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Digital Banking Transformation

Modernized a commercial bank’s internal and customer-facing tools and processes, deepening customer loyalty 

digital banking

The Story

Internet and new fintech companies like Stripe are challenging the very core of banking, a sector notorious for slow change of direction. In order to keep up with the competition and expand their services, the client needed to modernize their legacy tech.

Symphony partnered with a leading European bank to help with the digital transformation of their core product, revamp their mobile banking portfolio, and improve customer experience.

About the Project

Symphony joined a large tribe of teams working on the digital transformation and introduction of microservice architecture, taking ownership of several aspects of the mobile app, most notably debit and credit card management. We built a number of services, all with their own databases used for storing internal logic and none of the actual user data, to ensure customer privacy. Our engineers continue to build the microservice architecture, retaining the legacy platform but progressively minimizing it as we build a modern architecture around it.

Mobile App Development

The solution we built was implemented directly into the mobile app and deployed to over 300,000 users. Introduced greater geocontrol and 3D Secure support, and allowed users to temporarily lock/unlock their card. They could now also set ATM and POS limits, reorder expired or lost cards, and view their PIN.

Workflow Optimization

Symphony is building an architectural blueprint that can be used to deploy and automate any bank process, transforming the way bank branches operate and altering customer interaction – with an estimated 70–80% improvement in request completion. For the blueprint MVP, we are implementing a process for issuing replacement loans, while the workflow we created enables heatmaps of the process to be created, identifying bottlenecks and discovering the biggest obstacles users are facing when applying for a loan.

Regulatory Compliance

Our team helped implement the Berlin Group Standard PSD2. By opening up interfaces, this enabled a unified and open approach for connecting third-party providers (e.g. Google) and allowed the client to manage aggregation and payment initiation.

The Outcome

  • 8% increase in customer satisfaction in 30 days
  • 80% increase in new account application completion