GarantiBank in digital transformation

GarantiBank in digital transformation

GarantiBank International (GBI) has gone live with Five Degrees’ Matrix solution for retail savings and deposits in the Netherlands.

Matrix is automating GBI’s middle office operations, combined with a front-end portal from another Dutch company, Iquality.

This part of the operation was previously fairly manual, says Ozgen Simons, member of the managing board at GBI. The resultant “digitisation of all processes” has improved customer experience, from many aspects, including making it mobile friendly and adding responsive web interaction and easier account opening.

“Operational cost reduction through efficiency gains from straight-through paperless processes will be significant,” Simons states.

The project started last year and cutover was in March 2017.

GBI will add new functionality within a second phase in the Netherlands and, before the end of the year, will decide whether to also adopt Matrix for its savings and deposits business in Germany.

Marco Witteveen, the bank’s COO, says the proven nature of Matrix and the fact that it is based on new technology contributed to the decision.

Matrix effectively acts as the “control centre for all workflows” between the customer front-end and the back office, Witteveen explains. At the back office, GBI uses Temenos’ T24 for core processing.

Matrix now handles all customer onboarding processes at GBI, such as approvals and compliance, and acts as the single retail customer database, supporting relationship and document management.

“It fits well within the digital transformation programme of the bank,” Witteveen observes.

He is also complimentary about the relationship the two parties have built. “We worked well together and, when issues arose, we discussed them openly and transparently. Five Degrees was always open for comments and suggested improvements.”

There was a “slight delay” but the conversion went smoothly, with no major issues.

Martijn Hohmann, co-founder and CEO at Five Degrees, states the company maintains “a track record of 100% successful projects”.

GBI is a European subsidiary of Turkey’s banking group Garanti, which in turn is majority owned by Spain’s BBVA Group.