Case Study: A leading bank in Tanzania improves customer experience & revenue with Core, lending & digital channel transformation.

About The Bank: 

The Bank is one of the leading financial services providers in Tanzania, Islands of the Union of  Comoros, Republic of Djibouti and Uganda and is Tanzania’s first international bank. The bank  underwent a core banking, lending and digital channel transformation. 

Key Customer-facing Enhancements:

Digital Channel-

• Fully digital customer onboarding in  3 minutes for Retail Customers with  minimal typing, real-time KYC, blacklist,  dedupe, and integration with National  Identification Authority for verification and  fingerprint match 
• Complete view of portfolio and transaction  history on app and net banking 
• The Bank enables customers to make fixed  deposit bookings and domestic payments  in TZA and USD. One of the few banks  offering Bill Pay services for government  utilities and school fee payments. 
• Customers can use an integrated  third-party wallet for convenient day-to-day transactions 
• View Complete Loan Portfolio, Installment  Payment, Repayment schedule and more available on app 
• Digital alerts to the customer for activities 
• View Complete Loan Portfolio, Installment  Payment, Repayment schedule and more  available on app 
• Digital alerts to the customer for activities 

Delighting Customers-

In The Branch: 

• Queue management for customer visits 
• Physical account opening in 10 minutes vs  1-2 hours earlier
• Improved payment system enabling Back  Office to process transaction seamlessly  and effectively.
• Customer 360 with suggested cross-sell  empowers the branch to service customers  faster and accurately 
• Improved branch operations efficiency  through automation of processes (cash  automation, SI automation with multiple SI  types, limit management, service log and  open request tracking) enabling the branch  to service a higher number of customers

Innovation Offered:

Technology Innovation-

• All offerings (Core banking, Trade, AML,  Digital Lending, and Digital Banking) are  built on the latest composable 1 architecture leveraging Events, Microservices, API. This enables the bank  to create new products faster
• New product variant can go live in 1-2 days  vs months earlier due to composable  architecture 
• The platform leverages iTurmeric – An  integrated platform for a MACH Composable Solution Design in a single  collaborative environment with a built-in  Sandbox. This integrated platform comprises 4 environment Studios –  Experience, API, Choreography & Integration
• The bank is now able to integrate with third  parties (Utility service providers)

Product Innovation-

• Only bank to offer fully digital onboarding  in 3 minutes with reduced process from 15  to 4 steps 
• Direct Integration with Billers Eliminates  Aggregator Commission through the Government Electronic Payment Gateway  (GePG)
• School bill payment direct integration 
• Charges automation will prevent leakages of  various bank charges 
• Payment system transactions improved  within 2 months of go-live 

Regulatory Compliance-

• The bank is able to manage NPA better  through digital loan management app 
• Automated EOD and other regulatory  reporting in minutes vs. hours

Benefits Achieved:

Faster & Seamless Processes-

• 3-minute digital onboarding for retail customers 
• Physical account opening for retail  customers in 10 minutes vs. 1-2 hours earlier 

Increased Revenue From Alternate Channels &  Reduction In Revenue Leakage-

• Direct Integration with Billers Eliminates Aggregator Commission through  Government Electronic Payment Gateway  (GePG)
• The Bank will earn a float through various bill payments 
• School bill payment introduction will help the  bank earn a float Month 
• Charges automation will prevent leakages of  various bank charges 

Improved Payment System- 

Improved payment system, enabling each  branch to process 2000+ payments daily 

Faster Go-to-market- 

A new product variant can go live in 1-2  days vs. months earlier due to the composable architecture