REGIONAL REVIEW
The implementation of Finacle Analytics Solution empowers all our bank employees and management with the right insights to have more contextual engagements with our customers .
visualisation tool to view the analytical model outputs in the form of dashboards and other interactive visualisations .
According to the Oman-based bank , the solution utilises a set of open-source technology elements making it more costeffective , thereby reducing the total cost of ownership ( TCO ). In addition , Bank Sohar stated that it is a flexible solution that can adapt to the evolving needs of the bank .
Business benefits
Bank Sohar was marred by a lot of manual processes for extracting data and analysing them to make an appropriate decision . With the inclusion of the analytics platform , manual effort is eliminated , and analysis is made easy by the use of pictorial representations .
“ Data-driven insights are the lifeline of any digital business today ,” added Ahmed Al Musalmi , CEO , Bank Sohar . “ To fulfil the vision of making Bank Sohar one of the best digital banks in the region , we needed a solution that would help empower everyone in the business with actionable insights . Finacle Analytics Solution brought in a unique value proposition of opensource technologies with deep domain knowledge . Today , our organisation is enabled with the right analytics at the right time for delivering superior customer experience , enhanced risk management and efficient internal operations .”
The advanced analytics capability helped capture deeper consumer insight , which in turn helped the bank to extremely become customer-centric . The bank uses Hadoop which can connect to any data source and this has helped it in planning for data extraction from various sources to leverage the capability of the analytics platform and drive faster business decisions .
Bank Sohar now has access to key business metrics on the Finacle Analytics Solution with the ability to :
• Have individual and aggregated views of customer cross-sell and up-sell opportunities
• View the performance of relationship managers
• Identify possible causes of loan defaults as part of asset classification and provisioning in alignment with prudential norms
• Identify the next best offer based on behaviour analytics of the customer data
• Facilitate the introduction of contemporary products and services as per various customer segments
In addition , with the new analytics platform , Bank Sohar has benefited from :
• Significant reduction in the processing time of key data-driven process , review , reconciliation , finalisation and due diligence , by 60 %.
• Significant reduction in overall efforts by 67 % ( man hours and associated resources ).
• Drastic dip in non-performing asset levels thereby reducing the provisioning resulting in enhanced profitability .
• Substantial increase in alternate revenues and fees from up-sell , cross-sell opportunities , in addition to improved sales efficiency .
Finacle is a leading digital banking solution suite from EdgeVerve Systems , a whollyowned product subsidiary of Infosys . Finacle helps traditional and emerging banking and financial institutions drive truly Digital Transformation to achieve frictionless customer experiences , larger ecosystem play , insights-driven interactions and ubiquitous automation .
Today , banks in over 100 countries worldwide rely on Finacle to service more than a billion consumers and 1.3 billion accounts . In addition , Finacle solutions address the core banking , omnichannel banking , payments , treasury , origination , liquidity management , Islamic banking , wealth management , analytics , Artificial Intelligence and blockchain requirements of financial institutions to drive business excellence . An assessment of the top 1,250 banks in the world reveals that institutions powered by the Finacle Core Banking solution , on average , enjoy 7.2 % points lower costs-to-income ratio than others . �
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