Retail BankingThe banking landscape has been undergoing plethora of changes on account of multiple factors, some of which include the following:
- Economic and regulatory uncertainty : Banks are subject to increasing regulatory scrutiny and additional capital requirements in the aftermath of the subprime crisis.
- Margin pressure driven by competition and regulations : Fee income is being driven down by a combination of competitive intensity and caps imposed by regulators.
- Increasing adoption of alternate channels by customers : Digital wallets and other initiatives are increasingly substituting traditional banking channels for routine transactions.
- Diverse technology landscape : Banks that have grown through the inorganic route have a heterogeneous technology landscape that adds complexity to integration.
Service OfferingDevRabbit’s services for Retail banking transformation addresses multiple areas including business case development, business process reengineering, business requirements definition and management besides comprehensive testing services encompassing functional and non-functional testing. Our services not only address core banking transformations but also support clients looking at replacement of surround systems while retaining their core banking solutions. Our services help you increase service efficiency, improve quality, and reduce cost across your assurance initiatives. With the right blend of domain expertise and technology capabilities, we are well placed to help you meet ever-growing expectations of your customers across core banking, delivery channels, mortgages, consumer lending, and wealth management areas. We have successfully delivered these services to over 15 customers across the globe including multi-geography rollouts. Our team has proven expertise across retail banking products spanning multiple functional areas, including the following:
- Branch banking : Account opening and maintenance, transaction banking, general operations, and centralized back-office functions.
- Reporting : Management control, regulatory reporting, and customer profitability.
- Online and mobile banking : Account management, electronic bill payment and presentment, and mobile banking.
- Mortgages and consumer lending : Loan origination, account servicing, secondary marketing, and delinquency handling.
- Personal wealth management : Investment advisory services.
The business of managing wealth has been evolving rapidly. Changing customer demographics, product alternatives, engagement models, and ever stricter compliance needs are ample testimony. Further, solutions such as algorithmic trading, predictive analytics and platforms are reshaping the contours of the industry for revenue growth and cost control.
Service OfferingIn this backdrop, assurance of wealth management applications is critical, enabling financial institutions to go to market on time with quality solutions and within budget. DevRabbit’s wealth management assurance services cover business analysis, testing and support for run-the-business needs emphasizing both early defect prevention as much as defect detection. We have served our clients in the following key focus areas:
Key Focus Areas in Wealth Management is our Assurance services. Working across popular products such as equities, fixed income, mutual funds, and derivatives, our 50+ member team of SMEs, BAs, and testing professionals help clients in their IT adoption using packaged solutions and bespoke applications in multi-site engagement models.
Key engagements include:
- Supporting a global bank in its multi-country transformation initiative to roll out a comprehensive portfolio planning tool. We were engaged in requirements definition, test planning, design and execution across 8 different countries in APAC.
- Our experienced team draws on context specific accelerators which include customisable test design framework, requirements traceability matrix, various checklists, and templates for planning, stakeholder engagement and meticulous reporting.
Commercial & Corporate Lending
The modern lending framework is defined by vital services like underwriting and credit profiling. What’s more, effective loan book management and enduring customer relationships require tighter lending processes – for both commercial and corporate spaces.
It’s evident, then, that banks need a clearly outlined strategy to consolidate layered systems and contain operational costs. What makes integration failsafe? At DEVRABBIT, we cover every aspect of banking pipelines – deploying cutting-edge tech to transform the commercial and corporate lending space. DEVRABBIT has provided assurance services to an end-to-end corporate lending solution suite, empowering banks to optimize commercial and corporate lending practices. These include:
- STP incorporation across lending/leasing portfolios
- Enterprise-grade automation – sales, credit analysis, document generation, booking, and account monitoring
- Efficient risk management
Product upgrades and loan syndication: A strategic alliance between DEVRABBIT and some of the best financial product companies, enabling:
- Product enhancement across the software development lifecycle
- Comprehensive requirements from definition to development and testing
- Solution to support the entire loan lifecycle with emphasis on syndication and servicing
- DEVRABBIT finance solution: Platforms, methodologies, technologies, and business services – extending STP capabilities
Anti -Money Laundering
AML Testing And Assurance Services
Anti-Money Laundering (AML) ranks as one of the top priorities of banks worldwide. Regulatory agencies across the globe have been increasingly monitoring financial institutions to implement and continuously enhance their systems and processes to be AML compliant. However, in spite of implementing robust regulatory and compliance systems, financial institutions constantly face challenges, some of which include:
- Pace and impact of regulatory changes affecting current operations.
- Maintaining global consistency in terms of AML rules and scenarios.
- Increased false positives due to advent of new financial message formats resulting in messages lacking required information.
- Lack of expertise in data analysis and rules/scenarios leads building to spot suspicious activities.
- Poor data integrity and data quality issues during the integration of transaction monitoring systems across the institution.
- Improperly identified requirements on system security, system capacity, country specific laws, data privacy laws, availability of scenarios based on various bank products etc.