The financial services industry in South Africa is evolving, with rapid innovations, industry disruptors and digital revolutions, all of which are altering customer preferences and expectations. Imagine a digital world where you can access your bank account through your mobile device and receive the full range of services without the need for face-to-face intervention, even during onboarding, compliance checks and account cancellation.

The transactional banking arm of an insurance provider recognised the possibilities of this future and the need for innovation and a long-term strategic view of their transactional banking offerings. Their main objective is to introduce new offerings and develop their existing products to a point where they can have a fully functional savings-led digital bank account, optimised for mobile-first use.

Guidance was, however, required on defining and prioritising possible future solutions to position the organisation on a strategic path.

The artefacts produced by BSG will be used as a basis for future solution-implementation within the client environment. BSG worked collaboratively with key client stakeholders to position transactional banking to expand their market share, refining existing products and introducing new offerings to enhance these.

The optimal balance of regulatory standards and customer experience was realised. BSG’s solution analysis catalogued all the requirements for an improved customer onboarding experience using an electronic FICA solution. These recommendations would eliminate duplication of compliance processes brought about by siloed business units and products, giving customers a better experience and reducing compliance risk.

The solution sought to increase automation, reducing the need for traditionally time- and resource-intensive tasks and face-to-face interventions. This meant products could be accessed using a mobile-first approach, allowing low-cost interaction for customers, thus reducing barriers.

BSG delivered the solutions over a 10-week period. This rapid delivery came about as a result of well-structured delivery methods and a multi-skilled team. This allowed the client to gain momentum, seeing results faster than they would have been able to without the support.

A key result of the engagement was that BSG built credibility with the client as a trusted business partner.