SAIB wanted to achieve rapid, large-scale process automation in line with its mission to make banking simple and accessible for each of its customers. The Bank engaged with VeriPark for this critical digital transformation project and implement its VeriBranch Branch Automation Solution which provides a single integrated branch automation platform as an end-to-end solution and simplifies operations in one central simple interface.
"We focused on the most common transactions in the customer service area and automated the processes covering account opening, loans and others," said Ramzi Al-Nassar, General Manager Personal Banking, SAIB. "We worked on the critical touchpoints that had a significant impact on our business and our long-term goal was to have our customers use digital self-service channels, such as mobile, internet banking and kiosks."
The Bank selected the loan and account opening processes as their initial focus domains. What made these areas an excellent target for automation and improvement was the duration of the operations. The loan process used to take about 3 to 4 days for loans. Following the Customer Relationship Management (CRM) implementation and the addition of peripherals to facilitate the entry of data and signature verification, the loan process is now being completed within just 30 minutes.
The customers visiting the branch for teller transactions had to wait in the line and manually sign multiple documents for legal purposes. Now the customer arrives at the counter and receives a one-time password by SMS for the transactions performed by teller. The verification process takes less than 2 minutes and the signature is required only for legal purposes.
The account opening process too has been substantially streamlined. The customer no longer needs to wait at least 2 days; as the account is opened during the setting-up process right then and there; in addition they receive a made debit card immediately at the branch. By focusing on their Omni-channel strategy, customers can also open a new account online, a process which is automated and only takes 20 minutes to perform. The dramatic improvement on the speed of loan and account opening operations allowed staff to be deployed for activities that are more important to the serving of the customers.
SAIB has completed the first two phases of their digital transformation by providing the new channels and adapting the technological infrastructure. The Bank now aims to continue adopting further customer enhancing technologies to maintain its strategic position in the digital environment to meet its commitment to its customers.