CUSTOMER STORIES
STERLING BANK RETAIL & CORPORATE LENDING DIGITALISATION
A case study on the digital transformation of one of Nigeria’s multi-awarded commercial banks
Background
Sterling Bank Plc. is a Nigeria-based financial institution engaged in universal banking and focused on consumer banking, trade finance, investment banking, and capital market activities. Since 2011, it has cemented its position as a major player in the sector. Sterling Bank Plc. now has a wide network of over 180 branches all over Nigeria. To retain its competitiveness in the market’s dynamic landscape and ensure a future-proof credit process, it realized the need to adopt digitalization across its lending operations.
After an extensive due diligence process and proof of concept involving key vendors in the market, Axe Finance emerged as the preferred choice for Sterling Bank Plc. The bank implemented ACP to support its Retail Lending activities, on which the scope of the project later also extended to its Corporate Lending segment.
Key Challenges
In 2013, Sterling Bank was searching for a software to improve their retail and corporate lending performance. Their needs included:
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A seamless loan processing, monitoring, and reporting platform
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The ability to effectively track credit related transactions
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A powerful EDMS to attach and track documents throughout the credit process
How Axe Finance Effectively Tackled These Challenges
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Reduction in operational workload
80
TAT decrease
9
ACP users in the bank
Simplifying the Lending Operations' Digitalization
Axe Finance demonstrated its ability to fully meet Sterling Bank’s requirements for digitalizing its Retail Lending and Corporate Lending operations, through its solution that allows simplicity of implementation coupled with high-quality support and a track record of on-time delivery.
Automating the Lending Operations
ACP covered various aspects of Sterling Bank’s Retail and Corporate lending workflows, including eligibility rules, target markets, and authority matrices. Moreover, internal rating and scoring models have been integrated into the platform, encompassing financial spreading and qualitative data scoring. ACP also manages collaterals both pre and post approval, while offering robust limit management functionalities, further enhancing Sterling Bank’s lending operations.
Testimonials
Since ACP’s implementation, we’ve noticed a clear improvement in the corporate lending performance.
Corporate and Commercial Lending Corporate Credit Analyst, Sterling Bank Plc said:
…We are very satisfied with Axe Finance’s ACP software because it brings great efficiency to our consumer lending. It eliminates duplication of Credit Application Management, provides a centralized view of data for better decision making. ACP is an outstanding tool to track and analyze facility status…”
Consumer Lending Credit Analyst, Sterling Bank Plc
“Since ACP’s implementation, we’ve noticed a clear improvement in the corporate lending performance. ACP Integrates a robust and flexible workflow engine allowing design and storage of risk rating/scoring templates and their modification at any time with complete self-sufficiency. ACP also allows us to easily compute and complete financial ratios analysis…
