A leading multinational bank and financial services company in Nigeria embarked on an agenda to digitalize its key business processes to address inefficiencies in manually driven processes.

Some of its objectives for the initiative was to:

• Improve efficiency in the coordination and monitoring of back-office and core processes
• Reduce paper-based processes
• Enable straight-through processing (STP) for improved TAT

Verraki digitalized two processes on the iBPS platform, one of which was a core banking process – Temporary Overdraft (TOD) which involves processing an overdraft facility for Bank customers. For this process, it is crucial to ensure adherence to the compliance rules for the product while ensuring that the tasks of respective teams are coordinated effectively to ensure that the customer gets the TOD funds on time.

Verraki

• Implemented the workflow for the coordinated routing of requests per defined business logic including mandatory checks and custom validation in line with a ‘First Time Right’ (FTR) principle to reduce re-work and multiple cycle times
• Implemented APIs to automate certain tasks like fetching account details and querying the customer’s transaction history
• Automated previously manual tasks like the creation of associated documents like the offer letter, for improved processing speed and error reduction
• Configured features like notification and escalation for improved turn-around-time (TAT)

Verraki was able to work with the financial services provider to:

• Standardize and automate processes for improved efficiency
• Reduce manual processing by the automation of key tasks e.g generation of offer letters, transaction posting
• Improve visibility, monitoring, and traceability on related processes
• Reduce turn-around time as users become more familiar with the solution

Verraki was able to ensure coordination of tasks across multiple workstreams to deliver impactful initiatives in support of the bank’s digitalization agenda.