Going Digital Banking Transformation
An offshore investment bank registered for practice in the Labuan financial district of Malaysia. The bank engaged Hi Sun Fintech Global (HSG) in Dec, 2020 to activate a digital transformation journey for the bank.
Project Key Focus
- Facilitate business expansion from the Labuan financial district in Malaysia to global markets, including the likes of Mainland China and Hong Kong, enabling quick and secure overseas fund transfer under managed customer profiles.
- Optimize business operations by implementing reliable core banking functions and digital banking channels such as personal and corporate mobile banking.
- Implement innovative virtual banking processing means, such as online account onboarding, eKYC, QR code and push notifications, payment templates for hassle-free payments etc.
Client's Business Challenges
Through implementing selective banking products from the Hi Sun Banking Suites (HBS) with HSG as an experienced and competent service provider, client targets to achieve the following identified challenges:
Improve Customer Experience
Fully digitalize customer account opening, onboarding, registration and verification processes. Simplified complex transactions through digital means.
Speed-To-Market Product Implementation Support
Strengthened system and application support when launching new digital banking products and offerings, enabled through rich yet flexible parameter and attribute setting processes.
Meet Regulatory and Compliance Requirements
Available system capability as well as professional support services to assure conformance to local regulatory and compliance requirements.
Reliability and Security Demonstration
Adequate provision of cybersecurity and fraud protection/detection capabilities.
The HSG Solutions
HSG provides and deploys selective HBS system modules to ensure that the predefined focuses and challenges of the bank can be met appropriately. The HBS solution empowers a robust banking system platform for the bank’s digital banking journey, facilitating the expansion of conventional banking products to non-traditional, pioneer product offerings with Fintech and Regtech elements for evolution in the digital landscape.
For Business:
Core Banking System (customers, foreign exchange, general ledger, business platform), Credit Limit & Collateral System, General Reporting System.
For Channels:
Personal Mobile Banking, Personal Online Banking, Corporate Mobile Banking, Corporate Online Banking, Online Account Onboarding Platform, Integrated Branch System, Channel Integration Platform, Payment Gateway Platform.
In addition, and most importantly, HSG constructed a Solution Integration team with qualified capabilities, vast experiences, and in-depth knowledge of the banking industry thus guaranteeing a successful implementation.
Critical Project Timelines
The implementation of this project went as planned and on-time, completing in 6 months’ time with the following critical timelines.
- Project Kick-Off, Dec 2020.
- Completed Requirements Analysis and Implementation Planning Studies, Mar 2021.
- Completed SIT, Apr 2021.
- Completed UAT, Jun 2021
- System Go Live, Jul 2021.
Transformation Benefits
Innovative Fintech Products
The HBS mobile and internet banking platform came with fully-integrated onboarding features, including OCR and dual video recording among others, providing a brand new user experience for the bank customers.
Strengthened System and Industry Support
Professional services are critical to the success of any implementation projects and HSG is backed by expertise with domain knowledge and long years of experience in the banking industry, with competency to encounter and overcome challenges from functional gaps, localization, governance, regulatory compliance, customer-centric and multi-level accounting needs etc.
For this case, HSG strengthened the support team in Shenzhen HQs, with competent and experienced Business Analysts and System Engineers involved, which greatly contributed to the timely and successful implementation of the project, with perfect coordination of onshore and offshore work.
Scalability and Flexibility
Given the scalability and flexibility of the HBS product suite, composite system modules were effectively selected, customised and deployed for different departments of the bank to address individual needs and pain points, yet working as an integral with room for new application as well as functional expansions.
Price Effectiveness
HSG solutions and services are well known for “value for money” and “price competitiveness” when compared to most international brands, these criteria were once again revealed to be HSG’s winning factors in this case.
Afterword
Today, functional capability of a core banking system does not really vary that much amongst vendors, even international brands, what one system can do other systems mostly can do also.
During post-implementation review with the client bank project executives, one of the key success factors of the project was highlighted to be the formation of the HSG project team, composed of a mix of experienced expertise that covers knowledge in aspects of frontend/backend banking operation practices, regulatory and compliance requirement basics, and HBS inside out contents, hence enabling effective gap analysis, resolutions, understanding of local regulatory requirements, and last but not least, tailoring HBS for seamless integration of such findings.
This resources devotion has always been envisaged and persisted by HSG being the “value for money” theme.
