Background
The customer is a fast-growing private sector bank in India. The bank was looking for a solution to automate and scale its trade finance operations, maintain cost efficiencies and a targeted service level, and improve customer experience.
Key Challenges Faced by the Bank
- Manual checks of limits and balances
- Duplicate data entry in multiple systems
- Paper-based handoffs for SWIFT verification
- Lack of case assignment controls
- Manual exception raising and tracking
Streamlined Trade Finance Operations with NewgenONE
The trade finance automation software, built on our comprehensive NewgenONE Digital Transformation Platform, helped the bank in ensuring adherence to SLAs and regulatory requirements. Furthermore, the platform helped in implementing checklists, enabling efficient tracking of credit documents, and increasing the scale of operations by extending trade finance services to even low-volume branches. The platform also enabled:
- Multiple transaction initiation channels, including branch walk-in, customer web portal, and handheld devices
- Support for latest SWIFT messages
- Automatic fee calculation, multi-level approval, and escalations
- Snapshot of a customer profile along with regulatory and transaction pattern parameters
- Risk assessment based on previous transactions and alerts in case of deviations
- Support for Islamic trade finance
- Business activity monitoring dashboards and operational analytics with configurable KPIs
Download the complete case study to learn how the customer achieved:
- Reduced full-time equivalent (FTE) cost by 40-50%
- An increase in processing capacity from 70% to 99%
- Improvement in first time right from 50% to 70%
- Improvement in adherence to SLAs from 70% to 95%