Banking Process Digitalization

Client: Global leader in Banking and Fintech

Technology

jBPM​,Java 1.8,​RxJava,​Spring Boot , Spring Data, ​MapStruct, ​REST APIs​

Services

  • Global banking workflow automation,
  • Custom development of a monitoring and reporting application to meet requirements of Lending & Deposits and Credit Risk Management customers and trading partners,
  • Legacy system modernization

 

Challenges

The Client was using highly fragmented legacy applications which severely complicated customer and process management across credit ratings and risk assessment, loans, lending, and deposits.

In particular, the company faced the following challenges: 

  • lack of risk data accuracy and integrity for credit decisions,
  • high fragmentation of software solutions which prevented them from meeting the audit requirements, 
  • non-automated workflow support for Structured Credit Analysis,
  • process breaks, manual workarounds/inefficiencies,
  • system performance hiccups,
  • lack of transparency and traceability of processes and data for Lending & Deposits decision-making
  • lack of real-time monitoring,
  • slow and inconsistent pricing exception approval tracking and execution.

 

Solution

Having analyzed the client’s current legacy applications, our rinf.tech team managed to identify common patterns that created bottlenecks in the company’s banking and financial ecosystems.

Our analysis showed that one of the most critical factors causing system performance delays, resource allocation issues, problems with adaptability to changes, and inability to meet customer needs was the lack of a modern business process integration layer.

As such, the solution we offered consisted of the custom development of a business process integration layer and its deployment, and the overall system upgrade. 

Since time was of the essence for the customer, we developed a roadmap to be achieved within 4 months.

Our custom-built solution had functionality allowing the client to:

  • address the communication and process execution gap between business users and IT, with business process management capabilities,
  • allow orchestration of services and seamless integration of business requirements,
  • alleviate the barrier of communication amongst multiple channels and siloed departments,
  • minimize the costs, time, and resources required to build and maintain them.
  •  

The current solution was chosen considering the business context of the customer, their current digital transformation maturity level, regional distribution, overall ecosystem, and the degree of connectivity for existing processes.

The logical data model has been divided into three data groups:

  • Borrower related data
  • Pledger related data
  • Facility / CAM-related data


This data has been distributed into several entities.

Results

  • 6-digit figure yearly cost savings – as a result of the expensive TIBCO license renewal discontinuation, automation, and legacy system upgrade.
  • Business process visibility increases at the organization level.
  • Facilitation of the loose coupling of systems and actors.
  • Improved ability to meet regulations compliance audit criteria due to workflow automation.
  • 15% increase in customer response rates,
  • 35% reduced effort spent on platform monitoring and cross-systems health checks.
  • Eliminated redundancy and system performance stabilization.  
  • A unified Data Model linking corporate strategic objectives to KPIs and automatic reporting,
  • 20% faster time to market new features and implement changes.
  • Higher quality of customer services.

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