Account Opening Process Automation at National Bank of Kenya

National Bank of Kenya

The 72nd largest economy in the world-Kenya has a strong, growing BFSI sector that serves as the financial hub of Central and Northern Africa. National Bank of Kenya is a major player in Kenya’s banking industry and has its business spanned across 75 branches with multiple lines of business (LBOs). The bank has been in existence for more than 4 decades and its primary objective is to help Kenyans get easy access to credit and stabilize the Kenyan economy through consistent and reliable services.

The Stumbling Block

While the Bank had taken a leading role in the issuance and promotion of modern delivery and payment systems, the bank realized that some of its processes have become obsolete which interfered with the pursuance of its goals. For instance, the bank was still processing transactions manually with too much dependency on paper and manual data entry at branches, as a result of which customers had to wait in queues for long which lead to customer dissatisfaction. The customer representatives at the branches were tied up in mundane tasks and had less time to interact with customers for cross-selling. The bank was facing difficulty in capturing FATCA information which was mandatory for compliance.
There was a lot of paper exchange in batches from branches to head office, leading to inflated courier costs.

The bank realized that its own antiquated processes were acting as a stump to its growth objective. In order to stay relevant to its customers, it needed to evolve and embark on a journey to overhaul its processes. The project was a landmark decision for the bank, which featured its aggressive growth plans. The Bank was looking for a solution to address its pain points and decided to implement Newgen Banking Solution given its pioneering role in transforming the banking industry in some of the most growth-intensive regions.

Implementation Impact

The bank implemented the Newgen Banking Solution across thSeTeUnDtYe:rpBrAiNseKIaNnGd was able to digitize entire documentation process that resulting in faster process cycle times and lower operational costs coupled with easy storage & retrieval of forms and scanned documents. The Bank was also able to reign in FATCA compliance into the system for US Citizens/Non-Kenyan Residents.

The bank successfully centralized the system which made sharing of documents in workflow easier. The solution had the right checks in place to prevent fraudulent activities and the bank could generate report templates based on business rules. Anytime, anywhere right-based access to relevant information resulted in quicker decision making. The bank also achieved faster time to market through lower time for process roll-out. With Skill-based dynamic work allocation capability, the bank was able to achieve higher process efficiency and faster exception resolution with the exception management mechanism.

Timely intervention by the bank to overhaul its processes by implementing Newgen’s solution proved to be a game-changer for them as it brought about complete Business Transformation for the Bank.