Azentio Banking’s Kastle™ ULS accelerates onboarding of customers and partners for a KSA-based financial services provider

Overview:

The client is a financial institution based in the Kingdom of Saudi Arabia (KSA) which provides Sharia-compliant financial services. Founded in 2009, this leading financial services provider offers innovative financing solutions that meet the requirements of both individuals and SMEs. It is also a leading contributor to the growth of KSA’s finance sector through its initiatives in supporting Sharia-compliant banking.

Company Snapshot:

Company: KSA-headquartered Islamic financial institution
Sector: Islamic banking
Regional presence: KSA

Challenges

Providing a seamless end-to-end experience to digital-savvy customers was a major challenge for the financial services provider. The company wanted a technology solution that could collaborate efficiently with multiple channels in terms of onboarding new business partners.

The company wanted to achieve real-time integration with multiple payment gateways that enable customers to make payments through multiple digital channels. On priority was the need to follow best practices in accordance with the regional laws, particularly for customer KYC documentation and processes. Customer KYC along with address verification had to be executed in order to streamline the onboarding processes.

Solution

The financial institution implemented Azentio Banking’s Kastle™ Universal Lending Solution (ULS) incorporating advanced technical features for Loan Origination, Management and Collection along with user interfaces and application programming interfaces (APIs) for multi-system integration.

Key highlights of the implementation process:

Integrations with third party interfaces and payment gateways were successfully completed within the stipulated timeframe despite the pandemic lockdowns
Azentio Banking made use of an industry standard project management tool – the internet-based Issue Tracking Tool SSP (Support Service Portal) to streamline the implementation process
Governance was done through standard project reviews both internally as well as with the client and third parties
Project steering committee meetings were conducted for management review of the pre-defined requirements.

Benefits

With the implementation of Kastle™ ULS, the client has witnessed an increase in sales volume not only from specific stores but also from multiple vendors and business partners.

The key benefits of this implementation include:

Quick onboarding of both customers and business partners
Reduced TAT for the loan application disbursal process
Decreased complexities related to multiple working shifts of the client’s employees
No business interruption even outside working hours.