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Technological Challenges in the Banking Industry Context

During the last years, banking services became more digital, personalized and focused on value. The banks should take these factors into account and become more proactive to encourage customers to use the available features more. According to research by Epsilon,  90% of consumers consider that personalization is “very/somewhat” appealing. Moreover, it states that 80% of consumers are more likely to do business with a company that offers personalized experiences. Using behavioral insights and improving the customer journey can help banks to sell their financial services to both existing and new customers better. 

Client’s Background

Our client provides convenient modern banking solutions to customers in all segments: from individuals to the largest companies, being one of the leaders in the introduction of new technologies. The main statistics of our partner in Ukraine in 2021:

 

  •         Assets: $ 4bn;
  •         Branches: 201;
  •         ATMs: 686 (198 of them with NFC)
  •         Customer base: 1.5 million private and business customers;
  •         Number of employees: 7 thousand people;
  •         3rd bank in Ukraine in terms of volume of lending to individuals;
  •       It belongs to Banking Group with a customer base of about 870,000 SMEs and over 19,800,000 retail customers and total assets amounting $66.8 billion.

Business Challenge that Had to Be Solved

The issuance of credits is one of the main financial banking solutions that the institution offers, thus the bank was searching for opportunities to expand sales. The bank needed an automated solution to offer products to the client at the points of contact with him/her. In particular, our client wanted:

 

  •  to offer the existing customers more targeted services.
  •  to cross-sell the existing customers base (in particular, more active usage of credit cards and increase the credit limit on the cards of the customers).
  • to improve and strengthen the relations between the client and the bank.

Our Solution: Communication Management Platform

We started developing the targeted solution for our customer based on Node-RED technology and microservice architecture. The “Trigger Communications” project is a system for sending push notifications (to our customer’s bank app), and messages to the user’s phone. It is also a system that allows to read and analyze card processing transactions and enrich them with data about customers, cards and restrictions.

 

Our main technical tasks for this banking solution were:

  •     It should be perceived by the customers more natively than the regular ads. They should feel it as a solution to satisfy the needs of the person.
  •     It should take into account non-standard cases to fit all the categories of the potential customers – to make sure that the system works efficiently for everybody.
  •   The employees of the bank should easily learn how to customize anything in the case of need.

Technological Specifics of Communication Management Platform “Trigger Communications”

Our project is founded on the following technologies:

  • Node-RED – low-code flow based development tool for visual programming for connecting together online services, APIs and hardware devices. 
  • Node.js – a cross platform, open source, back-end  Javascript runtime environment that enacts JavaScript code outside a web browser and functions on V8 engine. 
  • SOAP (Simple Object Access Protocol) – messaging protocol for interchanging data in a distributed and decentralized environment. We use it for connection with the API of the bank.
  • Express – back end web application framework for Node.js, released as open source and free software designed for building APIs and web applications.

Talking about architecture, we use Data Vault, since it is characterized by flexibility, speed, comfort and support of Agile principles.

Some of the Common Use Cases of our Communication Management Solution

Situation 1: The client of our customer-bank comes to the ATM to withdraw $3000, however he/she has only $2,000 on his/her account. The ATM would immediately offer to issue a credit card.  

Situation 2: The client of our customer-bank comes to the shop, however he/she does not have enough money to pay for the goods. The bank’s app would immediately advise to issue a credit card. 

These situations are just several examples of how our project “Advices” work in Ukraine.

Screenshot_of_our_chatbotThe message on the phone from our Customer Bank in Ukraine that proposes to get the loan from the bank when the customer does not have enough money on own account

Screenshot_messengerThe  message on Viber and in the app from our customer bank on the phone that proposes to use the credit card from the bank when the customer does not have enough money on own account

Do you require a communication management solution for your business – request a demo now!

 

Please send your request to our Head of Partnerships and Customer Growth, Inna Abolikhina: inna.abolikhina@42flows.tech

 

Our banking solution was first checked on the target audience of 30 people to test the bugs and specifics, as well as to tailor everything for the real customers. Soon, the project will be expanded to all the clients of the bank. We will keep you updated!

Our project was useful and efficient both for the bank and for its customers. It helped to reach the company’s financial and strategic goals and made the life of bank’s clients more comfortable.

Screenshot_app

Screenshot_app

The message on the phone in the the app from our customer that proposes to use the credit card from the Bank when the customer does not have enough money on own account

Business Results of Our Banking Solution

It is expected that 42flows.tech would help our customer with our communication management solution “Trigger Communications”  to reach the following business results:

  • increase in the usage of services of the bank (in particular, more active usage of credit cards and increase of the credit limit on the cards of the customers).
  • improvement of the loyalty of the customers of our customer-Bank Ukraine.
  • increase in  the profits of our customer.
  • better targeting for the customers of our client bank. 
  • improvement and strengthening of the relations between the client and the bank.
  • strengthening of the bank’s position in relation to competitors.
  • automatization of business processes and as a result the possibility to cut costs. 

 

According to Localytics, mobile notifications increase user engagement with 88%, while 65% of the users who have push enabled, visit the app again within 30 days. Thus, it is expected that our banking solution “Trigger Communications” will also help our client to improve the engagement with its financial services.

Benefits of Our Banking Solution

Our communication management project “Trigger Communications” for our customer has the following benefits:

  •  The possibility to quickly launch, test and change marketing campaigns, without IT, programming and long deployment of the solution.
  • Low development cost and effort due to implementation of majority of tasks by low code NodeRed developers.
  • Short deadline: 7 weeks (Node-RED allows to complete projects faster thanks to the functionality, flexibility and adaptability of this technology).
  • No vendor lock-in, as Node-RED is an open source platform supplied with all the source codes. 
  • Many employees of the bank learned to use Node-RED on a basic, but very practical level, which allowed the institution to maintain the project with own personnel and to make customization if necessary.

To sum up, using the other programming languages would require hiring more people, spending more time on the project, and therefore spending a significantly higher amount of financial resources. Thus, it is possible to state that our communication management solution was the perfect match for the customer.

Do you want to cross-sell your customer base? Please send your request to the following email: success@42flows.tech

Wish to read more about the digital solutions of our company? You are welcome to explore our case study section. Please do not hesitate to contact us if you have any questions or remarks?

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