Introduction
Banca Transilvania (BT) is the largest bank in Romania and Southeast Europe, serving over 4 million customers with a comprehensive range of banking services. Recognizing the urgency to modernize its legacy systems and enhance customer and employee experiences, BT partnered with FlowX.AI for a comprehensive digital transformation. This case study chronicles their journey, focusing on the three layers of transformation - business, technology, and processes - the challenges encountered, the solutions implemented, and the significant results achieved.
The Challenge
In 2020, Banca Transilvania found itself at a critical juncture. The bank's legacy systems were not only outdated but also posed significant operational challenges that hindered its ability to provide seamless customer experiences and efficient internal processes. The challenges derived from several areas:
Legacy infrastructure overcomplicating the onboarding process
The onboarding process required access to multiple systems, leading to long onboarding times, high operational costs, and frustrated customers.
Slow application release cycles delivering inefficient changes
Changes to the banking applications were slow and costly, with release cycles stretching up to 18 months, making it nearly impossible to keep up with fast-evolving market demands.
Decreasing customer satisfaction due to long wait times and fragmented service
Customer satisfaction was declining due to long wait times and fragmented service delivery, putting the bank's reputation at risk.
High employee attrition and low morale
The burden of dealing with outdated systems and inefficient processes led to widespread dissatisfaction and low morale among employees, reflected in an employee Net Promoter Score (NPS) of 0.
The burden of maintenance stifling innovation
Over 400 developers were tied up maintaining monolithic IT structures, leaving little room for innovation or improvement.
The Solution
Banca Transilvania chose FlowX.AI for its innovative approach to modernizing banking operations, encompassing three critical layers of transformation: business, technology, and processes. The implementation of FlowX.AI's multi-agent AI platform was pivotal in addressing BT's challenges. The approach included:
Business modernization:
- Enhanced customer experience: Unified onboarding applications and a comprehensive 360-degree customer profile view resulted in improved service delivery and higher customer satisfaction.
- Scalability and security: Provided the necessary scalability and security for customer-facing applications in a highly regulated industry. Extended the platform with “Bring Your Own Code” flexibility, ensuring that the final product precisely fits your needs.
Technology modernization:
- Integration with legacy systems: Allowed BT to innovate without the need for a complete overhaul of existing infrastructure.
- No-Code/Low-Code capabilities: Enabled business users to switch functionalities on and off easily, reducing dependency on IT.
Process Modernization:
- AI multi-agent approach: Utilized AI agents to accelerate business process automation, including process modeling, UI design, and compliance.
- Operational efficiency: Automation absorbed the workload of 250 full-time equivalents (FTEs), significantly cutting down operational costs.
Results
The collaboration between BT and FlowX.AI involved a structured implementation journey divided into three phases: discovery & planning (12 weeks), development (16 weeks), deployment & optimization. In the latter, we are continuously rolling out new functionalities in phases to minimize disruption, and we ensure continuous monitoring and optimization to ensure peak performance and compliance
The transformation journey yielded impressive results, positioning Banca Transilvania as a leader in digital banking:
Onboarding time reduced from 30+ minutes to 5 minutes
"FlowX.AI enabled us to maintain simplicity in complexity." - Dan Avram, CPO at Banca Transilvania
Individual onboarding time plummeted from over 30 minutes to just 5 minutes. For SMEs, the onboarding process was reduced from 45 minutes to a mere 15 minutes.
Application releases every 2 weeks instead of every 18 months
"The platform's speed of development and ease of integration have been game-changing." - Leontin Toderici, Deputy CEO & COO at Banca Transilvania
Application release cycles were reduced from 18 months to just 2 weeks. This agility allowed BT to keep pace with market changes and customer demands., stated,
Increased employee NPS from 0 to 78
"Our employees are living a state-of-the-art experience." - Dan Avram, CPO at Banca Transilvania
Employee satisfaction saw a dramatic improvement, with the NPS soaring from 0 to 78. This uplift in morale translated into better service for customers and a more engaged workforce.
Enhanced operational efficiency
Automation absorbed the workload of 250 full-time equivalents (FTEs), significantly cutting down operational costs.
Improved customer experience
Unified onboarding applications and a comprehensive 360-degree customer profile view resulted in enhanced service delivery and higher customer satisfaction. BT now serves approximately 100,000 clients daily with streamlined processes.
Conclusion
Banca Transilvania's partnership with FlowX.AI has been a transformative journey, enabling the bank to modernize its operations, improve customer and employee experiences, and maintain a competitive edge in the digital banking landscape. By leveraging FlowX.AI's innovative AI platform, BT has not only addressed its immediate challenges but also laid a strong foundation for future growth and innovation.
