Fixed Deposit Modernization

Industry: Retail BankingPlatform: Appian Low-Code Platform

Executive summary

A prominent retail bank wanted to simplify its fixed deposit origination and management processes, which were previously burdened by excessive paperwork and manual verification.

The goal was to create a seamless, paperless experience that allowed customers to open and manage deposits instantly while ensuring full compliance with KYC regulations.

Success metrics

85%Faster Account Opening
60%Reduction in Paperwork
95%First-Time Resolution

Real time problem statement

Manual verifications and disparate systems caused frustrating delays for customers opening new deposit accounts.

Slow Onboarding: Paper-based processes led to lengthy account opening times.

Manual KYC Checks: Verification of identity documents was manual and error-prone.

Fragmented Tracking: Customers had no visibility into their deposit status without calling the branch.

Solution implemented

A fully digital Fixed Deposit platform was deployed, integrating direct customer portals with core banking backends for instant processing.

The system utilized automated KYC verification, digital signatures, and straight-through processing to instantly provision accounts upon customer request.

Key features

01 | Digital Onboarding PortalAdvanced capabilities and comprehensive tools specifically designed for digital onboarding portal.
02 | Automated KYC IntegrationAdvanced capabilities and comprehensive tools specifically designed for automated kyc integration.
03 | Interest Calculation EngineAdvanced capabilities and comprehensive tools specifically designed for interest calculation engine.
04 | Digital SignaturesAdvanced capabilities and comprehensive tools specifically designed for digital signatures.
05 | Core Banking SyncAdvanced capabilities and comprehensive tools specifically designed for core banking sync.
06 | Customer Self-Service HubAdvanced capabilities and comprehensive tools specifically designed for customer self-service hub.

Technology stack

Appian PortalsIntegration SDKIdentity Verification APIsAppian RecordsProcess ModelerBusiness RulesCore Banking APISecure Cloud StorageE-Signature IntegrationAnalytics Dashboard

KPI charts - Outcomes & business impact

Account Setup Time
3 Mins
↓ 80%
Manual Verification
15%
↓ 65%
User Retention
88%
↑ 30%

Conclusion

The new platform completely revitalized the bank's fixed deposit offerings, transforming a tedious chore into an instant, satisfying customer journey.

With automated processing and zero manual friction, the bank saw a rapid increase in new deposits and a significant drop in operational overhead.

Values delivered by Alvion Technologies

  • ✓ Faster Process Execution
  • ✓ Reduced Administrative Costs
  • ✓ Improved Operational Visibility
  • ✓ Scalable Digital Infrastructure
  • ✓ Enhanced User Experience
  • ✓ Data-Driven Decision Making