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Financial Services
Digital transformation project to develop a corporate mobile app
14 Apr 2023
Context
  • A digital-focused Indian private sector bank wants to build a diversified and stable franchise
  • For this, the client wanted to develop a corporate app to meet customers’ growing mobile banking adaptation and ensure business competitiveness and create superior digital experiences
Approach
  • Proposed concept architecture options for mobile app development along with the design of the journey and wireframes
  • Collated recommendations and requirements & brainstormed with relevant stakeholders to wireframe features that go beyond traditional account balance fun
  • Identified key enablers including new architecture capabilities such as micro-services modules, APIs, etc., required to build a scaled offering
  • Conducted a thorough analysis of the build versus buy option, go-to-market time, cost, and other internal factors and benchmarked each vendor's offerings against our bank's aspirations and helped in zeroing in on the best suited vendor
  • Created and monitored a detailed implementation roadmap including activities of all internal and external stakeholders to ensure smooth development and an on-time product launch
  • Developed app performance framework and a corresponding analytics dashboard to measure adoption and usage
Praxis value delivered
  • Personalised client interactions
  • Developed the mobile application that improved client engagement by providing customized products, personalized interactions, focussed messages, and specific business insights
  • Lower service and operational costs
  • Service and operational costs were reduced by processing >INR 200 Cr worth of transactions via the app due to the availability of features like chatbots and push notifications
  • Enhanced client servicing
  • The mobile app opened new channels of communication for client servicing that helped in better tracking of requests, reducing TAT, and improving the satisfaction level of key customer  decision-makers

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