How to transform bank product and service development. | EY
At the outset of the project, the client’s biggest challenges were scalability and reliability. Thanks to EY’s involvement, these were completely resolved. “The reliability went up to the point where it was no longer an issue” says Little. “They were perfectly able to scale and meet market demands for the application and its features.”
Moreover, the bank was able to launch a platform-powered mobile payments application and digital marketplace which generates data-driven insights – and resulted in a multi-dimensional network effect across consumers and merchants through real-time offers and notifications.
All these improvements translated into real growth of the bank’s user base. Key milestones included:
- Before EY’s involvement: 700K users
- After a few months of EY work: 1m users
- At the end of the project: 2m+ users
In total, more than a quarter of the local consumer market was captured, and the imminent threat of local disruptive competitors was strategically countered.
Speed with which changes could be made to the app’s functionality going forward was also radically improved – building in a sustainable competitive advantage. Whereas previously upgrading the app would have meant completely rebuilding the function in question over a weekend or longer, thanks to EY, “we could have a new feature deployed in about five minutes,” says Little.
Thanks to the modular architecture of EY Nexus for Banking, solutions can be modified, upgraded, or swapped out rapidly, enabling clients to develop new and update old products much faster, without taking on any of the operational risk sourcing new partnerships normally implies. Product developers can rapidly test what works and what doesn’t by substituting alternative approaches with ease from a menu of potential models – ideal for banks looking to update their product offerings to keep pace with market demands at a moment’s notice.
Ascending to digital leadership
The need for agility and reliability is not unique to this client. Customer preferences move fast, and the ongoing global impact of the COVID-19 pandemic has only served to demonstrate how vital rapid adaptation is to a business’ long-term value for all stakeholders.
The EY Nexus for Banking platform is proof that moving fast is possible even for established organizations in highly-regulated industries – something previously viewed as almost impossible. We see modular, adaptive platforms like EY Nexus for Banking – underpinned by our in-house expertise in curating the very best potential partners and suppliers – as the best way to build, evolve and maintain organizations’ digital business ecosystems.
With EY Nexus for Banking, the financial services industry is quickly and efficiently deploying digital solutions that drive new revenue streams. They are building customer loyalty by connecting customers to new, more meaningful and hyper-personalized value propositions. They are expediting the implementation of banking-as-a-serve capabilities to capture market opportunities, fend off disrupters and grow their business.
EY Nexus for Banking gives enterprises across the financial industry a platform to power their best ideas – and swiftly deploy digital propositions, new business models, and new brands. It gives organizations rapid access to the capabilities they need, not just to overcome the challenges of today, but also to reshape their future – by reimagining existing technology assets to seize the opportunities of tomorrow.
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