Given the fast-evolving landscape of the retail banking industry coupled with increasing consumer demands, banks today need to embrace innovative methods to overcome existing inefficiencies and increased competition from non-banks.
New competitors have risen, driven by disruptive technologies to challenge traditional banking business models with a new group of players encompassing retailers, telcos and even social media platforms which now offer some form of transactional services as part of their ever-growing services.
According to Consolsys Sdn Bhd executive director (group technical operations) Zia Madani, there is then an urgent need for the financial services industry (FSI) to modernise channels effectively to deliver memorable experiences to retain and win over new customers.
“It is imperative for banks to offer superior customer experiences for customers that fit their busy lifestyles while offering personalised service and product advice based on unique behaviors and individual preferences,” said Zia.
“This means anticipating customers’ needs in real time through comprehensive analysis to arrive at customised product packaging before they are offered in the most consumer-friendly way,” he added.
Zia believes that Consolsys’ flagship suite of solutions called 'Mosaic Voyager' is the enabler for banks to revolutionise the way delivery channels solutions are deployed, while reducing costs, improving productivity and enhancing revenue for both traditional, in-house operated channels and outsourced operated sales and services channel.
“Mosaic Voyager delivers consistent customer experience across channels and touch-points, enabling ‘banking anytime, anywhere’,” said Zia.
Consolsys has teamed up with TIME dotCom Berhad subsidiary AVM Cloud Sdn Bhd to bring this ‘next generation’ suite of solutions to the Malaysian market as well as neighbouring Thailand and Vietnam.
AVM Cloud Chief Technology Officer Kenny Lim said that the Mosaic VoyagerTM Ecosystem provides a wide range of software application solutions that are built based on modern design patterns, architectural practices and the latest web technologies. Mosaic Voyager™ truly harnesses the benefits of n-tier and microservices architecture to provide unique solutions that are both private and public cloud ready.
“Mosaic Voyager gives banks and financial institutions the power and agility to connect concurrently to multiple, heterogeneous back office and host systems,” said Kenny.
“A FSI player’s sales and service teams will be empowered with ‘know your customer 360 degrees’ information with consistent and unified view for all monetary transactions, customer services, inquiries and information aggregation across multiple information sources.”
Mosaic Voyager incorporates various winning features. It serves as a unified platform for Core Banking, Branch Banking, Customer On-boarding, Roaming staff, Agency Banking, Internet and Mobile Banking, Cheque processing, Bureau de Change and Cash Management.
“Mosaic Voyager empowers banks to more deeply understand their customers by deriving content from individual digital channels to sophisticated analytics engines. This means banks can customise their focus on more profitable customers and activities that drive revenue,” said Kenny.
Consolsys now an anchor tenant at AVM's Cloud Financial Marketplace
Under the partnership, Consolsys is now an anchor tenant at AVM's Cloud Financial Marketplace for Digital Banking Solutions in Malaysia. The marketplace is located at Magicbox@Cyberjaya which is situated within the AIMS Cyberjaya building.
AIMS Cyberjaya, another subsidiary of TIME DotCom, is a purpose-built data centre which supports hyperscalers, safeguards mission-critical data and provides vast interconnectivity. One of the region’s largest telecommunications hubs, it is especially suitable for organisations which require high power usage and huge floor spaces. Consolsys is also able to perform demonstration as well as research and development at the AIMS datacentre.
As a result, solutions provided by Consolsys are supported by highly available infrastructure, resilience and assurances such as the Payment Card Industry Data Security Standard (PCI-DSS) and Risk Management in Technology (RMIT) compliance.
PCI-DSS compliance is critical being a set of security standards designed to ensure that all companies that accept, process, store or transmit credit card information maintain a secure environment. The PCI-DSS standards are administered and managed by the PCI SSC, an independent body that was created by major payment card brands, namely Visa, MasterCard, American Express, Discover and JCB.
Both AVM Cloud and Consolsys are also jointly working on the ‘go to market’ strategies to benefit the FSI players. In Thailand and Vietnam, AVM Cloud would be represented by its sibling companies Symphony Communications and CMC Telecommunications, respectively and scheduled for June and October 2022.
Mosaic Voyager empower FSI players to build competitive edges, offer differentiated services
Zia said that Consolsys has a growing team of highly skilled and experienced staff dedicated to serving their customers.
“Our senior management team has 300+ years of cumulative experience serving the FSI, and our company is well known for our ‘culture of innovation’,” he said.
“Mosaic Voyager stems from our deep understanding of the industry and based on long term relationships with customers with a deep appreciation of their goals, objectives and aspirations. In today's age where FSI customers have become more discerning, it is important to personalise and optimise every interaction to drive sustainable and profitable growth,” he further said, adding that Mosaic Voyager was developed based on 3 key specific values: Modern Design, Modularity and Ease of Integration.
“These key values will not only meet the customer’s immediate operational requirements but will further provide them with a sound system foundation for their business growth while minimising the operational cost going forward. Mosaic Voyager empowers them with the ability to expand their customer base through digitalisation using the same service layer to avoid system development duplication, reduce procurement cost through modular acquisition and our in-built integration module reduces overall system integration cost and radicalises workflow processes.”
Meanwhile, Kenny said that the combination of artificial intelligence, machine learning and advanced analytics features incorporated into Mosaic Voyager will empower FSI players to build competitive edges and offer differentiated services to customers that are progressively individual.
“The best banks capitalise on analytical insights by successfully translating them into meaningful business outcomes. This is the power of AVM Cloud’s partnership with Consolsys to bring Mosaic Voyager to market in Malaysia, Thailand and Vietnam.”
Source: AVM Cloud
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