Microservices and API-Led Customer Experience Transformation for a Leading Global Bank

Client

One of the world’s largest banks wanted to modernize the features offered by its credit card division to enhance the user experience. Additionally, it sought to expand its business footprint across geographies. It wanted to provide a responsive and engaging user experience for card maintenance and reward/loyalty point management. It also aimed to enhance external system (third-party) based interactions to enable users to use the overall platform more efficiently and productively.

Challenges

Reduction in client base 

The bank's credit card division saw a client base decline due to an underdeveloped service platform. The lack of modern features was taking the edge away from the business, resulting in a significant revenue loss. 

Missing integration with third-party services

There was no option to make flight reservations directly from within the platform or navigate and find the desired booking feature.

Cumbersome workflow 

The reward/loyalty system was partially automated, and the customer had to visit multiple sites to initiate a claim. The system lacked features like monitoring, notification, and alerts.

Inefficient technical implementation 

Legacy architecture caused significant delays in statement generation and transaction reporting due to challenges in data and information handling. 

Time-consuming touchpoints 

For resetting the card PIN, a manual request had to be raised with an approval lead time of two weeks.

Limited marketing features 

There were limited cross-selling options and no access to real-time product information.

High customer complaints rate

Lack of a modern notification system and other real-time tracking features caused end-users to miss business opportunities.

LTM Solution

Re-defining and streamlining key business workflows 

Automated card PIN reset functionality to a single-click solution and a fully featured end-to-end reward/loyalty management. 

Third-party integration

Enabled end users to directly access the OnDot system by invoking real-time APIs and performing flight bookings via travel cards without leaving the platform.

Re-engineering of services  

Re-engineered statement generation and transaction reporting services, providing a variety of filters and report generation options.

Efficient cross-selling  

Established real-time channels between different product catalogs and repositories, enriching the system from diverse data sources.

Improved alerting and notification system

Scheduled system APIs for reporting information to the end users.

Business Benefits

• Around 14% rise in annual revenue
• Saved 50% of development effort through low coupling and reusability
• Increase in the customer base
• Reduced 90% manual testing effort