CUSTOMER STORIES
KEEPING UP WITH A PROMISING
LENDING DIGITAL TRANSFORMATION JOURNEY AMID COVID-19
The case of a successful remote implementation for a TOP-TIER Bank in Vietnam
Background
In the wake of the prolonged COVID-19 pandemic, remote work has swiftly become an integral part of our daily lives, altering the traditional landscape of business operations. This shift has prompted a collective inquiry into how entities within the FINTECH industry navigate their objectives, sustaining business continuity without sacrificing operational excellence in the absence of customary physical meetings.
Amidst this backdrop, the case study explores the implementation of a loan origination software by Istabrak, Project Director at Axe Finance, within a top-tier Vietnamese bank. Notably, this endeavor unfolded amidst the challenges posed by remote work and the resulting jet lag experienced due to geographic separation.
Key Challenges
The top-tier bank in Vietnam aimed to automate its credit processes, from application and KYC up to approval, to be able to stay ahead of the competition and efficiently navigate the following challenges:
/
Pandemic context:
The COVID-19 pandemic highlighted the importance of digital channels and remote capabilities for serving customers and ensuring business continuity.
/
Efficiency requirements:
With a large network composed of over 600 representations including branches, offices, and affiliates both in Vietnam and abroad, the bank recognized the need to enhance its efficiency in credit risk management and approval processes to adapt to changing customer behaviors and market dynamics.
/
Scalability and flexibility:
The bank wanted a scalable and flexible platform that could accommodate its diverse business segments, including Corporate, SMEs, Financial Institutions, and Non-Bank Financial Institutions.
How Axe Finance Effectively Tackled These Challenges
80
Reduced operational risk
72
TAT decrease
40
CAs volume increase
Efficient Integration
ACP significantly enhanced the efficiency of the bank’s credit risk management and approval processes through several key features. Thanks to ACP, the bank is empowered with an end-to-end automated credit lifecycle process with one single system entry point for all credit stakeholders thanks to seamless integration and smooth communication between 15 third-party systems.
Customer Satisfaction is key
The bank also improved its overall customer satisfaction when reducing the time to decision (“Time to Yes”) for all credit segments, despite the pandemic period, with the help of ACP’s automatic decisioning based on predefined business rules & scoring and seamless omnichannel customer journey where credit applications can be initiated from multiple online and offline channels (mobile app, internet banking, website, third-party systems, and offline channels).
Testimonials
The most appreciated component of this solution is for me the Business Rule Engine, a real game-changer in term of configuration UX and flexibility.
The bank’s Deputy Director at the Credit Risk Management Department said:
It was a pleasure working as one team with Axe Finance on this credit risk management digitization project. Being amidst COVID-19 lockdown and with all the related constraints, we succeeded in implementing the ACP solution smoothly thanks to the involvement, support, and the dedication of Axe Finance and the bank’s team as well.
A well-tuned implementation methodology from preparation to Go Live and a successful knowledge transfer through advanced training ensured to the credit teams a smooth hands-on of the solution to adopt it and benefit from its powerful features. ACP will help us gain in terms of efficiency especially in this pandemic context, indeed, working remotely and benefiting from mACP, the mobile version of ACP solution, is of great help to continue serving customers remotely and ensuring a shortened Time to Yes for all credit segments at the bank (Corporate, SME, FI & NBFI).
I would like to appreciate the milestones we have reached together throughout our cooperation in this project. I hope to continue the remarkable fruitful streak and may our collaboration flourishes into further accomplishments.
