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IBSi Case Study: IndusInd Bank Elevates Supply Chain Finance with Veefin Solutions

By Puja Sharma

February 02, 2024

  • Customer Experience
  • Digital Banking
  • Digital Supply Chain Finance
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IBSi Case Study: IndusInd Bank Elevates Supply Chain Finance with Veefin SolutionsIn a groundbreaking collaboration, Veefin Solutions empowered IndusInd Bank to revolutionize its Supply Chain Finance (SCF) processes, marking a milestone in the bank’s digital transformation journey.

Read the Full Case Study: Uncover the details of this success story and learn how your organization can benefit from similar digital transformation.

IndusInd Bank, a leading Indian financial institution, faced challenges in its SCF operations, with a mix of manual and digital processes. The need for a seamless, end-to-end digitized solution became paramount. Enter Veefin Solutions, a dynamic financial product and digital solutions provider offering agile solutions to meet evolving business needs.

The transformation program aimed to replace the existing system, to leverage the digital India stack for credit decisioning, and enhance the overall user experience without disrupting ongoing business operations.

Smooth Sailing Through Implementation

Veefin’s strategic approach included collaborating with a Big4 consulting firm to establish a robust Project Management Office, ensuring efficient project governance. Project management tools such as Jira and Microsoft Project facilitated seamless coordination between the bank and vendor teams. Daily stand-up meetings kept the project on track, ensuring a swift migration of 90% of programs within the first five months and the remaining 10% in the subsequent six months.

Quantifiable Success

The results speak for themselves – IndusInd Bank emerged with the most advanced digital SCF platform, offering an extensive range of SCF products. Notably, the bank witnessed a remarkable 20%+ year-on-year increase in its SCF portfolio.

With Veefin’s solutions, IndusInd Bank provides an unparalleled, end-to-end digitized SCF customer journey, reducing manual workload, enhancing operational efficiency, and elevating the overall customer experience. This success story positions IndusInd Bank as a frontrunner in the competitive financial landscape.

Key Highlights:

  • Digital Revolution in Banking: Explore how Veefin Solutions collaborated with IndusInd Bank to usher in a new era of digital innovation in the financial sector.
  • Seamless Implementation: Dive into the strategic approach that ensured a smooth transition, replacing the existing system without disrupting ongoing business operations.
  • Quantifiable Success: Witness tangible results as IndusInd Bank achieves a 20%+ year-on-year increase in its Supply Chain Finance portfolio, establishing itself as a frontrunner in the market.
  • Strategic Insights: Gain valuable insights into the transformative process, with IBS Intelligence providing in-depth analysis and key takeaways.

Transform your operations, enhance customer experience, and achieve digital excellence. Explore the transformative power of Veefin Solutions with IBS Intelligence’s latest case study.

 

 

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