MDA Success Story: M1 Global Solutions and Regions Bank
Regions Bank of Birmingham, Alabama, USA
M1 Global Solutions, Inc.
Type of Industry: Financial Services
Application Name: Branch Out
Currently, the market is well supplied with online banking engines -
tools allowing their customers to view their accounts and perform
convenience-based functions such as account transfers and online bill pay.
However, there is a void for products that allow a customer to apply for
and fund an account online. This is especially true for online loan
acquisition, which is a profit product for the financial industry.
Regions Bank of Birmingham, Alabama, which consists of 180 branches in
nine states in the U.S. Southeast, needed to expand their online banking
product suite to include new account acquisition, enrollment and
management. The choices before Regions Bank were: build the application
from scratch exactly to their specification, or buy an off-the-shelf
solution that would inevitably require significant customization.
Integration with existing systems, time to market and overall cost were
all deciding factors.
NCGi, a system integrator, wanted to be proactive in presenting Regions
Bank with not only a solution, but with a methodology to reach that
solution as well; i.e. the Object Management Group's Model Driven
Architecture (MDA). NCGi knew that M1 Global Solutions had an MDA-compliant tool
that they used to create an application called Branch Out that contained
much of Region's original specification.
M1 Global Solutions Corporation created an online banking application called Branch
Out. To create this application, M1 Global Solutions used their, soon-to-be called
MDA-compliant product, the Meta Development Environment (MDE). Work on
Branch Out began well before the OMG identified such a development
methodology as being in the classification of MDA. M1 Global Solutions , having
expertise in financial services, built Branch Out as a proof of concept
for their development tool MDE.
NCGi, armed with a portion of the Branch Out PIM (Platform Independent
Model) and MDE as their MDA development tool, was able to create an
application perfectly suited to Regions Bank specifications. NCGi was able
to deploy this enterprise-wide application within 90 days. Additionally,
the entire effort took less than half of the anticipated resources for
such a project. These last two points address the inherit benefits of an
MDA architecture and development methodology.
The end result has been netting approximately 20-30 new customer
applications a day and can be taken during a 24-hour period. As
anticipated, most applications are processed after normal banking hours.
The end user banking institution, Regions Bank, now has a completely
customizable product that allows for: definition of new products,
selection of application type - fast track or detailed, selection for
required and non-required fields--including disclosures, definition of
internal approval process (automated or manual selection for each step
from client initiation to online scoring to final approval), GUI
administrative interface to review and process applications as needed.
The system integrator, NCGi, has realized professional services revenue
associated with the customization of Branch Out to the specifications of
Regions Bank. Additionally, they are now fully trained on the principals
of MDA and can move forward with this approach in other customizations.
The combined benefit to both organizations is that an enterprise-wide
application was developed in a 3rd of the time usually required for such
projects, which resulted in significant savings to the customer.
"Our customers are looking for results, not just products. Our
relationship with M1 Global Solutions provides a great product that can be
customized to fit the needs of our customers," said Pete Butler,
Director of Business Development for NCGi. ""We have found great
success in using the M1 Global Solutions tools. The Model Driven Architecture and
the M1 Global Solutions toolset allowed us to produce a powerful web-based loan
acquisition product in 90 days. Obviously, that is fantastic and the
result of using the M1 Global Solutions product."
Thanks to M1 Global Solutions 's solution, Regions Bank is now experiencing the
Financial Gain--Each application received is a potential profit
product for the financial institution. It is easy to measure the number of
loans applied for vs. the number approved.
Client Base Expansion--By offering products online, the expansion
of the client base is certain. No longer are clients tied to brick and
mortar locations. They are free to find the institution that provides them
with the choices, convenience and service they prefer.
Personnel Savings--Banks can save internally by automating the
approval processes such as online scoring and credit checks.
Increase product offerings
Add flash interface
Allow for online loan payments
Allow for online account funding via ACH transfer