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+ years
  • Standardize operations across the various branches in Egypt along with its 30+ branches across the country
  • Reduce two-thirds of the credit team’s workload by automating rules and policies
  • Enable faster GTM strategy for the launch of new products
  • Improve channel integration to reduce TCO and increase efficiency
  • Meet regulatory and compliance requirements
  • Improve customer service and experience in line with the group’s standards and increase profitability
  • Centralize customer-centric processes and reduce turnaround time
  • Ensure seamless integration of 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 reduced turnaround time
  • Seamless integration of the technical solutions

Key features / Business Case

  • Time to Market – Highly flexible & parameterized, allows faster introduction of products and new processes
  • Operational Efficiency – Based on an intelligent transactional workflow framework, enabling the Bank to design customer and business processes at runtime
  • Built-in Risk Management – Process checkpoints, KYC, negative list checks, extensive MIS, and in-built credit limit monitoring
  • Technology Architecture – Designed using the latest J2EE technology; Intellect is based on a SOA backplane, security layer, workflow, and integrator, allowing banks to adopt new technologies
  • Integration – Easily coexists with the bank’s ecosystem, including ATMs, internet banking, and 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 products
  • Highly-parameterized system
  • Open architecture
  • Automation of most of the bank’s manual processes
  • Functionally richer loan system

Results

  • Total business increased by 33% compared to 26% in the previous year.
  • Expenses, which increased by 51%, were brought down to 42%.
  • Net profit increased by 21%, whereas it was 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 per month, which came down to 5 per month post implementation.
  • Over 90% STP with an average processing of 3,500 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.