanding their operations. Following a thorough consultation, Aspire assisted them by implementing the Temenos T24 Transact solution. The solution was a high-powered, flexible core designed to get solutions to market faster.

Aspire also assisted in scaling up their digital banking solution on both the internet and mobile channels using Temenos Infinity. This improved the customer’s front-end opportunities, opening the door to a plethora of opportunities in the consumer banking space.

The solution enabled the bank to achieve its primary goal (24/7 banking solutions) in a very short period.

Results

The bank was able to roll out a new product in weeks and provide 24/7 uninterrupted banking service.

Moreover, the bank acquired customer base of 2 million customers and was able to provide quick response to customer demands and sentiments.

On top of that, Aspire helped the bank provide more value to customers by providing engaging functionalities as well as an omni-channel solution.

Conclusion

The banking sector has already covered a lot of ground in terms of digitisation. Many advancements have been made in recent years, and there is no doubt that digitalisation can benefit banking.

Aspire’s digital banking services can help clients achieve end-to-end transformation for all their banking needs while providing superior customer experiences and increasing operational efficiencies.

Download this case study to learn how Aspire delivered a cutting-edge digital banking solution for a prominent bank in Sri Lanka.