Achieve Efficiency & Reduce Overhead Costs

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 custome