An international retail bank was suffering under the pressure of multiple controls required by their internal Enterprise Risk Control department and external bank regulations.
Time spent auditing the branches and back office activities affected the operational efficiency and lengthened the response time for customers.
How to stay ahead of emerging new banking competitors? who are naturally more agile than a traditional bank? These were the challenges.
FORFIRM first evaluated the feasibility of moving bank’s database into BLOCKCHAIN and collected the mandatory go-ahead from the Legal & Compliance departments.
Having resolved the legal and technological pre-requisites, FORFIRM identified the most impacted processes in the mortgage and current account products.
FORFIRM initiated the redesign of the processes to be BLOCKCHAIN ready and in parallel implemented private blockchain network between the branches and head office.
After the go-live (processes and technology) FORFIRM is continuing to support the bank by updating the control framework and liaising with the external auditors.
Productivity in the impacted areas increased by +30% and customer’s satisfaction also increased thanks to faster response times.