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.
With 10+ automated workflows for processes such as financial approvals, financial compliance, and back office banking processes, FIMBank has saved hundreds of hours of employee effort. Now, many data entry tasks have been eliminated and there is far more transparency in back office functions. Profit calculations are produced automatically, and credit applications are processed more quickly.
Today, it is much easier for employees to monitor and manage the status of everything from new account applications to payment orders. Managers can even use their mobile phones to track the status of tasks and approve requests when they are out of the office. So whether employees are in Dubai, Greece, London, or Malta—working in the office or remotely—they can work efficiently to deliver a high quality of service for customers.
Accelerating back-office banking processes
Challenge: Accelerating back-office banking processes
In the specialist field of corporate banking, financial institutions must be able to offer customers tailored financial services as soon as they need them. Recognizing this, FIMBank wanted to improve the efficiency of its back-office operations and accelerate key processes to enable it to respond more quickly to customer demand for its specialized financial services.
Solution: Automating several key processes
FIMBank investigated a number of potential business process automation solutions and selected Nintex Automation K2 because of its tight integration with Microsoft SharePoint. Now, FIMBank 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 flexibility of the workflow platform allows us to develop new automated processes easily,” says Antoine Sabardeil, Business Analyst at FIMBank. “When business processes need to change, we can also adapt our workflows in a matter of hours.”
Nintex Automation K2 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.
Likewise, a new workflow process for calculating the profitability of foreign exchange deals has led to substantial time savings. Financial reports are generated automatically and shared electronically, with no need to manually reconcile accounts or check exchange rates. “In two years, Nintex Automation K2 has generated over 5,000 profit calculations, saving hundreds of hours of employee time,” Sabardeil says. “The treasury department estimates that having reporting capabilities built into the system saves two to three hours per month in report compilation.”
Several of FIMBank’s newly automated processes help the bank manage compliance with internal processes and financial industry regulations. A new Anti Money Laundering (AML) approvals process tracks deviations and automatically forwards 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.
