HCLTech’s work on a global mutual fund investment platform for their banking client has won accolades as an award-winning solution. The team was named Vendor Award Winner for Best Digital CX Partner – Wealth Management/Private Banking at the Digital CX Awards 2024 organised by The Digital Banker.
The contributions of HCLTech are significant due to their work on Global mutual fund investment platform. This application allows investors to invest in various global funds while also enabling investors to borrow from the bank’s credit facility, providing a seamless customer experience with personalised user journeys for retail and professional investors. It offers convenience and safe access, enabling the management of investments anytime and anywhere. The new process involves migrating the platform into a cloud-native single-code base-led microservices architecture, which eliminates the task of managing the application’s infrastructure and support.
HCLTech initiated the modernisation and improvement of a global mutual fund investment platform for a banking client. The primary objective was to provide the client with a distinctive and smooth experience. This involved revamping and centralising the client’s platform by consolidating various country-specific platforms into a single code base without compromising the individual market requirements in five markets: Hong Kong, Singapore, the United Arab Emirates, Bahrain, and Malaysia.
The transition from a monolithic to a microservices-led architecture streamlined operations and enhanced the platform’s flexibility. This allowed for faster and more efficient updates. As a result, the application maintained its unique features while benefiting from reduced downtime, operational costs, and a smoother customer experience. Additionally, the improvements implemented by HCLTech significantly enhanced the client’s competitive edge and bolstered their capability to deliver the best digital banking customer experience.
Reworking the infrastructure
The HCLTech team of experts made it their top priority to break down the application’s original monolithic code and convert it into microservices. They recognised the need to transform the application’s complex and tightly integrated monolithic code into a more flexible structure. This change resulted in the achievement of the aim to reduce the time required to make updates and modifications.
The application has been redesigned as a microservice system, providing increased flexibility and compartmentalisation. This allowed for quick restoration after updates, cutting application downtime by up to 90%. The new single code base has also reduced operating expenses by approximately 50%, enabling HCLTech to implement changes across one or more markets easily.
Improving the customer experience
The updated application enabled HCLTech to implement more quality-of-life measures quickly to enhance the user experience. Whether retail or professional, investors were greeted with a personalised experience tailored to their needs, including a special journey mapping feature to assist professionals in their planning. New users could remotely set up everything through the application without any paperwork while ensuring regulatory compliance.
The new application is an excellent tool for investors, providing a seamless transaction experience and the ability to subscribe to multiple funds across various markets, including Singapore, Hong Kong, the United Arab Emirates, Bahrain and Malaysia. One of the most attractive features is Wealth Lending, which allows investors to maximise their liquidity by using the bank’s credit assets as collateral. This feature enables investors to easily engage in cross-currency investments across major global currencies, effectively hedging against foreign currency exposure. It also provides unrestricted access to the bank’s credit facilities for financing personal investments. These user-friendly features are designed to introduce investors to the mutual fund’s platform and have resulted in a 20% increase in fund allocation and average orders from investors.
Future plans
HCLTech is closely monitoring the growth of its application and customer experience. The company plans to introduce the microservices architecture to additional markets, including Indonesia, Nigeria, Kenya and Ghana. It is also enhancing its security measures to align with local regulatory requirements. In the banking industry, users can anticipate new quality-of-life features designed to lower the barriers to entry for new investors. Additionally, improvements will be made to consolidate investors’ portfolios for easier analysis.
The banking industry can look forward to added quality-of-life features, aimed at reducing the barrier of entry for incoming investors, as well as consolidating investor’s portfolios for easier analysis.
