Xerago helped a major middle eastern bank achieve a 93% lift in overall efficiency, while simultaneously reducing 85% of overhead costs.

The client is a Qatari-owned financial institution that serves individual consumers, small businesses and corporate customers with a range of Corporate Banking, Retail & Private Banking, Treasury & Investments, International Banking and Brokerage Services. It was founded in 1983 as a part of a Global Banking Group.

Challenges

  • The main challenges the client was facing was transaction omissions and errors, lack of timely updates and incorrect installment deductions and remittance.
  • Calculation of installment, posting of installments to respective accounts based on customer instructions, Remittance statement generation & Reconciliation was done manually which was error-prone leading to customer dissonance

Solutions

  • Xerago analyzed the current process of installment and remittance and came up with an elegant process with minimal change management on the part of the bank’s personnel
  • Developed XIR (Xerago Integrated Remittance) application with features like automatic installment calculation, automatic installment posting, automatic remittance statement generation, automatic reconciliation, integrated workflow, maker-checker feature, auto alert etc.
  • XIR gets input in the form of customer master in the prescribed format from Phoenix (consumed using a cron program), Salary amount for each customer from the employer’s bank and customer instructions from the front end
  • Application effectiveness was improved by predicting the salary anomalies and built intuitive automated functionalities like detection of bonus salary and advance salary credits for 2 months using an algorithm.
  • 100% workflow visibility and the customers were given timely notifications, transaction TAT was greatly reduced and opportunities for errors in the deduction of Escrow accounts were completely removed.

Results

Technology

Over 93% efficiency improvement

Significant improvement in review process with zero slippage for recons

Over 85% cost savings due to manual overhead

Better MIS and greater control

100% trail and transparency

Zero customer impact due to incorrect deduction on Escrow accounts achieved

"Process Automation Tool (XIR) Phoenix Core Banking System"

Results

Over 93% efficiency improvement

Significant improvement in review process with zero slippage for recons

Over 85% cost savings due to manual overhead

Better MIS and greater control

100% trail and transparency

Zero customer impact due to incorrect deduction on Escrow accounts achieved

Technology

Process Automation Tool (XIR) Phoenix Core Banking System

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