FIMBank Enhances Efficiency with K2 Software Automation

Technology Category

Application Infrastructure & Middleware - Event-Driven Application
Cybersecurity & Privacy - Security Compliance

Applicable Industries

Buildings
Finance & Insurance

Applicable Functions

Product Research & Development
Quality Assurance

Use Cases

Leasing Finance Automation
Time Sensitive Networking

Services

System Integration
Training

The Challenge

FIMBank, a leading provider of trade finance, factoring, and forfaiting solutions, was facing challenges in its back-office operations. The bank was struggling to respond quickly to customer demand for its specialized financial services due to inefficient back-office operations. The existing credit approval process was particularly problematic. Each credit request required an in-depth review and a significant amount of information to be collated and submitted to the bank’s risk department. The process relied on email and paper-based documents, some up to 200 pages long. Multiple versions of these documents led to confusion, and delays occurred while managers checked the information. As a result, several days could elapse between a customer requesting credit and the application being ready for consideration.

About The Customer

FIMBank plc. is a leading provider of trade finance, factoring, and forfaiting solutions, with a global presence in various important financial and trading centers. The bank is at the forefront of introducing and developing innovative receivable finance techniques in emerging markets. FIMBank operates in the specialist field of corporate banking, where financial institutions must be able to offer customers tailored financial services as soon as they need them. The bank is based in Malta and serves customers worldwide.

The Solution

FIMBank decided to automate several key processes using K2 software, which was chosen for its tight integration with Microsoft SharePoint. The bank now has over ten automated back-office banking processes, covering areas including customer onboarding, expense claims, real estate security, regulatory event management, and treasury deals processing. The software has enabled FIMBank to save hours of administrative time in its back-office functions, freeing up employees to work on more value-adding tasks. For example, an automated process for transferring the details of new treasury deals directly into the core banking system eliminates manual data entry, so ticket processing is completed in 1/5 of the time. The credit approval process was also streamlined. A request for credit that is raised in the morning can now be ready for assessment by the Risk Department by the end of the day.

Operational Impact

The implementation of K2 software has brought significant operational benefits to FIMBank. The automation of many back-office processes has eliminated many data entry tasks, leading to more transparency in back-office functions. Employees can now monitor and manage the status of everything from new account applications to payment orders more easily. Managers can even use their mobile phones to track the status of tasks and approve requests when they are out of the office. This has improved the efficiency of the bank's operations, whether employees are working in the office or remotely. The bank has also improved its compliance management with automated processes that track deviations and forward any concerns to the compliance department for review. The new regulatory event manager process records actions relating to new regulations, assigns projects to the relevant departments, sets deadlines, and sends reminders to help FIMBank ensure compliance is achieved on time.

Quantitative Benefit