The Problem
Before ProcessMaker, Co-operative Bank was operating on a software suite that wasn’t able to deliver a comprehensive solution that the bank required. Co-operative Bank need to integrate legacy systems with their workflow solution. For example, the bank needed to simplify the account management process without losing the information from its existing investments. A workflow solution that could extend the value of its current software was preferred, especially one that could take information from prior systems and incorporate the data into processes that can then connect to point solutions, cloud solutions, and more. Co-operative Bank also wanted to improve the security and efficiency of its identification verification processes for uploading documentation. The bank did not have proper technology to support mass digital identification efforts and had to resort to manual processes.
The Solution
Co-operative Bank knew that in order to improve its security, stay compliant, and deliver the best customer experience possible, it needed a robust workflow system. ProcessMaker’s workflow automation software enabled the bank to serve its various departmental needs, including complete lending lifecycle and asset finance as well. Co-operative Bank required a robust solution that was able to streamline all of its branches and processes on one platform. The amount of complexity, customization, and power the possible solution required was enormous. Not only was information safely transferred to the new platform, the legacy software’s value was raised due to increased efficiency and connection of multiple disparate systems. Due to the ProcessMaker platform being intuitive and simple to use among non-technical personnel while offering advanced features for developers, Co-operative Bank was able to use ProcessMaker for all operational needs.
The Value Created
To date, Co-operative Bank of Kenya is now a fully biometric bank with a streamlined lending process. Its customers can now open, assess, close, or make adjustments during the lending lifecycle without needing to leave the platform. The credit risk management and account opening processes are now completely automated in UAT. Co-operative Bank is able to comply with current regulatory requirements in real-time using the intelligence software. To combat fraud and anti-money laundering (AML), Co-operative relies on its biometric and artificial intelligence capabilities through ProcessMaker to ensure transactions are secure and compliant, every single time. Co-operative Bank in 2019 is now a leading example of African financial excellence, in large part due to its operational efficiency, technological adoption and competitive advantage afforded by using biometrics, and streamlined process management.
