OneSavings Bank (OSB) has made a significant leap in its digital transformation by unveiling its new digital savings platform on October 7, 2024. This initiative marks a defining moment in OSB’s commitment to innovation within the financial services sector, as the bank aims to streamline its offerings and enhance customer experience.
The platform was developed in collaboration with Publicis Sapient, a renowned digital business transformation company. Incredibly, the project transitioned from initial concept to official launch in just 18 months, demonstrating the strength of the partnership. "We’re incredibly proud to partner with OSB on their transformative journey, harnessing the power of our SPEED —Strategy, Product, Experience, Engineering, Data & AI— capabilities to deliver a modern, people-first solution," said Mark Smith, Vice President of Financial Services at Publicis Sapient.
Since its debut, the platform has rapidly attracted a growing number of customers, receiving favorable reviews for its user-friendly design and functional features. It not only bolsters OSB’s existing savings business but also lays the groundwork for an upcoming lending platform, further establishing the bank’s evolution into a modern financial institution.
The journey to create this savings platform began in 2022, when Publicis Sapient was selected as OSB’s exclusive transformation partner. By leveraging their unique and integrated approach, OSB sought to redefine its operational strategy, aiming to build lasting capabilities. "Together, we’ve created a secure, intuitive platform tailored to our customers’ needs, improving satisfaction, conversion rates, and operational efficiency," said Matthew Baillie, Group Chief Transformation Officer at OSB Group.
The new platform features cutting-edge functionality designed to empower users. Customers can register and fund an account in just three minutes, promoting a seamless experience. The platform also boasts automated savings operations and flexible product management, enhancing both customer experience and operational efficiency.
At its core, the platform employs a composable architecture, built on a cloud-native core banking solution through Mambu. This is complemented by Salesforce for customer relationship management and an array of fintech solutions, creating a dynamic and scalable ecosystem. "This achievement is a testament to the power of partnership and the dedication of our teams," remarked Clive Kornitzer, Group Chief Operating Officer of OSB Group.
He further elaborated, saying, "Together, we’ve built a truly customer and colleague centric bank by embracing new technologies to drive our transformation forward, meeting the needs of both new and existing customers while staying true to the values that have earned their loyalty over the years."
As OSB advances its modernization journey, the digital savings platform is just the beginning. The bank is poised to continue its transformation into an agile, fintech-oriented institution that enhances its service delivery for customers while also paying homage to its storied heritage. The close partnership with Publicis Sapient is expected to propel OSB towards sustainable growth in a rapidly changing financial landscape, as it endeavors to meet evolving customer preferences and needs.