When one of the largest banks in the world was asked by their board of directors to improve their time to market, transform their customer experience, and reduce technology costs - they looked to Nuxeo for the solution.
The bank realized they had significant challenges ahead of them. First, market trends and industry dynamics were rapidly changing the way banks operated. They knew that traditional revenue streams were at risk from non-traditional competition. The bank could see that regulatory changes were threatening to reduce all banks to simple back-end utilities. Further, they realized that today’s consumer was looking for more value from their banking institution than just a product.
Internally, the bank could see that this initiative needed to start with a culture change within the organization. Along the way, they learned some valuable lessons about themselves. For example, while they thought they were good at digital transformation, they learned that all they were really doing was putting a digital front-end on a problematic legacy environment.
A Transformative Solution
The solution needed to be transformative and improve customer value while reducing the total cost of ownership (TCO). The approach was to create what were termed “honey pots.” That is, high-profile initiatives (supported by upper management) that would drive real change within the organization.
The first solution to come from that endeavor was a “Data Vault” that would take the concept of a safe deposit box to the next digital level. The idea was to create a secure location where the bank could make documents available to their customers. But, it could also be used by the customer to upload and secure life documents such as birth certificates, home deeds, copies of passports, etc.
In addition, the solution would allow for easier compliance with regulatory requirements such as GDPR.
The Roadblocks to Success
But there were a number of hurdles that had to be overcome in order to be successful:
- Information was spread all across the organization in numerous repositories.
- Data quality had not been maintained over the years.
- Legacy systems were expensive to maintain and not providing business value.
- The current architecture was inhibiting a smooth transition.
- New skill sets were needed to meet the challenge they were presented with.
Why Nuxeo? Why Now?
There was significant work to be done, and the bank knew they needed help to be successful. They chose Nuxeo not only for our modern architecture and reduced cost, but also because they viewed us as a trusted partner to help guide them through the transition.
They wanted a critical eye that would question why they were doing things. They needed a partner who was a problem-solver and who could bring real-world digital skills to the table. Nuxeo was seen as an organization with expertise at delivering modernization at an industrial level in an open, sharing, and collaborative way.
To learn more about how one of the largest banks in the world worked with Nuxeo to deliver their Data Vault initiative, download this case study.