A leading bank in Zimbabwe partners with iGCB to transform Core Banking , Experiences 200% increase in transaction processing capability, lightning-fast operations and reduces 5200+ person hours monthly
About the bank:
The Bank is a multi-award-winning registered commercial bank based in Zimbabwe
- 500,000+ clients
- Present in over 100 locations across Zimbabwe
Problem Statement:
- GL discrepancies, balance mismatches, and longer close business times
- As low as 10 transactions per second processing capability
- EOD operations took more than 6 hours
- Data/System reconciliations were performed for the previous day because data was not readily available. This resulted in regular risks for the bank.
- Old technology, architecture which did not support APIs or third-party integrations
- GL discrepancies, balance mismatches, and longer close business times
- As low as 10 transactions per second processing capability
- EOD operations took more than 6 hours
- Data/System reconciliations were performed for the previous day because data was not readily available. This resulted in regular risks for the bank.
- Old technology, architecture which did not support APIs or third-party integrations
- Incomprehensive product offering by the core banking technology provider. The bank had to work with other technology providers to offer peripheral modules like Lending, Channel, Treasury, Trade
- Legacy runtime environment (J Base) leading to scalability constraints and continuous system timeouts (due to duplicate entries being created by the system)
- Delayed and extremely costly go-to-market for any new product or feature due to reliance on third-party implementation partners
Despite these issues, the technology provider required the Bank to upgrade to the most recent version every three years. Failure to upgrade will result in increased extended maintenance costs.
The solution:
The bank chose iGCB’s comprehensive core banking system – Intellect Digital Core to resolve these problems.
Key modules bought:
Customer Onboarding, Customer 360, CASA, Deposits, General Ledger, Budgeting, Branch Operations, Product Configurator, Pricing Engine, Fees & Charges, Payments & Remittances, AML, Loan Management, Limits & Collateral, Debt Management, Trade Finance, Treasury, ALM, Canvas Reporting, iTurmeric – An integrated platform for a MACH Composable Solution Design in a single collaborative environment with a built-in Sandbox, Integrated suite of security services, Loan Origination (Retail & Corporate), Fixed Asset Management System,
Key USPs of the solution:
- Built on modern technology and eMACH.ai Architecture with 285+ ready to use Microservices, 1214 APIs and 200+ Standard Events
- Ease of integration with Open Finance enabled Partners and Marketplace
- Global standard core with cluster-level extension and country-level parameters – Multi-cloud, multi-country; multi-entity; multi-branches; multi-lingual; and multi-currency
- Cloud agnostic – deployed on AWS, Azure, Google Cloud
- Embedded AI across products and back-office processes (Eg: (Credit evaluation, Relationship & Risk-based Pricing)
- Integrated banking suite with Current & Savings Account, Deposits, Cards, Payments, Lending, Treasury, Trade Finance, and Digital banking.
- Rule-based Engines (Pricing, Transaction Interceptor, Credit Origination, NPA, Management)
- Online Real-time N-tier GL leading to Zero Reconciliation
- Extremely high processing capability – Benchmarked to support over 11,500 transactions per second
- Highly scalable – External KPMG benchmark includes 180 Million customers and 380 Million accounts.
- Headless architecture with an option to integrate to Intellect’s Digital Engagement Platform which is a completely codeless engagement platform
- ESG use cases
Benefits:
- 200% increase in transaction processing capacity from 2 transactions per second to all transactions in real time now
- 50% growth in transaction volume
- 750+ new accounts opened per day on an average
- 80% reduction in loan disbursement time
- EOD operations processing reduced from 8 hours to less than 30 min
- Ability to launch a product variant in days vs. months earlier due to a composable architecture
- 5200+ Person hours saved by IT team per month due to a low code modern architecture with Open-source technologies
- Real-time GL leading to real-time balance visibility resulting in reduced frauds & balance mismatches, improved compliance and better customer experience
- Instant collection of charges and fees leading to reduced revenue leakages
- Instant limit tracking and profit booking
- Airtight cash management & denomination control
- Easily customizable reports with real time data
Apart from the solution benefits, iGCB enables banks to chart their own growth journey by supporting the platform for 10 years vs 3 years by our competitor.
Delivery timeline:
Full solution delivered in 100 business days followed by launch in 200 days in April 2024