Overview

Veefin Solutions is a financial product and digital solutions provider offering innovative solutions. An agile development partner to Financial Institute they implement speed-to-market solutions for all business needs.

IndusInd Bank Limited is an Indian financial service headquartered in Mumbai. The bank offers commercial, transactional, and electronic banking products and services. The bank had over 70 Corporate Supply Chain finance programs with thousands of suppliers and dealers already using an existing system for years.

Some parts of the process were manual and paper-based while others were digital. Over the last few years, the digital India stack had seen the advent of numerous third-party data aggregators and providers that could be utilized to improve credit underwriting. Additionally, the fintech players were improving the user experience, and product features, which meant the same corporate users now demanded the same from their banks. The bank departments and users were spread across multiple offices and cities, so it was not possible to have in-person meetings. Requirement gathering meetings required representation from multiple departments, and we had to manage multiple calendars to set up online calls. When the project started, COVID restrictions were also in force, which made physical interactions challenging.

The aims of the transformation program were:

• Replace the bank’s existing system and migrate all the programs to Veefin.
• Reimagine the entire customer journeys to utilize the digital India stack for credit decisioning and user experience.
• Do the above without hampering any existing business with Zero downtime for the customers.

Implementation Process

Veefin hired a Big4 consulting firm to setup the Project Management Office at the start of the project and manage the PMO office for the initial nine months. This ensured that the foundation of the project with regards the project governance were in place and the desired senior management mindspace and attention was secured.

Project management tools like Jira, Microsoft project were deployed and used by both the bank and vendor teams. A working group was setup with bank users and Veefin, who had a daily stand-up meeting to quickly remediate any issues, helped keep the project on track and gave on-going visibility to all stakeholders.

Benefits Achieved

• 90% of the programs and businesses were migrated to Veefin within the first five months of the start of the program with no major customer issues.
• The remainder 10% was migrated within the next six months.
• The bank boasted the most upgraded version of a digital SCF platform in the market and offered the largest number of SCF products to its customers.
• The bank saw a 20%+ increase YOY on its SCF portfolio.

Conclusion

With the implementation of Veefin’s solution, IndusInd bank was able to provide an end-to-end digitised SCF customer journey. This reduced manual work in the bank’s operations and improved overall customer experience, providing them a competitive advantage in the market.

Key Facts

Bank Name: IndusInd Bank
Bank Founded In: 1994
Bank HQ: Mumbai, India
Vendor Name: Veefin Solutions
Solution Implemented: Veefin Supply Chain Platform
Timeline: Go-Live in October 2022