Kiya.ai transformed Jordan Ahli Bank’s Loan Origination System
December 11, 2023
Overview
Jordan Ahli Bank acknowledged the urgent need for a comprehensive overhaul of its SME and Corporate Loan Origination process, marred by manual procedures leading to prolonged application processing times, high operational costs, fragmented data management, and difficulties in real-time data retrieval from the Core System. The project aimed to address these challenges by automating the entire loan origination workflow, eliminating manual operations, streamlining procedures, optimizing processing times, and developing a robust reporting system for enhanced credit assessment capabilities. Additionally, the initiative focuses on centralized data management to ensure organized, accessible, and secure loan origination data.
The objectives of the project included minimizing manual interventions to reduce errors, automating and streamlining the loan origination process, drastically reducing processing times for quicker decision-making, improving credit reporting efficiency, enabling real-time data access through seamless integration with the Core System, enhancing the user experience for both bank employees and customers, and overall boosting productivity and efficiency to achieve cost savings and improved service delivery.
Implementation Process
The implementation of the CRM & Loan Origination system at Ahli Bank was a complex undertaking that harnessed a hybrid methodology, combining elements of both agile and waterfall approaches to address the intricacies of the project effectively.
In the initial phases of the project, which encompassed requirement gathering, design, User Acceptance Testing (UAT), and Deployment to LIVE, a traditional waterfall approach was meticulously executed. This phase emphasized structured planning, precise documentation, and a clear understanding of project objectives, ensuring a solid foundation for subsequent stages.
In contrast, the Development & Integration phases adopted an agile approach, fostering flexibility and adaptability. This methodology allowed for iterative development, responsiveness to evolving requirements, and quicker progress.
A suite of essential tools was employed to support this multifaceted project:
- Integrated Development Environment (IDE): Eclipse IDE served as the cornerstone for development, offering a robust platform for coding and application creation.
- Application Server: JBoss was chosen as the application server, providing a stable environment for hosting the CRM & Loan Origination system.
- Database Management System (DBMS): SQL Server played a pivotal role in storing and managing data efficiently, ensuring data integrity and reliability.
- Reporting Tools: The reporting needs were met through SSRS (SQL Server Reporting Services) and BIRT, enabling comprehensive and insightful reporting capabilities.
- Version Control System: Tortoise SVN was instrumental in version control, enabling efficient management of code and project assets.
- Defect Management: MS Excel was utilized as a tool for defect tracking, offering a structured approach to identify and resolve issues throughout the project’s lifecycle.
This hybrid approach, along with the strategic use of these tools, was instrumental in the successful implementation of the CRM & Loan Origination system at Ahli Bank, allowing for a harmonious blend of meticulous planning and agility in adapting to evolving project requirements.
Benefits Achieved
- Cost Efficiency: Achieved an impressive 35-40% reduction in the Total Cost of Lending Operations, optimizing resource allocation and financial sustainability.
- Process Streamlining: Realized an outstanding 60% reduction in Process Turnaround Time (TAT), allowing for faster and more efficient loan processing.
- Reduced Manual Effort: Reduced manual intervention by an impressive 60-70%, decreasing the risk of errors and improving operational reliability.
- Increased Capacity: Enhanced the bank’s capacity by processing 30% more loan applications efficiently, leading to growth opportunities.
- Automation Excellence: Introduced 22+ unique process automation techniques for SME & Corporate Business Lines, further improving workflow efficiency.
- Seamless Integration: Established 75+ interface touchpoints with various business applications, facilitating seamless data exchange and enhancing overall system interoperability.
Conclusion
In summary, Kiya.ai’s innovative solution brought about a transformational shift in operations, delivering cost savings, rapid processing, reduced manual intervention, increased capacity, automation enhancements, and improved integration capabilities. These benefits collectively elevated Jordan Ahli Bank’s loan origination processes to new heights, reinforcing its competitive edge in the financial industry.
Key Facts
Bank Name: Jordan Ahli Bank
Bank Founded In: 1955
Bank HQ: Mumbai, India
Vendor Name: Kiya.ai
Solution Implemented: Kiya.ai CRM & LOS
Timeline: Go Live April 2023
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