Customer

A leading South Korean Bank has been operating in India since 1996. They issued VISA debit cards to their customers, and as part of their digital services offering, they provide mobile, internet banking, and bill payments facilities to their customers.

Business Situation

The bank has a roadmap to expand its operations, acquire more customers, and increase product adoption, for which it would require prompt service from its technology service providers – for both new product introduction and ongoing technical support.

The situation was such that the bank felt they were not getting adequate support from their existing switch vendor, and therefore, it would not be possible for them to expand their card base and provide other digital services without looking at other vendors who are more flexible and quicker. Therefore, the bank evaluated other switch vendors who could provide a solution catering to their requirements, were experienced in card data migration, and had a proven track record for implementing similar projects. The bank evaluated a number of switch vendors, one of which was Maximus.

The strategy and plan proposed by Maximus comprised a detailed project plan with clear deliverables and timelines, an approach for adhering to regulatory compliances, a plan for network connectivity, application & infrastructure security, migration, and 24/7 support. The South Korean bank, after careful evaluation, chose Maximus over other vendors as its preferred technology partner for executing its vision for the future.

Solution

The solution for the bank included the following products.

• Card Management Solution
• EFT Switch for VISA Debit Cards
• IMPS Switch
• Transaction Reconciliation.
• Customer Care Module - for handling complaints and customer grievances related to cards and IMPS transactions.

Maximus implemented the project and made the bank live within a timeline of 45 days from the receipt of the purchase order. The scope of services included integration with the bank’s Core Banking Solution, migration of keys, card & customer data, VISA certification & testing, overall QA for the entire solution set, testing, and implementation of the reconciliation application, and making available a customer care portal.

Benefits

• 24/7 support capability, catering to prompt service delivery and adherence to TATs.
• Improved customer service to their customers, which can lead to increased customer retainership and loyalty.
• Platform for expanding their operations and increasing their customer base.
• Potential for increasing market share against other foreign banks.