Case Study : E- Banking
Background
Wipro, through its collaborative approach and Internet Banking Capability Enhancers
offering, helps financial institutions to maximise the qualitative and quantitative
benefits of the online channel. To improve the online account acquisition rates and
reduces the cost of acquisition and serving the customer, wipro will have to organise
their online presence around customer needs, simplify the product application forms,
ensure cross channel collaboration with 'click to chat' and co- browse, understand and
analyse the customer's online behaviour, help the customers with analytical tools that
can demonstrate the benefits of the products, communicate clearly to the customer.
Wipro's Internet Banking Capability Enhancer offering includes services around User
Experience Modelling, Channel Intelligence, Knowledge Management, and Unified
[Link]'s end-to-end capabilities in the mobile financial services space
starts with providing consulting services to help determine which solutions best meet
the needs of our customers. With platforms and accelerators to speed up the time-to-
market for these solutions and extensive development capabilities across all key
mobile technologies, Wipro maintains keen focus on key capabilities like mobile
testing and mobile usability. Wipro also has extensive experience in carrier
certification and lifecycle management of mobile applications.
Questions:
a) Why does wipro improve the online account acquisition rates and reduces the cost
of acquisition and serving the customer.
b) What are the online services provided by wipro?
c) What is the benefit of e-banking?
a) Wipro improves online account acquisition rates and reduces the cost of acquisition
and serving customers to:
Increase efficiency and reduce costs associated with customer acquisition and
servicing
Enhance customer experience and satisfaction through streamlined online
processes
Stay competitive in the financial services market by leveraging digital channels
b) The online services provided by Wipro include:
User Experience Modelling
Channel Intelligence
Knowledge Management
Unified Communication
Consulting services for mobile financial solutions
Mobile platform development and acceleration
Mobile testing and usability
Carrier certification and lifecycle management of mobile applications
c) The benefits of e-banking include:
Convenience and accessibility
Time and cost savings
Improved customer experience
Enhanced security and fraud prevention
Increased efficiency and reduced errors
Personalized services and product offerings
Challenges in the case study:
- Understanding and analyzing customer online behavior
- Simplifying product application forms and processes
- Ensuring cross-channel collaboration and integration
- Providing clear communication and analytical tools to customers
- Maintaining mobile testing and usability standards
- Managing carrier certification and lifecycle management of mobile applications
Solution: "Wipro E-Banking Excellence" (WEE)
1. Customer Insights Platform: Develop a data analytics platform to better understand
customer behavior, preferences, and needs.
2. Simplified Digital Onboarding: Streamline the online account opening process,
reducing complexity and friction.
3. Omnichannel Engagement: Implement a unified communication framework,
enabling seamless interactions across channels (web, mobile, chat, etc.).
4. Personalized Product Offerings: Utilize customer insights to offer tailored financial
products and services.
5. Security and Compliance: Enhance security measures, ensuring robust protection
against cyber threats and compliance with regulatory requirements.
6. Partnership and Collaboration: Foster strategic partnerships with fintech companies,
financial institutions, and technology providers.
7. Continuous Improvement: Regularly assess and refine WEE, incorporating
feedback, market trends, and emerging technologies.
Outcomes:
1. Improved Customer Experience: Enhanced online banking services, simplified
digital onboarding, and personalized product offerings lead to increased customer
satisfaction and loyalty.
2. Increased Efficiency: Streamlined processes, automated workflows, and reduced
manual errors result in cost savings and improved operational efficiency for financial
institutions.
3. Competitive Advantage: Wipro's e-Banking Excellence (WEE) solution
differentiates itself in the market, attracting new clients and strengthening existing
relationships.
4. Revenue Growth: WEE's success leads to increased revenue for Wipro through new
client acquisitions, expanded services, and long-term contracts.
5. Industry Recognition: Wipro establishes itself as a thought leader in e-banking,
receiving industry awards and recognition for innovation and excellence.
Conclusion:
Wipro's e-Banking Excellence (WEE) solution addresses the challenges and
opportunities in the e-banking market, providing a comprehensive and customer-
centric approach to online banking services. By implementing WEE,
Wipro can:
- Enhance customer experience and loyalty
- Improve operational efficiency and reduce costs for financial institutions
- Differentiate itself in the market and attract new clients
- Drive revenue growth and establish itself as a thought leader in e-banking
WEE's success depends on Wipro's ability to:
- Continuously monitor and adapt to market trends and customer needs
- Foster strategic partnerships and collaborations
- Invest in ongoing innovation and improvement
- Ensure robust security and compliance measures
Wipro can achieve significant outcomes and establish itself as a leading provider of e-
banking solutions.
