Co-operative Bank of Kenya

Finance & Insurance

Co-operative Bank of Kenya
Name: Co-operative Bank of Kenya Sector: Finance & Insurance Employees: 4,000+

Highlighted Processes

  • Account Opening Process
  • MSME Loan Process
  • Personal Loans Process
  • Asset Finance Process

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.

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.

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