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The client, a pioneer in introducing an integrated online digital fintech banking to the South East Asian market, found the existing legacy-based application inadequate when it came to coping with rising customer expectations. The Clientz Enterprise helped restructure and revamp the existing application by introducing a multi-channel platform, which could cater to several channels, including the Internet. The revamped application provided numerous other business functionalities to the customers, including the facility to pay bills online. The client is a leading global financial services company with three business units: Private Banking, Corporate and Retail Banking, Insurance and Investment Banking. Private Banking offers advice as well as wealth management products and services to high net-worth clients in Europe and other markets worldwide. Corporate and Retail Banking offers banking products and services to corporate and retail clients through various channels. Investment Banking performs the function of a financial intermediary for global, institutional, corporate, government and individual clients. The client is a pioneer in offering online banking to its customers. However, as competitors started catching up, the client wanted to completely transform the way in which it provided these services. The client wanted to leverage its strong customer base to create an additional revenue stream, while offering customers extended services. With the availability of multiple channels for interaction with customers, it was necessary to have a common platform for seamless flow of information. All this was becoming increasingly difficult, as the client’s existing system was based on legacy technology and architecture. The Clientz Enterprise was introduced to restructure and revamp the existing application architecture and develop applications on a Multi-Channel infrastructure, which would cater to several channels, including the Internet. A phased approach was decided upon and the Online Banking service was to be introduced in a set of multiple releases. With ready access to a huge customer base, the client was in an ideal situation to introduce the Electronic Bill Presentment and Payment Services – the first release taken up by Cognizant. Subsequent releases included Safekeeping, Portfolio Management, Payments, File Transfer and Security Trading functionalities. As this was a huge business transformation exercise, functional experts (business analysts) from The Clientz Enterprise worked with the client’s business team early in the engagement, to elicit and define requirements. Cognizant undertook an extensive analysis to understand the client’s functional, non-functional, and technical requirements. It also mapped the project implementation and management processes followed by the client to its CMMI Level 5 processes, to develop a client-specific customized process framework. On the technology front, architecture teams decided to use the industry standard advanced J2EE Framework, which is a component-based, service-oriented, layered architecture approach suiting middleware-based applications development. In all the architecture and design-related decisions, the primary focus was to add maximum value by using a mix of best-of-breed solutions, while ensuring seamless integration with existing client systems. Unlike bricks-and-mortar banks, the client runs a unique banking model that is conducted entirely online. Therefore, cybersecurity is absolutely critical for its business. Previously, the bank’s IT Supervision Department found it challenging to manage security risks. The department spent many hours digging out firewall and proxy logs from the office automation environment and analysing web access logs to spot unauthorized accesses. The bank also required high accuracy in monitoring transaction logs to safeguard against spoofing and illegal fund transfers, and it needed to share information with five major national monetary authorities (national banks of Malaysia, Thailand, Singapore, the Phillipines & Indonesia). These five national authorities decided to establish an intelligent platform to collect, analyse and deliver real-time insights from machine-generated big data to improve its cyber defence strategies. Among all of the alternatives considered, the national authorities found that The Clientz Enterprise was the best option. Case Study #01 Question (10%): Write a case study report of the rational of choosing The Clientz Enterprise as the best consultancy option based on the online security, service-oriented architecture, file transfer, time to market, payments, portfolio and wealth management and creation of additional revenue stream issues.
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