The Automation of Banking Transactions
Project Time: 2+ Years
Client Overview
Our client is one of the Caribbean's largest financial institutions, with an
employee count of 2,000 regionally. They specialize in Banking and
Financial services, and subsidiary companies in Forex Trading, Home
Loans, and Asset & Investment Management across the region.
Challenge
Our client uses a third-party system that allows their customers to transfer money to and from relatives and friends internationally. Once the money was sent it was received by our client's existing system and stored in their database. The challenge they had was in order to transfer the funds from our client's database to the customer's bank account required a very tedious and time-consuming process of a staff member manually transferring these funds. This slowed down the company's efficiency and staff productivity. Also, it limited the number of transfers that can be done within a specific day.
Recommendation
We recommended digitizing the entire process by implementing an upgraded system that would automate the entire process flow from start to end, eliminating the need for someone to manually action each transfer.
Implementation Steps
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We used Ingenuity's Proprietary Software Engineering & Quality Assurance (PSEQA) life cycle
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Next the system was comprehensively tested which consisted of core banking system, RTGS (transfer system), as well as the SWIFT and ACH (automated clearing house)
Result
The new system had a more advanced user interface that would allow money transfers in the form of data to be more easily retrieved and passed on through automation.
The company saw an increase in the following areas:
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Increase in efficiency as more transfers could be done in less time with no manual labour
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Increased staff productivity as staff who would have been assigned to execute
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Customer satisfaction improved as the wait time for funds to be transferred significantly decreased the manual process could now do other tasks contributing to the company's bottom line
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Our clients aw a significant increase in revenues as more payments could be processed in a day