Overview

pVelo by East West Bank is a global digital banking service owned by East West Bank, one of the largest independent banks headquartered in California (NASDAQ Symbol: EWBC). It offers a fast, easy, and safe way for consumers to access premium financial products and services offered by East West Bank, as well as a source of useful tips and insights to connect customers to emerging opportunities./p

Supernova Award Category

Tech Optimization and Modernization

The Problem

pVelo wanted to bring in new customers and expand their customer base, including attracting a younger demographic. They needed a strong digital channel, with a robust platform that could support incoming customers, such as those interested in investment banking and trading./p pBut first they needed to address a number of customer pain-points, such as how to exchange sensitive information with external systems securely, ensuring only necessary information was made available to outside banks. They also needed to ensure their digital banking solutions had the flexibility and standardization needed in order to allow integration with more vendors, and ability to scale at lower costs in the future./p

The Solution

pVelo worked with Brillio to develop an API Management solution to help move them clients from monolithic applications to microservices and API architectures that optimize agility and business performance through a strategic transformation. The advanced banking solution brings together cloud, mobility and microservices architecture to applications that create a digital future foundation. /p pVelo decided to work with Brillio because of their history helping their clients mature application speed and scale, ensuring high availability and business continuity. /p

The results

ul liVelo was able to: ul liUplevel American digital banking standards to those of Asia /li liIncrease targeted customer acquisition /li liAchieve higher asset growth and overall sustainable increase in wealth of the organization/li liProvide customers swift and easy account-opening process, even before arriving in the United States/li liConveniently verify personally identifiable information with various sources in their country of origin/li liCompletely and securely leverage automation to validate without intervention/li liSupport evolving bank needs through pluggable mesh architecture /li liEnable new application functionalities through increased scalability/li /ul /li /ul

Metrics

pIn a 6-month time-to-market from digital bank ideation to mobile-first version, Velo bank achieved:/p ul li30% reduction in customer onboarding time/li liUp to 35% cost-savings by reusing web services to provide multiple experiences /li /ul

The Technology

pBrillio's API Management solution is based on the approach of Design Led Re-engineering. It helps clients like Velo mature their applications in terms of speed and scale thereby ensuring high availability and business continuity./p pThe API is designed to be flexible, reliable and available for rapid on the ground support for the activities such as in Velo’s case, incorporating the statutory rules of the country while launching in a new geography or onboarding new partners./p

Disruptive Factor

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Shining Moment

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