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Omni-Channel Self Service

Over the period of last few decades, we have witnessed huge transformations in Banking & Financial Services Institutes. Banks, from being traditional care takers of money and having the consumers to walk-in, have changed to Online only in many instances. The online bank not only offers great convenience, but at usually at a much lower operating cost than a typical brick and mortar bank.

The BFSI industry as a whole is shifting towards “Self-Help” and want to provide safe and secure financial platform to its users which can take care of all their needs. This not just reduced the costs of operations, but also gives valuable insights into customer finances and needs. They can market their products effectively and be very competitive in the market.

As an example, The Islamic Bank of Britain (Al Rayan Bank) provides financial services to Islamic community in Britain. As they have all conventional online services of any typical banks, the major competition they were facing was in processing loans quicker and at low risks.

Hence they adopted cloud and moved into automated processing of loans and enabled “Self-Help” to quickly and securely gather customer data and collaterals required for loan approvals. The 18 step loan process was automated with workflow integration and approval matrix. The algorithms detect fraudulent applications and are able to provide risk score using real-time credit reports and financial transaction data.

The typical loan process was reduced from 3 weeks to 2hrs (and real-time decision in more than 50% cases) with very low risks of false approvals. The amount of loans they could process increased 10x within months. The process automation with cloud technology implementation further reduced their loan processing fees and made them very competitive in the market.

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