Intelligent CIO Middle East Issue 78 - Page 62

CASE STUDY
BANK SOHAR AT A GLANCE utilises a set of open-source technology elements making it more cost-effective , thereby reducing the total cost of ownership ( TCO ). In addition , Bank Sohar stated that it is a flexible solution that can adapt to the evolving needs of the bank .
Business benefits
Bank Sohar was marred by a lot of manual processes for extracting data and analysing them to take appropriate decision . With the inclusion of the analytics platform , manual effort is eliminated , and analysis is made easy by the use of pictorial representations .
Ahmed Al Musalmi , CEO , Bank Sohar , said : “ Data-driven insights are the lifeline of any digital business today . To fulfil the vision of making Bank Sohar one of the best digital banks in the region , we needed a solution that would help empower everyone in the business with actionable insights . Finacle Analytics Solution brought in a unique value proposition of open-source technologies with deep domain knowledge . Today , our organisation is enabled with the right analytics at the right time for delivering superior customer experience , enhanced risk management and efficient internal operations .”
The advanced analytics capability helped capture deeper consumer insight , which in turn helped the
• Asset size – US $ 7.4 billion and new-age , open-source
• Fastest growing bank in Sultanate technologies to rapidly develop of Oman and deliver actionable insights
• Provides commercial , investment • Automate the manual processes and Islamic banking services pertaining to data extraction and data analytics across
Objective multiple systems
• Become extremely customercentric by capturing and capitalising
Outcome
on deeper customer insights • Increase in alternate revenues
• Leverage advanced embedded and fees from up-sell , crossanalytics to engage better with sell opportunities customers , generate new streams • Right selling by capitalising of revenue and remain profitable on behaviour analytics of the
• Capitalise on emerging customer data technologies and establish itself as • 60 % reduction in overall time taken a leader across channels across processes
• Over 67 % reduction in human
Approach resource utilisation across effected processes
• Capitalise on an advanced
• Introduction of contemporary embedded analytics platform that products and services as per integrates banking data models various customer segments
bank to extremely become customer centric . The bank uses Hadoop which can connect to any data source and this has helped it in planning for data extraction from various sources to leverage the capability of the analytics platform and drive faster business decisionsBank Sohar now has access to key business metrics on the Finacle Analytics Solution with the ability to :
• Have individual and aggregated views of customer cross-sell , up-sell opportunities
• View the performance of relationship managers
• Identify possible causes of loan defaults as part of asset classification and provisioning in alignment with prudential norms
• Identify next best offer based on behaviour analytics of the customer data
• Facilitate introduction of contemporary products and services as per various customer segments
In addition , with the new analytics platform , Bank Sohar has benefited from :
• Significant reduction in the processing time of key data-driven process , review , reconciliation , finalisation , due-diligence , by 60 %
• Significant reduction in overall efforts by 67 % ( man hours , and associated resources )
• Drastic dip in non-performing asset levels thereby reducing the provisioning resulting in enhanced profitability
• Substantial increase in alternate revenues and fees from up-sell , cross-sell opportunities , in addition to improved sales efficiency
Finacle is a leading digital banking solution suite from EdgeVerve Systems , a wholly owned product subsidiary of Infosys . Finacle helps traditional and emerging banking and financial institutions drive truly Digital Transformation to achieve frictionless customer experiences , larger ecosystem play , insights-driven interactions and ubiquitous automation .
Today , banks in over 100 countries worldwide rely on Finacle to service more than a billion consumers and 1.3 billion accounts . In addition , Finacle solutions address the core banking , omnichannel banking , payments , treasury , origination , liquidity management , Islamic banking , wealth management , analytics , Artificial Intelligence , and Blockchain requirements of financial
institutions to drive business excellence . An assessment of the top 1,250 banks in the world reveals that institutions powered by the Finacle Core Banking solution , on average , enjoy 7.2 % points lower costs-toincome ratio than others . p
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