CASE STUDIES - BANKING

Delivery of a Banking Solution for Micro and Small Enterprises (MSE’s)

Background:

 

In South Africa, many micro and small enterprise owners (MSE’s) use their personal bank accounts for their business transactions and financial management. Furthermore, their staff are often paid their wages in cash, which proves a security risk to these individuals. To address this problem a large multinational financial institution wanted to create a banking solution for micro and small South African enterprises such as these, to change them from being ‘unbanked’ as they have been. As no specific MSE banking solution existed, the IQbusiness Digital team were tasked with implementing, launching and scaling an innovative and effective banking solution.

 

Key business challenges:

  • Implementing an ‘agile’ way of working, in a structured, complex banking environment
  • MSE business owners’ lack of trust towards financial institutions meant the team faced a difficult task in attracting such clients to use the solution in their day-to-day business
  • Managing banking rules, regulations and limitations, while delivering a first-to-market solution
  • Designing an easy-to-use app which these micro and small business owners and employees would be comfortable with and understand. Market research was required to gain a better understanding of these users

 

How we helped their business grow:

  • We implemented an app solution, which enabled business owners to better manage their finances. Further, employees could now be paid in cash which removed the risk they faced when it came to walking around with their salary in cash.
  • By attracting a new market (‘unbanked’ MSEs), we grew the bank’s brand name and influence in an untapped market with high potential
  • Created APIs related to our MSE banking solution which enabled third parties to make use of the bank’s capabilities, further expanding the bank’s client reach
  • Through running an agile approach to the project, the app solution was implemented ahead of schedule, and as a result, this was the first specialised MSE banking solution in the market

Design and implementation of a Data Integration Platform for AML monitoring for 17 Africa Countries

The Compliance division of a tier 1 South African Bank required an implementation of a Group Wide AML solution. IQbusiness was contracted to handle the Data Provisioning stream of this project.

 

How we helped their business grow:

  • Designed and implemented an ODS to use for data integration utilising existing patterns for data sourcing across the African continent.
  • Developed using Microsoft SQL Server database and SSIS integration tool.
  • Mapped required data from existing source files and implemented best fit data mapping to address data gaps and quality issues.
  • Implemented operational monitoring reporting to ensure delivery of all expected files as countries were implemented into production.

 

Results:

  • Compliance obligations were met for delivering files from multiple countries to new AML solution resulting in improved compliance.
  • Watch list filtering of customer base converted to automated process for completed countries.
  • More sophisticated transnational monitoring models implemented resulting in tighter controls.

 

Other benefits:

Enhanced functionality applied to Landing Zone and Data Management System components that could be leveraged across all data services areas.

 

Document Scanning and Submission – A lean, iterative and low cost innovation

Challenge: 

A large UK challenger bank wanted to innovate their mortgage application submission process to make it easier for customers to apply, and to make it easier for 3rd party brokers to manage document submissions, without invoking a costly large-scale project.

 

Approach:

In partnership with our FinTech partner in the UK (Aicura) we helped the bank to run a lean project to rapidly iterate through a prototype and POC, gain feedback from the target audience(s), and then deploy a Minimum Viable Product in as short a time as possible, with as little integration into back end systems as possible.

 

Solution:

A Web and Mobile Document Scanning and Submissions system was developed to manage the document submission process. Brokers and Branch Staff can scan a customer’s documents immediately – even in low / no bandwidth situations (for example at property development locations with no internet connections) and the solution will automatically submit the documentation when the user is online again.

The Digital team undertook 1 week of discovery and planning, and 6 weeks of development to iterate through the various releases of the solution.

 

Benefits:

The client achieved the objective of innovating at low cost and in a short time. – a competitor took the same time to prepare a quotation as it took our team to release the first version into production.

Customers of the bank now receive an answer to their mortgage application in shorter timeframes.

Brokerages prefer to use the solution over normal fax or post as it is faster and only costs a fraction of the alternatives.

Large brokerages enjoy the ability for administrators to submit and manage submission on behalf of brokers, and are sending more business to the bank.

Financial services industry – Large African Retail Bank

IQbusiness has conducted research for one of South Africa’s biggest banks.

Our main focus was to assist the concerned financial institutions to understand the market and the financial needs of the public entities.

Key business challenges:

Understanding the market and the financial needs of the public entities.

Approach: 

One-on-one interviews, focus groups, industry research and trend analysis. This was achieved through conducting an internal and external analysis in order to obtain useful industry information to feed into a targeted marketing campaign.

How we helped their business grow:

  • A report on the external analysis of the public services sector and all back up materials.
  • Sector reports (education, government and health) that consolidated the findings from the secondary, primary and internal analytic research.
  • Final report and presentation on the findings from the internal report and external IQbusiness analysis as well as recommendations going forward.