CIMB: Initiating a digital wealth management experience

Industry
Fintech

Tech stack
MySQL, JAVA Spring Boot, and Angular

Location
South East Asia

Solution
Fast recruiting senior engineers to collaborate with CIMB’s tech team.

Deliver quality and collaboration control through out the project to hit targeted timeline.

Outcome
In charge of the backend foundation, we marked a milestone in CIMB’s digital transformation journey, with a streamlined, customer-focused experience contributed to CIMB’s forward-looking vision.

Our Service
Tech Consulting, Staff Augmentation

In brief

• CIMB Malaysia, incorporated in Malaysia in 1974 and headquartered in Kuala Lumpur, encompasses a well-established consumer bank, a premier regional investment bank and an Islamic bank, with about 15,800 employees in Malaysia as at March 2023.
• Project objectives: objective was to overhaul the digital wealth management experience for CIMB’s customers, aligning with the bank’s digital transformation goals.
• Dwarves team of 3 engineers focused solely on backend development. This comprised the construction of a robust API gateway and integration with CIMB’s legacy database and APIs.

The challenge

CIMB Malaysia faced the challenge of adapting to rapidly changing customer expectations and technological advancements in the banking industry.

The objective was to overhaul the digital wealth management experience for CIMB’s customers: improve user experience, streamline banking processes, and increase customer engagement through a seamless digital platform.

The Context

The project focused on enhancing the Wealth Journey (ASNB), aiming to streamline the investment experience for preferred and mass-affluent customers.

The process involved conducting workshops, competitor analysis, and customer feedback to create efficient digital investment journeys via self-serve platforms and relationship manager-assisted platforms.

The project’s tech stack included MySQL, JAVA Spring Boot, and Angular, with the Dwarves Foundation team focusing solely on backend development. This comprised the construction of a robust API gateway and integration with CIMB’s legacy database and APIs.

• API Gateway Construction: The Dwarves team built a dynamic API gateway, enabling seamless and secure communication between different application components and efficient API management.
• Legacy Database and API Integration: The team integrated the newly developed services with CIMB’s existing legacy databases and APIs, ensuring uninterrupted operation and data consistency across the platform.

Communication / Engagement Model

Navigating a project with multiple stakeholders demands meticulous coordination and transparency. To ensure seamless interaction and productivity throughout the project’s duration, we adopted a tailored communication model:

1. Rapid Recruitment through Talent Pool: Have been building tech communities since 2020, we were about to quickly recruit and onboard developers suited for the job, ensuring a head start without any undue delays.
2. Three-Party Partner Engagement: This project involved the collaboration of Dwarves, Netizen, and CIMB. Recognizing the intricacies of such a setup:
3. Alignment Meetings: Regular tri-party sync-ups were organized to establish common project goals, clarify responsibilities, and address potential bottlenecks.
4. Roles and Responsibilities: Clear documentation and delegation ensured that each party was aware of their roles, reducing overlaps and ensuring efficient task execution.
5. Rapid Communication with Development Team: Direct communication line was established with the development team for maintaining agility in development and timely delivery.
6. Weekly Changelog: A weekly changelog providing all parties with a snapshot of our progress was maintained. It covered updates on newly rolled-out features, bug fixes, and modifications made during that period, fostering transparency and facilitating real-time feedback.

Outcome

The collaboration between CIMB Malaysia, Dwarves Foundation, and Netizen resulted in substantial benefits, reshaping both the customer-facing platform and the internal architecture of CIMB’s systems:

• Enhanced User Experience: A more intuitive interface increased user engagement and trust in the platform.
• Extended User Reach: The accessible platform design broadened CIMB’s demographic appeal, accommodating both younger and older users.
• Setting Market Standards: CIMB’s modernized platform positioned them as trailblazers in the Malaysian banking sector, prompting competitors to reevaluate their digital offerings.
• Operational Efficiency: Backend upgrades reduced manual processes, increased transaction accuracy, and overall improved the bank’s operational agility.
• Architecture Revamp: From a technical perspective, the transition to a dynamic API gateway and seamless integration with legacy systems provided a more scalable, robust, and flexible backend. This change not only enhanced performance but also future-proofed CIMB’s systems against rapid tech advancements.

Conclusion

CIMB’s digital transformation, backed by architectural advancements, sets a benchmark for excellence, ensuring enhanced customer satisfaction and operational agility for the bank’s future endeavors.

Dwarves Foundation is a team of design and development experts working closely with clients to craft software, build tech teams, and invest in people who create world’s next favorite things.