journey journey

Leading Bank in Middle East bag Best Bank Award for Superior Customer Experience

 

Client Overview

One of the top government owned banks in UAE with over 80 branches in UAE. It has an international presence in the UK, USA, France, Hong Kong and other countries in the Middle East Region.

Requirement

The bank wanted to offer multiple delivery channels to improve customer experience. The second requirement was to consolidate scattered systems and move to a new core that would improve operations and reduce TCO. The list of requirements is detailed below:

  • Replace existing legacy system of 20 plus
  • Standardize operations across the various branches in Egypt along with its 30 plus branches across the country
  • Reduced the two thirds of the work of the credit team by automating rules & policies
  • Enable faster GTM strategy for launch of new products
  • Better channel integration for reduced TCO and improve efficiency
  • Meet regulatory and compliance requirements
  • Improve customer service and experience to the group's standards and increase profitability
  • Centralized and customer centric processes and reduce turnaround time
  • Seamless integration of the technical solutions

The bank decided to replace its legacy Core Banking System to achieve the above objectives.

Solution provided

  • Intellect Core Banking Solution
  • Intellect Lending Solutions
  • Central Liability System
  • Collateral Systems
  • Customer Communication
  • Fees and Charges
  • Improve customer service and experience to the group's standards and increase profitability
  • Centralized and customer centric processes and reduce turnaround time
  • Seamless integration of the technical solutions

Key features / Business Case

  • Time to Market – Highly flexible & parameterized, allows faster introduction of products, new processes
  • Operational Efficiency – Based on intelligent transactional workflow framework, which allows the Bank design customer & biz. processes at runtime
  • Built-in Risk Management – Process check points, KYC, negative list checks, extensive MIS, in-built credit limit monitoring
  • Technology architecture – designed using latest J2EE technology Intellect is based on a SOA backplane, security layer, workflow and integrator, allowing the bank to bring in new technology
  • Integration – Easily coexists with bank’s ecosystem, ATMs, internet banking & phone banking

The bank decide to implement the complete Intellect Suite in Dubai, Oman, Kuwait, Bahrain, Hong Kong and USA.

Benefits to the bank

  • Customer-centric Design
  • Straight through processing capabilities
  • Centralized Solution for branches including international branches
  • Quick time to market of new product
  • Highly-parameterized system
  • Open architecture
  • Automation of most of the manual processes of the bank
  • Functionally richer loan system

Results

  • Total business increased by 33% compared to 26% in the previous year
  • Expenses which increased by 51% was brought down to 42%.
  • Net profit increased by 21% whereas it is only 19% in the previous year
  • Deposits increased by 27% compared to 16% in the previous year
  • Before implementation of the payments system the bank had an average of 50 customer complaints a month and this came down to 05 a month post implementation
  • Over 90% STP with Average processing of 3500 outward messages per day

The above statistics say it all. The bank’s move to Intellect’s customer centric solution to run all its branches accelerated its progress to market leadership in retail banking – the main factors being its new found ability for quick product launches, easy customer adaptability, optimal risk management and faster straight Through Processing (STP). The bank received the Best Bank in the UAE for its aggressive customer focus.