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Our client is an Asia-based ISV and a banking solution leader. The company is a wholly-owned subsidiary of the second-largest IT services organization in India and is well-known for developing an industry-leading universal banking solution and has been consistently named a leader in Forrester WaveTM: Digital Banking Engagement Hub.
Banking solution providers face challenges of heightened customer expectations, shortage of skill sets, technical debt, rising costs and maintenance hassles of existing software. Not to speak of the tough competition that new-age fintech poses.
Quality insights and exceptional customer experiences rule the roost when it comes to providing competitive digital products to end-users. Banking software providers around the globe are crafting strategies and adopting relevant tools to create these experiences.
The Banking Solutions Suite, one of the most critical and successful solutions from our client, helps traditional and emerging financial institutions drive digital transformation to achieve seamless customer experiences, insights-driven interactions, and automation. It caters to banks in over 100 countries to service more than a billion consumers and 1.3 billion accounts.
The digital engagement platform within this suite is an advanced omnichannel solution that helps banks onboard, sell, service, and engage with retail, SMBs, and corporate customers. (Core Banking, Corporate Banking, Treasury, Payments, Virtual Accounts, Liquidity Management Systems, Wealth Management).
The backend for this digital engagement platform was a monolithic core built with C/C++, written in the late 90s and improved over time. While it worked out very well as a sturdy core engine, changing customer preferences demanded that modern experiences be built on top of it.
Over time, an engagement layer that extended RESTful APIs was built over this engine. It acted as a hub for co-innovation within the ecosystem. However building engaging visual experiences using these APIs with speed, while keeping applications omnichannel and cloud-native, remained a challenge. It is here that our client needed a platform that could enable rapid modernization.
Our client had outsourced the modernization of this experience layer to external vendors but was not happy with the outcome. However, after careful deliberation, the WaveMaker platform felt like a natural fit to modernize this experience layer.
WaveMaker low-code is a proponent of a composable, component-based architecture of software development. It helped that the banking platform was in itself a componentized API-first platform.
Using the concept of prefabs (read functional components, a bundle of UI and backend) on the WaveMaker platform, our client envisioned the creation of functional and customizable banking components that could be assembled to create any banking application rapidly.
They then adopted a strategy to replace these components built by external vendors with functional components built on WaveMaker. Existing components were replaced one by one with WaveMaker components, easing the entire modernization process in a very short amount of time.
Beginning with the modernization of the banking solution suite, applications such as Online banking, Mobile Banking, Admin Application, Cash Management, Personal Financial Management to Corporate Maintenance Management were modernized with low-code.
Critical to the project was a team of developers from WaveMaker Professional Services who helped the client team in leveraging WaveMaker features rapidly.The growing number of WaveMaker developers and increased adoption of the platform within the organization have led to the setting up of a WaveMaker Centre of Excellence for this project–a validation of the proliferation that the platform has achieved.
WaveMaker’s component-based architecture and the ability to easily consume APIs using widgets, customized themes, layouts, and connectors acted as accelerators for the modernization of the experience layer. This componentized approach to modernization also allowed client banks to deploy and upgrade solutions flexibly as per their business priorities.
The success of the modernization project led our client to champion WaveMaker across verticals within the organization. Impressed with the outcome of the modernization project, a separate product management team working on developing a Digital Onboarding application decided to use Wavemaker low-code for new app development. The development itself was outsourced to an external vendor who leveraged the WaveMaker platform and WaveMaker consultation services for this application.
The success of WaveMaker low-code for the aforementioned projects has led to it being considered for new app development of critical applications in the Asset Liability Management and Wealth Management space.
Teams across the spectrum find WaveMaker a suitable platform to quickly develop applications for PoCs, client demos and R&D. WaveMaker low-code adoption across diverse groups empowered a broader pool of developers, both IT and citizen developers to democratize experience transformation efforts across the organization.
While WaveMaker low-code spreads its wings across the organization, decision-makers are seeing the benefits of using a flexible, open standards-based low-code platform for varied use cases. From implementing for client banks to embedding LCD into their ecosystem, WaveMaker low-code has created a value proposition that is competitive and designed to meet our client’s challenges.