SAP Fioneer Omnichannel Banking Solution 

Accelerating your Digital Transformation

Traditional banking institutions are looking towards new technologies to support them in transforming their business capabilities. Digital banking is leading this transformation journey because it offers banks a lower operational cost by driving the traffic away from high cost bank branches and traditional call center interactions to seamless digital channels in the cloud. SAP Fioneer is one of the very few vendors that can offer a seamless, end-to-end integrated core banking solution (Omnichannel Banking) across the digital front and back office with fully integrated payment capabilities.  

Learn how our Omnichannel banking solution can maximize digital banking operations.

Digital banking is leading this transformation journey  

Digital banking is leading this transformation journey because it offers banks a lower operational cost by driving the traffic away from high cost bank branches and traditional call centre interactions to seamless digital channels in the cloud. This model increases revenue by reducing the operational cost and by improving the overall operational efficiency of the bank. 

Today, branch and call center staff spend too much time on routine tasks such as managing customers’ accounts, transferring money between accounts, and resolving issues that could be easily dealt with through a digital channel, using newer technology capabilities that can handle these types of requests. 

Another upside is that the customer experience is significantly improved, which in turn leads to higher loyalty. Instead of traditionally siloed verticals that do not talk to each other, the consolidated business capabilities that can now be offered provide banks with real-time insights and a better understanding of who the customer is and what they are looking to achieve. 

In addition to the internal business capabilities that are now available across the business verticals, the digital channels also offer external capabilities from third party and fintech vendors that are integrated into bank ecosystems leveraging their open API architecture. These capabilities are used to augment the banks existing capabilities which helps to increase the overall customer spend while reducing their operation cost. 

Omnichannel banking allows the customer to start a process in one channel and complete it later using another channel – and it should provide the bank with a ‘real time‘ view of the customer’s interactions so that their needs can be identified for any up or cross selling opportunities.

SAP Fioneer’s omnichannel banking solution 

Product history 

Financial Fusion was a fintech start-up company based in Utah that developed a front office banking platform and was purchased by Sybase in the early 2000’s. Sybase continued to develop and add new business capabilities to their product before it was purchased by SAP in 2010. 

SAP continued to sell Financial Fusion as part of their banking product portfolio but decided to move the solution to a newer technology platform so that they could deploy the business capabilities in a modular fashion in any cloud environment. The proven business capabilities that have been tried and tested over many years were migrated to the new platform and at the same time, new capabilities were introduced, making the solution deep in functionality while flexible in how it can be deployed. This process was done in an iterate phase over several years. The product name was changed to Omnichannel Banking (OCB), which is “alive and well” today.

Product overview 

As SAP’s financial services unit, SAP Fioneer continues to enhance this fully responsive open API enabled, self-service channel platform for retail, small business and commercial customers. 

The solution is built on the latest industry standard technologies such as Java, OData, HTML5 and can run as a cloud or on-premise solution. As a cloud solution, it can be deployed into any one of the current hyperscalers‘ or private cloud provider environments. 

There are many capabilities available as “out of the box” features, including onboarding and account origination, real-time account balances, transaction details, domestic and cross-border payments, blockchain based wallets / stored value accounts, loyalty management, taxes, personal finance management (PFM) driven through artificial intelligence (AI), chatbots and video chat wrapped in a machine learning (ML) framework, cash management, user administration tools, approval workflows, product offers and more. 

As an open banking platform, it uses open API standards and can currently expose over 850 APIs, allowing third party developers and fintech partners to build applications and services independently. 

OCB has a fully responsive user interface (UI), built using a responsive and extensible HTML5 based framework providing the bank the ability to build amazing user experiences for their customers.

Banks can adapt the user experience per customer segment or business entity using the Customer Experience Manager module (no code platform) shipped as part of the Omnichannel Platform. 

New functionality can be easily delivered using OCB’s low code platform and application extension framework in a modular fashion. All bank specific innovations made to the standard product can be deployed as independently scalable microservices – simplifying product upgrades and reducing time to market for banks as they roll out new innovative features to their customers.

Our OCB orchestration layer allows the customer to start a process in one channel and then later, complete it using another channel while the real-time analytical engine provides the bank’s sales team a “real time” view of the customer interaction and behaviour across channels, providing the bank the ability to up-sell or cross sell products and services to the customer across multiple lines of business within the bank.

Why SAP Fioneer for omnichannel banking? 

SAP Fioneer benefits from its longstanding expertise in digital banking as SAP has been developing channel solutions for the past 20 years. We are able to offer our banking customers the stability and reliability they need while also being able to innovate and scale. 

We are one of the very few vendors that can offer a seamless, end-to-end integrated core banking solution across the digital front and back office with fully integrated payment capabilities. 

Having insights into your customers’ needs is essential to any digital strategy in today’s fast moving digital world. With SAP Fioneer’s Omnichannel Banking solution you can leverage the SAP Qualtrics platform to assess and analyze your customers’ feedback and provide substantiated guidance on where to focus and improve your digital experience. 

Are you interested to find out more? Contact us now.