PRESS RELEASE:
(London, Manila) 24th February 2023: Red Badger, the Digital Product transformation consultancy for blue chips, announces the launch of a new digital customer onboarding journey for Security Bank, one of the Philippines’ leading universal banks.
As it continues its digital transformation journey and investing in what matters most to customers, Security Bank delivers on its mandate to innovate and provide differentiated products, services, and experiences.
The partnership between Security Bank and Red Badger began in November 2021, as they jointly set out to bring a lean, agile, product-led approach to developing new experiences for customers. They co-created a product discovery, cloud-native platform architecture, and implementation plan, to build and release a new experience to customers within six months.
Red Badger conducted a discovery session with the Bank to identify technology and a customer-centric approaches to how to improve the current online onboarding process. On top of this, they did a series of usability testing procedures to identify customer needs and pain points.
A cross-functional team of both Red Badger and Security Bank members —focused on creating streamlined digital onboarding for originating retail products. Using lean and agile approaches, the team delivered: a production deployment within two months, followed by a customer-facing release within six months; a reduction in customer lead times from seven days to 11 minutes; and a circa 100% increase in the rate of successful completions. The product was built alongside an entirely new cloud-native platform, improving time-to-market and increasing resilience, while maintaining compliance with infosec, compliance, and regulatory complexities within the organisation and the industry.
David Wynne, Red Badger CEO, said: “This project demonstrates Red Badger’s unmatched ability to introduce new digital approaches, technologies, and ways of working to large banks quickly and safely - rapidly putting value in the hands of customers. By getting close to real-world customer needs and demonstrating how new technologies underpin continuous innovation, we help our established banking clients compete with digital natives and challengers.”
Tricia Tan, Senior Vice President and Customer Segmentation Group Head at Security Bank said, "We’re focused on becoming the most customer-centric bank in the Philippines. This means building our capabilities based on our customers’ evolving needs and investing in what matters to them. Together with Red Badger, we have developed a highly optimized onboarding experience to give our customers access to the right products for their needs and goals."
The new customer onboarding experience is available and serves customers applying for checking and savings accounts.
ENDS
About Red Badger
Red Badger is the product transformation consultancy for blue chips. Our product design capabilities and technical pedigree build high-performance digital products and platforms that get you closer to your customers and embed new ways of working. We solve complicated problems in complex places. Your journey to an agile, innovative digital product organisation starts today.
About Security Bank
Security Bank is a private domestic universal bank in the Philippines with total assets of PHP799 billion as of September 30, 2022. The Bank has been operating for 71 years since it was established in 1951. Security Bank has a total of 316 branches and 611 ATMs to date. Security Bank was awarded in 2022 Best for Mass Affluence/HNW in the Philippines by Asiamoney; Best Credit Card Product in the Philippines (for Security Bank’s Complete Cashback Platinum Mastercard) by The Asian Banker during the 2022 Asian Banker Corporate Communications; Brand content form Excellence Awards; Best Retail Bank in the Philippines by Alpha Southeast Asia; Market Leader in Corporate Social Responsibility (CSR) by Euromoney; Market Leader in Diversity; Inclusion by Euromoney; Best Bank for Diversity and Inclusion by Asiamoney; and Best
Investor Relations Company (Philippines), Asia’s Best CSR, Asia’s Best CEO (Investor Relations), Asia’s Best CFO (Investor Relations) and Best Investor Relations Professional (Philippines) by Corporate Governance Asia for two consecutive years. The Bank’s major citations in 2021 are: Philippines’ Best Bank by Euromoney; Best for HNWs (High Net Worth Clients) in the Philippines by Asiamoney; Best Retail Bank in the Philippines by Alpha Southeast Asia; and Best Culture of Learning and Diversity Champion by LinkedIn Talent Awards.
More information is available on www.securitybank.com.
Add a Comment: