DBS Hong Kong provides a full range of services in consumer, SME and corporate banking solutions. DBS Hong Kong believed in making banking easier and more intuitive for customers. As one of the most progressive banks in the country, DBS was looking to grow its digital banking initiatives. Its legacy systems were hampering this growth, and limitingthe bank’s ability to launch new services and solutions. Mean while, customers were becoming increasingly digitally savvy, and expected their bank to keep up.
DBS Bank needed a flexible, scalable and resilient core banking platform that would help deliver simple, convenient and secure banking for its customers. It also needed robust internet and mobile banking platforms to align with its overall digital journey.
As such, DBS chose the Finacle core banking platform, and embarked on a major transformation project to scale upthe overall core banking system along with redefining the internet and mobile banking platforms. The entire project, from testing, implementation and migration, was completed in 24 months.
There was a need for the bank to decommission its legacy core system, to contain recurring high maintenance costs and transform its core platform to an open and scalable system that could support the latest protocols and technologies.
It wanted to enable its business teams to roll out new banking services and initiatives along with shortening time to market for products. DBS Hong Kong was looking to align the application landscape and processes with regional standards, and provide a stable, digital-bank-ready foundation for future growth. Some of its key challenges include:
High turnaround time for accountopening and customer servicing
Delays in new products and services launch due to technical and system limitations
Duplicate data capture
Master account concept not supported by legacy system
Unavailability of data in Chinese, an important language in Hong Kong
Many mainframe legacy systems were at sunset point
The need for automation in many clearing and manual data entry processes.
The Bank needed a core banking solution that could transform its business.