BoI re-engineers processes, upgrades banking software
Specifically, the bank’s core banking application, known as Equinox, has been upgraded to Rubikon, a software believed to hold more benefits for the bank and its customers.
With some of the solutions the software would be providing to the financial institution, the Bank of Industry (BoI) would commence 24/7 operational services, while optimizing the software for solutions like credit administration and loans, reference data, security management, integrated workflow management, integrated business intelligence, integrated delivery channel among others.
According to a statement from the bank, the customer-centric architecture of Rubikon offers a unified view of the bank’s customers across channels and products– providing valuable, real-time access to information relating to client activities and profile, while at the same time aiding the provision of solutions to customers based on specific needs.
“Rubicon supports customer interaction through a number of channels such as web pages, email, automated telephone or SMS. The Bank can leverage this information to offer cross-selling opportunities, new and innovative products and services to its customers.
Customer relationship and case management is an integrated part of the Rubikon solution. The Bank can create a customized, rich and differentiated value proposition for its customers”, the bank added.
For credit administration and loans, Rubikon is expected to be fully explored to provide a flexible framework supporting credit applications, retail and corporate lending, including loan origination, loan set-up, repayments scheduling and rescheduling, disbursement, lifecycle and penalty processing, delinquency and past due management, identifying non-performing assets, provisioning, customer and group limits monitoring, insurance and collateral management and reporting.
Indeed, all processing can be enabled and monitored through workflow and the externalized rules engine as Rubikon provides a flexible and extensive portfolio of lending products.
On security management, the bank noted that the security features of Rubikon contain both administrative and operational types that aid the control of restrictions in terms of monetary values for Users of the system.
“Rubikon’s workflow management is integral to all its modules and provides a complete and automated control of operation; thereby increase efficiency and decreasing operational risk. A set of alerts and notification schemes are part of the built in workflow modules in order to notify Users about actions that require their attention.
“Rubikon banking intelligence monitors the bank’s key performance indicators bringing unparalleled benefits to budget planning, profitability and risk management. Furthermore, the software’s integrated multi-channel architecture ensures that the customer has a consistent and smooth experience whatever the channel used; branch, ATM, internet, mobile, IDTV, IVR, POS or e-banking”, the statement read in part.
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