Investec provides a diverse range of financial products and services to a niche client base. With over $150 billion under management, Investec is based in London and Johannesburg, with presence in Europe, Asia, Australia and North America. Services include specialized banking, wealth & investment, and asset management.
Investec, the global specialist bank and asset manager, was on track to launch their new online currency access account service in just a month. The innovative digital service offered individuals and businesses the ability to access funds in multiple currencies globally. But development of the digital account opening experience, allowing clients to enroll online and establish their high value account, was far behind schedule. With just weeks until launch, Investec engaged Temenos to take a different, agile approach to the account opening experience. Building on the Temenos Infinity platform, hosted in the cloud at Amazon Web Services, Temenos delivered a new account opening application that created an outstanding customer experience for Investec clients and came to market in just four weeks’ time.
Investec was poised to launch a service offering the ultimate in digital convenience for customers to access assets in multiple locations, independent of currency. But the digital sales experience, using devices like phones, tablets and desktop PCs to allow prospects to apply for the account and complete their onboarding as customers, still had not been completed.
New account opening application to market in just four weeks’ time
Key requirements included a multichannel system, allowing convenient digital account opening, identity validation and onboarding that spanned digital channels and existing customer service, as well as a convenient and memorable sales and onboarding experience, consistent with the superior levels of service delivered by Investec over traditional channels. The ability to meet compliance and security requirements was vital, including handling of personally identifiable information (PII) and security provisions for opening high value asset accounts. The rapid time to market was essential. The Currency Access Account was soon to launch, and a traditional cycle of development and hosting on dedicated infrastructure would require far too long. The system would grow and evolve rapidly through its lifecycle, but Investec needed a first operational digital sales capability in weeks, not years.
Choosing Temenos Infinity for Customer Acquisition in Banking and Wealth Management
Temenos Infinity, a digital business platform purpose-built for customer acquisition in banking and wealth management, was chosen as the basis for the solution. Temenos addressed the key requirements, including a software platform prebuilt with all the features required for robust digital customer acquisition, including frictionless user input, designed to minimize customer effort. Features also included save-and-resume, mobile responsive, digital record for the customer, and business logic to adapt the account opening to specifics of the customer input. A browser-based for instant access, with no customer download or install required to begin opening an account, was also needed. Another requirement was the custom design experience, tailored to match the Investec branding, legal and compliance, all created rapidly with the Temenos Infinity design environment. The experience should be frictionless, reducing the repetitive input of paper forms and minimizing the user effort, resulting in highest conversion rates.
Amazon AWS Hosting
The entire system, including the dedicated production Temenos Infinity platform and design environment, was delivered in the AWS cloud. Key features included, high availability systems, with multiple servers in failsafe load balancing configuration as well as private encryption keys, using Amazon Key Management System (KMS) ensuring Investec maintains exclusive control of encryption and data access. There were multiple redundant Amazon RDS databases to capture the customer account opening applications “in flight” and retain data securely until Investec has completed the transaction. The rapid deployment of dedicated development, staging and production systems, administered transparently by Temenos.