Introduction
Banca Transilvania (BT) is the largest bank in Romania and Southeast Europe, serving over 4 million customers with a comprehensive range of banking services. Recognizing the urgency to modernize its legacy systems and enhance customer and employee experiences, BT partnered with FlowX.AI for a comprehensive digital transformation. This case study chronicles their journey, focusing on the three layers of transformation - business, technology, and processes - the challenges encountered, the solutions implemented, and the significant results achieved.
The Challenge
In 2020, Banca Transilvania found itself at a critical juncture. The bank's legacy systems were not only outdated but also posed significant operational challenges that hindered its ability to provide seamless customer experiences and efficient internal processes. The challenges derived from several areas:
Legacy infrastructure overcomplicating the onboarding process
The onboarding process required access to multiple systems, leading to long onboarding times, high operational costs, and frustrated customers.
Slow application release cycles delivering inefficient changes
Changes to the banking applications were slow and costly, with release cycles stretching up to 18 months, making it nearly impossible to keep up with fast-evolving market demands.
Decreasing customer satisfaction due to long wait times and fragmented service
Customer satisfaction was declining due to long wait times and fragmented service delivery, putting the bank's reputation at risk.
High employee attrition and low morale
The burden of dealing with outdated systems and inefficient processes led to widespread dissatisfaction and low morale among employees, reflected in an employee Net Promoter Score (NPS) of 0.
The burden of maintenance stifling innovation
Over 400 developers were tied up maintaining monolithic IT structures, leaving little room for innovation or improvement.
The Solution
Banca Transilvania chose FlowX.AI for its innovative approach to modernizing banking operations, encompassing three critical layers of transformation: business, technology, and processes. The implementation of FlowX.AI's multi-agent AI platform was pivotal in addressing BT's challenges. The approach included:
Business modernization:
- Enhanced customer experience: Unified onboarding applications and a comprehensive 360-degree customer profile view resulted in improved service delivery and higher customer satisfaction.
- Scalability and security: Provided the necessary scalability and security for customer-facing applications in a highly regulated industry. Extended the platform with “Bring Your Own Code” flexibility, ensuring that the final product precisely fits your needs.
Technology modernization:
- Integration with legacy systems: Allowed BT to innovate without the need for a complete overhaul of existing infrastructure.
- No-Code/Low-Code capabilities: Enabled business users to switch functionalities on and off easily, reducing dependency on IT.
Process Modernization:
- AI multi-agent approach: Utilized AI agents to accelerate business process automation, including process modeling, UI design, and compliance.
- Operational efficiency: Automation absorbed the workload of 250 full-time equivalents (FTEs), significantly cutting down operational costs.
Results
The collaboration between BT and FlowX.AI involved a structured implementation journey divided into three phases: discovery & planning (12 weeks), development (16 weeks), deployment & optimization. In the latter, we are continuously rolling out new functionalities in phases to minimize disruption, and we ensure continuous monitoring and optimization to ensure peak performance and compliance
The transformation journey yielded impressive results, positioning Banca Transilvania as a leader in digital banking:
Onboarding time reduced from 30+ minutes to 5 minutes
"FlowX.AI enabled us to maintain simplicity in complexity." - Dan Avram, CPO at Banca Transilvania
Individual onboarding time plummeted from over 30 minutes to just 5 minutes. For SMEs, the onboarding process was reduced from 45 minutes to a mere 15 minutes.
Application releases every 2 weeks instead of every 18 months
"The platform's speed of development and ease of integration have been game-changing." - Leontin Toderici, Deputy CEO & COO at Banca Transilvania
Application release cycles were reduced from 18 months to just 2 weeks. This agility allowed BT to keep pace with market changes and customer demands., stated,
Increased employee NPS from 0 to 78
"Our employees are living a state-of-the-art experience." - Dan Avram, CPO at Banca Transilvania
Employee satisfaction saw a dramatic improvement, with the NPS soaring from 0 to 78. This uplift in morale translated into better service for customers and a more engaged workforce.
Enhanced operational efficiency
Automation absorbed the workload of 250 full-time equivalents (FTEs), significantly cutting down operational costs.
Improved customer experience
Unified onboarding applications and a comprehensive 360-degree customer profile view resulted in enhanced service delivery and higher customer satisfaction. BT now serves approximately 100,000 clients daily with streamlined processes.
Conclusion
Banca Transilvania's partnership with FlowX.AI has been a transformative journey, enabling the bank to modernize its operations, improve customer and employee experiences, and maintain a competitive edge in the digital banking landscape. By leveraging FlowX.AI's innovative AI platform, BT has not only addressed its immediate challenges but also laid a strong foundation for future growth and innovation.
