CASE STUDY
Established in 1995 , Capital Bank of Jordan is a leading financial institution operating in Middle East and has a presence in Jordan , Iraq and Saudi Arabia . As well as offering a range of retail banking services , Capital Bank of Jordan also provides businesses and high net-worth individuals with corporate banking including investment banking , asset management , brokerage and financial advisory solutions .
Capital Bank of Jordan launched an ambitious growth strategy for its corporate banking business . As part of the plan , Capital Bank of Jordan would take majority shares in the National Bank of Iraq , acquire the ATMs and Jordanian branches of Bank Audi , and merge with Société Générale Bank in Jordan .
These acquisitions would offer new opportunities for Capital Bank of Jordan to boost market share and serve more customers . But they would also place additional pressure on the systems and processes supporting its corporate banking activities . Business challenges
“ Our existing treasury and trade management systems were not well placed for growth ,” says Izzidin Abusalameh , Group COO at Capital Bank of Jordan .
The Bank received the vast majority of customer transaction requests via email and processed them manually . As a result , it could take up to 45 minutes for the teams to update customers on the status of their transactions . As well as impacting customer service , working in this way also increased the cost of our operations .
To enhance the corporate banking experience and reduce costs , Capital Bank of Jordan set out to create a brand-new digital portal for corporate banking that would enable customers to manage their accounts and submit transactions at any time , from anywhere .
“ Customers want the same levels of service from their corporate banking accounts that they are used to with personal banking ,” says Jihad Matar , Head of Cash Management , Treasury and Investment Operations at Capital Bank of Jordan .
The Bank realised that if they could integrate cash management , treasury , SWIFT messaging systems and archiving solution , it could deliver the frictionless and rapid service that customers expected .
For this reason , the Bank made enhancing the user experience , speed and reliability of corporate operations the number one priority for its new portal .
Building the portal
To streamline front-to-back treasury and cash management workflows , Capital Bank of Jordan replaced its existing trade management system with Finastra ’ s Trade Innovation and Corporate Channels solutions , paving the way for a seamless corporate banking experience .
Finastra is a global provider of financial software applications and marketplaces , and launched the open platform for innovation , FusionFabric . cloud , in 2017 .
Capital Bank of Jordan targeted treasury and trade management solutions that could automate transaction processing and integrate with a wide range of thirdparty solutions , including SWIFT messaging protocols and the bank ’ s archiving solution .
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