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Digital Banking Enhancement Initiative

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ravitejabandhakavi29
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42 views8 pages

Digital Banking Enhancement Initiative

Uploaded by

ravitejabandhakavi29
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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Digital Banking

Enhancement
Initiative
The Digital Banking Enhancement Initiative aims to revolutionize
the retail banking experience by developing a comprehensive
digital banking application. This project seeks to offer seamless
online transactions, personalized financial advice, and improved
customer interaction with financial services. The initiative aligns
with the bank's strategic goal of digital transformation, aiming to
increase customer satisfaction and retention while staying
competitive in the rapidly evolving financial services sector.

by RAVI TEJA BANDHAKAVI


Current Situation and Business Problem
AS-IS State TO-BE State Business Problem

The current digital banking The goal is to create a fully Existing digital banking
solutions are fragmented, with integrated digital banking solutions do not meet growing
limited mobile banking application with features like customer expectations for
functionalities and inconsistent account management, real-time integrated and intuitive user
user experiences across transaction tracking, interfaces, resulting in
different platforms. This has led personalized financial insights, decreased customer
to high customer service calls and interactive financial tools. satisfaction and engagement.
due to transaction issues and
queries.
Project Scope and Requirements
In-Scope Out-of-Scope
Development of account management features, integration Overhauling of existing backend systems and integration with
of real-time transaction tracking, implementation of third-party financial management tools.
personalized financial insights, and creation of interactive
financial tools.

Business Requirements Functional Requirements


The application must support all existing account types and Users must be able to log in securely, view account balances
ensure compliance with all regulatory requirements. and recent transactions in real-time, and receive personalized
financial advice based on spending habits.
Stakeholders and Project Team

Project Sponsor
VP of Digital Transformation

Core Team
Business Analysts (2), UX/UI Design Team (4), IT Development Team (6), Quality Assurance Team (2)

Support Teams
Marketing Team (1), Legal and Compliance Team (1)

End Users
Bank's Customers
Project Budget and Resources
Project Budget 2 crore

Project Manager 1 PO and 1 Scrum Master

Business Analysts 2

UX/UI Design Team 4

IT Development Team 6

Quality Assurance Team 2

Marketing Team 1

Legal and Compliance Team 1


Needs Assessment Methodology
1 Define Objectives
Understand existing shortcomings and identify customer and bank
needs to enhance satisfaction and efficiency.

2 Gather Data
Conduct surveys, interviews, observations, and document reviews
to collect comprehensive information.

3 Analyze Data
Examine findings from surveys, interviews, observations, and
document reviews to identify key insights.

4 Identify and Prioritize Needs


Based on collected data, identify and prioritize needs for the digital
banking enhancement project.
Key Findings and Recommendations

1 User Interface Improvement 2 Feature Enhancements


70% of customers report the interface as non- 65% of customers desire additional features like
intuitive. Recommendation: Engage UX/UI experts mobile check deposits. Recommendation: Develop
to create a more user-friendly interface, and integrate new features such as mobile check
prioritizing simplicity and accessibility for all user deposit and real-time alerts to meet customer
demographics. expectations and match competitors' offerings.

3 Performance Optimization 4 Personalization


High bounce rates on the login page and frequent 60% of customers compare services unfavorably
accesses to transaction-related help sections against competitors in terms of personalization.
indicate usability issues. Recommendation: Recommendation: Develop capabilities for
Upgrade server infrastructure to enhance personalized financial advice based on individual
performance and reliability, ensuring faster spending behavior and financial goals, to be
loading times and more reliable transaction phased in after initial improvements prove
processing. successful.
Project Risks and Assumptions
Risks
Potential delays in technology integration, higher than
anticipated costs, and resistance from customers in
adopting new technologies.

Dependencies
Availability of IT resources and timely approvals from
compliance and legal departments.

Assumptions
Customers have access to devices capable of supporting
the digital application, and necessary budget allocation for
the project is available.

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