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K2 Privacy & Compliance

Developing and adapting core business processes faster than ever

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.

10+

end-to-end processes automated

5x

faster to process tickets

200

page documents now processed in hours, not days

Company
FIMBank
Website
Industry
Financial Services
Country
Capabilities Used
K2 Software

Who they are

FIMBank plc. is a leading provider of trade finance, factoring, and forfaiting solutions, with a global presence in various important financial and trading centers.

What they needed

FIMBank needed more efficient back-office operations to be able to respond more quickly to customer demand for its specialized financial services.

How they did it

With automation, manual data entry was eliminated and profit calculations are now produced automatically, resulting in credit applications that are processed more quickly.

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 K2 Software 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.”

K2 Software 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, K2 Software 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.

The flexibility of K2 Software allows us to develop new automated processes easily. When business processes need to change, we can also adapt our workflows in a matter of hours.
Antoine Sabardeil, Business Analyst, FIMBank
A key business process with many steps

Challenge: Several days for credit approvals

There was one process in particular that FIMBank wanted to speed up: its credit approval process. Every month, the bank needs to process a substantial amount of credit requests. Each request needs to be reviewed in depth, and a considerable amount of information needs to be collated and submitted to the bank’s risk department in support of each application.

The existing credit approval process relied on email and paper-based documents up to 200 pages in length. “Challenges arose from having multiple versions of these documents, and delays occurred while managers checked the information,” explains Antoine Sabardeil, Business Analyst at FIMBank. “As a result, several days could elapse between a customer requesting credit and the application being ready for consideration.”

Solution: Process is now streamlined

As the credit approval process was mission critical for FIMBank, it initially enlisted a workflow consultant team to work within its IT department and help the company implement the workflow process.

This initial on-site consultancy proved pivotal to the company’s long-term success. “It was half development and half training,” says Sabardeil. “The workflow consultant didn’t just design and deliver our credit approval process; he also enabled us to integrate K2 Software with other third party systems, which then enabled us to start developing workflows ourselves and build many more automated processes for the business.”

The credit approval process once took several days to collate information for the risk department to review. Now, a request for credit that is raised in the morning can be ready for assessment by the Risk Department by the end of the day, enabling FIMBank to respond more quickly.

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