CUSTOMER STORIES
Polaris Bank goes live with ACP Corporate lending solution
The case of a Corporate Lending implementation at a leading bank in Nigeria
Background
POLARIS BANK a leading financial services provider in West Africa. With headquarters in Nigeria, the bank maintains subsidiaries in Sierra Leone, the Gambia, the Republic of Guinea with over 373 branches and cash centres. Polaris Bank (ex Skye Bank plc.) invests significantly in the acquisition and deployment of Information Technology for enhanced customer experience across its multiple service delivery channels. Polaris Bank (ex Skye Bank plc.) is also the winner of Best Bank in Risk Management Award (Conrad Clark Nig. Limited) in 2014.
After a thorough selection process, Polaris Bank (ex Skye Bank plc.) picked Axe Finance to automate its corporate lending.
Key Challenges
To automate its corporate credit processes, from application and KYC up to approval, to be able to stay ahead of the competition and efficiently navigate the following challenges
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Efficiency requirements
Polaris Bank recognized the need to enhance its efficiency in Corporate Credit risk management and approval processes to adapt to changing customer behaviors and corporate market dynamics.
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Speeding up Corporate loans processing
The large-scale business has complex lending needs, which require lengthy processing time. There is a need to expedite these decisions while effectively managing credit risk
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Scalability and flexibility
The bank wanted a scalable and flexible platform that could accommodate to large scale businesses and their lending needs.
How Axe Finance Effectively Tackled These Challenges
115
Loan application and processing time improvement
80
Reduced manual paperwork
92
Reduced operational risk
Loan processing efficiency
ACP enabled Polaris Bank (ex Skye Bank plc.) to speed up loan applications and processing without sacrificing the quality of decision-making, enabling faster service for customers, improved operational efficiency, and a potential increase in customer satisfaction due to quicker loan approvals.Â
Enhanced risk management and compliance
Thanks to ACP, Polaris Bank (ex Skye Bank plc.) was able to reduce operational risk and data loss during credit processing through tighter document management and reduced paperwork, while ensuring full compliance with the bank’s lending policies and local and international regulatory requirements. ACP helps Polaris Bank (ex Skye Bank plc.) ensure the integrity and security of data, reduce the chances of errors, and avoid regulatory penalties, upholding its reputation and trustworthiness.
Testimonials
It was crystal clear for us that axefinance is a technically sound partner offering a powerful credit automation solution fitting our needs of performance optimization, credit risk mitigation and gain of efficiency.
Olawoyin Babajide Alabi, Acting Deputy Chief Credit Officer said:
Polaris Bank (ex Skye Bank plc.) prides itself on being one of the pioneers in Nigeria and the region in the adoption of innovative financial technologies that will benefit both our team and our customers. It was crystal clear for us that axefinance is a technically sound partner offering a powerful credit automation solution fitting our needs of performance optimization, credit risk mitigation and gain of efficiency. Indeed, the project was completed on time and on budget. After such a smooth collaboration in the corporate lending digitalization, we’re keen to launch the second phase in order to extend ACP to Retail Lending as soon as planned in our transformation agenda
