Russian IT developer Bercut offers new opportunities for Armenian financial market
YEREVAN, September 16, /ARKA/. The COVID-19 pandemic that nearly swept the entire world pushed all sectors of economy to accelerate digitalization. Anti-covid restrictions served as a stimulus for stepping up digitalization of the banking segment and setting up online sales processes in the financial sector. As customers settled in at their homes, company offices closed their doors the banks had to quickly redirect their resources to remote digital channels.
A January 2021 report by Boston Consulting Group (BCG) mentions that due to the self-isolation of the population, the use of online banking services increased by 23% worldwide and mobile banking by 30%. (Global Retail Banking 2021: The Front-to-Back Digital Retail Bank report).
Despite the steep paradigm shift, leading banks have been able to respond quickly to new market challenges. According to BCG, in the near future the digitalization trend in the banking industry will grow rapidly, therefore, to ensure sustainable development banks will need to build a long-term technology strategy focused on creating added value for the customer.
The online customer behavior model is different from the baseline model. Digital awareness increases the risks of a bank customer switching to a more advanced competitor bank. The player with the most value, flexibility and speed of delivery of personalized offers, as well as having more channels of contact with the customer will become the leader in the digital race. It is possible to organize effective interaction through digital channels and quality customer service by building a modern technological infrastructure and platform solutions using different approaches, methodologies and combinations of tools.
The Hybrid Integration Platform –HIP Bercut combines a range of no-code, low-code and pro-code instruments for independent development of new technology products and integration solution tasks. The Bercut Platform is able to standardize IT landscape and automate part of the business processes of an organization, including client interaction and service processes. The modular architecture of HIP is presented in the form of components, each of which solves a specific range of problems.
The platform is primarily meant for large companies, which need to develop converged technology products, create settlement systems and automation. The HIP product is focused on organizations whose solutions require a large number of integrations. For example, based on HIP platform, a "Credit Conveyor" for banks can be implemented.
Example
The key objective of "Credit Conveyor" is to automate the whole process chain, related to loan request processing: preliminary calculation of terms, decision making, formation of target offers and delivering it to the customer.
This solution is integrated into the IT landscape of the bank, where it interacts with the internal systems for selecting individual offers based on the specified criteria and data about the client.
Integration with external databases, such as credit history bureaus, pension funds, law enforcement agencies and mobile communication operators' databases allows automating the process of evaluating the reliability of the borrower and speeding up decision making on the received applications. This business process can be represented as follows.
With the HIP Bercut platform, financial institutions can create a variety of high-load products and systems on their own, using a convenient web interface to work with business logic and criteria, or assemble a complex business process from ready-made modules (microservices) by the low-code method. Thus, even an employee with no deep knowledge in development can create a new digital in-house product. Initially, the idea of HIP was to simplify the activities of Bercut developers. Therefore, HIP will become a convenient tool for experienced developers as well.
Practical use of HIP in Bercut showed that using the platform for these kinds of tasks can reduce development costs from 15% to 30% depending on the complexity of the project. The Hybrid Integration Platform is part of the end-to-end digitalization strategy of companies, influencing operational efficiency, revenue growth, control and management of organizational business processes, as well as participating in building an omni-channel model of interaction with customers.
Bercut provides banks with a flexible licensing policy based on a subscription model or on the number of microservices created. This allows banks to choose on what conditions the solution can be used. In this case, each subscriber receives free training on the platform and regular technical support from Bercut.
About Bercut
Bercut is a Russian developer and partner in digital business transformation. Our partners are the largest integrated providers of digital products and services, serving millions of consumers every day. The Bercut team consists of hundreds of high-tech professionals who, based on their experience and expertise, have been delivering business-oriented industry-specific software solutions to the global market for over 27 years.-0-
