At a glance
Accelerate the build of a new digital bank by leveraging pre-built integrations, customer journeys, and a clear and intuitive user interface.
Solution category
Geography
Built by
The challenge
Today’s banking customers expect smoother, personalised online experiences, similar to those they receive from Amazon, Netflix, Uber, and Google.
Banks struggle to meet these expectations as they lack a compelling digital proposition, due to complex processes and outdated technology.
The solution
Boston Consulting Group (BCG) has built a model bank on Vault. At the back-end, InQbate connects with an ecosystem of leading technology companies, such as Onfido for ID&V and Form3 for Payments. At the front-end, InQbate offers a user experience that is intuitive and covers over 10+ end-to-end customer and product journeys, such as onboarding, account management, and loan application. The model bank can be used both to launch new, differentiated propositions or as a stepping stone to evolve existing business models.
A front to back solution offered by Boston Consulting Group (BCG), built on Vault, with modules that enable you to create customer-centric designs and features.
Benefits
Re-establish and grow market position
- Easy for banks to configure features and provide personalised products and solutions
- Improve net promoter scores (NPS) with human-centered user interface designs
Generate new revenue streams
- Leverage real-time data to understand and anticipate customers needs. Create and launch relevant products and solutions to meet actual rather than perceived customer needs.
Create a low cost banking model
- Harness the cost benefits of Vault’s cloud-native, scaleable, microservices-based architecture
- Leverage existing API integrations between Vault and other software vendors, providing the necessary building blocks
How the solution works
InQbate by BCG brings to life a modern banking solution, enabling neobanks to launch in-market and legacy banks to adapt and compete.
Through the integration of best-in-breed solutions from leading technology vendors with Vault, the model bank aims to deliver personalised and intuitive experiences for customers. For example, customers often struggle to derive meaningful insights from their transactions. Using real-time, granular data from Vault, InQbate by BCG enables a bank’s customers to tag and search transactions, as well as split or delay payments.
InQbate by BCG also focuses on simplifying customer journeys. For example, customers often face lengthy and difficult processes in accessing consumer loans. With Vault, credit decisioning algorithms can be leveraged in real-time. Combining this with pre-configured workflow designs, InQbate by BCG reduces new customer loan approval time to just 7 minutes.
Using a modular approach and open architecture design, technology vendors can be added or removed from the ecosystem. This is possible with minimal disruption to processes and workflows, enabling banks to have lower costs to serve.
New to bank customer loan journey
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BCG can provide banks with the expertise they need to truly unlock the full potential of our technology and our product, Vault. BCG shares Thought Machine's approach when it comes to challenging the status quo and reimagining what banking should look like. Together, our partnership helps our clients embrace a truly transformative approach to banking.
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Bradley Steele
Head of Global Partnerships, USA
Thought Machine
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The introduction of InQbate by BCG cements our focus on capturing the opportunity new technologies, such as Vault, bring to our clients. Our Partnership with Thought Machine solidifies our commitment to collaborating with technologies that deliver real transformation and tangible results for our clients.
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Mark Dynes
Global Co-Head Digital Delivery and Global Co-Head Challenger Banking
BCG
Why the partnership?
As Thought Machine continues to transform financial services – with increasing expectations for better, more integrated experiences – global and regional banks need strategic advisors such as BCG to help build for the future, using digital innovations to drive fundamental change. Banks must transform into bionic organisations that serve customers in ways the financial world has barely begun to envision.
Who are BCG?
Boston Consulting Group partners with leaders in business and society to tackle their most important challenges and capture their greatest opportunities. BCG was the pioneer in business strategy when it was founded in 1963. Today, BCG works closely with clients to embrace a transformational approach aimed at benefiting all stakeholders – empowering organisations to grow, build sustainable competitive advantage, and drive positive societal impact. Their diverse, global teams bring deep industry and functional expertise and a range of perspectives that question the status quo and spark change. BCG delivers solutions through leading-edge management consulting, technology and design, and corporate and digital ventures. BCG work in a uniquely collaborative model across the firm and throughout all levels of the client organisation, fuelled by the goal of helping clients thrive and enabling them to make the world a better place.
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