core banking

The client is a new and upcoming bank in Nigeria established to operate as a commercial bank with national authorization. With a rather powerful foray in a challenging banking market, the client is looking at meeting the existing gaps and become the bank of choice for retail, SMEs and Corporates.

Challenge on Hand

The client was eager to set up robust and reliable systems right at the outset to ensure well-founded beginnings. Key modules of Flexcube Core Banking System were being evaluated alongside certain workflows for Customer/Account onboarding and retail loans. The client with a young and dynamic team was looking for a fintech solutions provider with proven capability and experience to go beyond implementation and really partner with it as it starts its journey.
 
 

Project Scope

After several rounds of evaluation, Oracle Flexcube was decided to be implemented as the Core Banking System followed by Workflow for Customer/Account onboarding and retail loans.
 

Highlights

The project met its fruition and core systems were successfully put in place. Infact, the engagement was flagged off even before the bank obtained its national authorization
01
core banking
Timelines were effectively met with regards implementation of various modules
02
core banking
Client staff was trained extensively with regards all the functionalities of Flexcube
03
core banking
Helped envisage the need for other Flexcube modules like Fixed Assets and their likely contribution to meeting the client’s strategic goals.
04
core banking
Insighting and ideating on industry best practices to help the bank formulate a strategic course of action. Profinch team played the anchor in all discussions to help decoct the learnings from the diverse and disparate experiences of the dynamic core team of the client
05
core banking
Workflows for Customer/Account onboarding established alongwith retail loan origination systems. ????????
06
core banking
Profinch servers used for set up since the bank did not have test servers. This helped ensure a smooth relay of processes and avoid snags
07
core banking
Profinch team played an indispensable role in obtaining the National Banking Licence. Flexcube 14.2 Core Banking Solution implementation was initiated, configured upto a certain level and operational readiness clearly demonstrated for the Central Bank to approve the banking licence

Conclusion

Partnering with a greenfield bank at its outset and setting up core systems was exciting for the Profinch team. With its extensive experience in the African subcontinent, the team could handhold and guide thus bringing significant value to the client. Profinch was successful in setting up a robust scalable foundational system for the bank and empowering them with the technical know-how required for driving operational efficiencies.