Free Your Finances with Intelygenz: Transforming Traditional Banking into a Digital Powerhouse

Free Your Finances with Intelygenz: Transforming Traditional Banking into a Digital Powerhouse

The relentless advance of digital transformation across sectors presents unique challenges and opportunities for the financial industry. As more than 50% of banking customers now show a preference for digital services over traditional branch interactions, as highlighted by Deloitte, it’s clear that the banking sector must evolve swiftly to cater to this digital preference. Recognizing the potential to innovate within this space, an enterprising bank envisioned a fully digital, branchless banking model designed to cater specifically to freelancers and small businesses.

The Objective and Project Scope

The objective was audacious yet clear: transform a traditional bank into a modern fintech powerhouse through complete digitalization. Intelygenz was brought on board to spearhead this transformation, focusing not just on developing a customer-facing mobile app but, more critically, on digitizing the entire backend stack of the bank.

Our Approach: Pioneering with Hyper-Automation

In the world of digital transformation, where 85% of organizations fail to successfully implement AI and advanced deep tech projects into production, Intelygenz excels by ensuring its clients are among the successful 15%. Our mission was to wrap the traditional banking infrastructure in a network of APIs, allowing for seamless digitization and integration of sophisticated hyper automation technologies.

Industry Challenges and Strategic Responses

The challenge was formidable: transitioning from a traditional bank to a fintech involved not only reimagining the customer interface but also overhauling the underlying processes that power the bank. McKinsey reports that digital-first competitors see up to a 70% increase in customer satisfaction, underscoring the urgent need for traditional banks to adapt. Intelygenz met these challenges head-on by implementing a strategy that prioritized agile development, user-centric design, and robust technological integration.

The Process

Our transformative process involved a deep integration of the bank’s core systems with a full suite of APIs. This extensive backend digitization facilitated the automation of key banking processes and ensured that every customer interaction was supported by real-time data and services.

Key automated processes included:

Predictive Customer Service: Leveraging AI to anticipate and address customer needs proactively.

Enhanced Operational Efficiency: Streamlining operations such as credit assessments and financial transactions through automation, thereby reducing manual labor and error rates significantly.

Results and Impact

This comprehensive digital transformation allowed the bank to engage over ten thousand new users, predominantly freelancers and small businesses, with a remarkable 90% adoption rate among those who registered. By automating the backend processes, the bank achieved a 40% reduction in operational costs and increased transaction speeds by 50%, offering a competitive, fee-free service to its customers.

The successful transformation from a traditional bank to a fintech innovator is a testament to Intelygenz’s expertise in deep tech, AI, and data consultancy. Our approach not only supported immediate product launch goals but also prepared the bank for future scalability and market responsiveness.

For those looking to navigate the complex journey from traditional banking to fintech, Intelygenz offers the essential expertise and innovative technology solutions to make it happen.

Are you ready to redefine your financial services? Learn more about how Intelygenz can propel your company into the future of banking.