Faysal Bank Shortens Loan Request Turnaround by 25%, Triples Number of Debit Cards Activated Each Month
 
 

Faysal Bank Shortens Loan Request Turnaround by 25%, Triples Number of Debit Cards Activated Each Month

Faysal Bank Ltd. was incorporated in Pakistan in 1994 and is now listed on the Karachi, Lahore, and Islamabad Stock Exchanges. The Bank operates in the corporate, commercial, retail, and Islamic Banking sectors. It has more than 260 branches in over 70 cities in Pakistan and its combined business assets total more than US$3 billion, placing it in the top ten banks in the country. The Pakistan Credit Rating Agency and JCR-VIS Credit Rating Company have determined Faysal Bank’s long-term rating as “AA” and its short-term rating as “A1+” with a ”stable” outlook. The Bank aims to provide par excellence service to its customers by meeting all their financial needs.

 
 

 
 

Challenges

A word from Faysal Bank Ltd.

  • “We chose Siebel CRM 8.1, as it was more stable, reliable, and cost-effective than competing CRM products. We have cut turnaround times for customer loan requests by 25%, reduced call center IT costs by 10%, and tripled the number of debit cards activated each month.” – Waqas Anis, Head of CRM, Faysal Bank Ltd.

  • Replace lengthy, inaccurate, and manual loan application processes to reduce time and cost of approving customer loans
  • Consolidate data from disparate systems for customer complaints, call center activity, and financial products and services, and enhance customer lifecycle management
  • Improve marketing campaign planning and management to increase customer loyalty and market competitiveness in the fast-moving consumer and corporate banking sectors
  • Reduce customer call center IT maintenance costs and ensure agents are quickly and correctly responding to and tracking incoming and outgoing calls  

Solutions

  • Reduced turnaround times for customer loan requests by 25%
  • Generated customer loan reports in seconds, rather than taking a number of days
  • Tripled the number of debit cards and alternate delivery channel services, such as mobile banking, that are activated each month
  • Reduced call handling times and costs by 10% for more than 100,000 customer calls each year by assigning requests and leads to the most appropriate agent
  • Scaled to support a 100% increase in banking call-center staff—from 50 to 100 agents—in 12 months
  • Cut operational overheads by tracking the status and progress of loan requests online, rather than using spreadsheets and paper documents
  • Minimized fraud risk and cut processing costs for about 10,000 debit card activations per month, by introducing automated customer authentication and verification procedures
  • Enhanced decision-making and minimized credit risk by providing managers with timely access to consolidated reports about the type, amount, and status of active customer loans
  • Improved market competitiveness and customer retention by better tailoring marketing campaigns for financial products and services to customers’ needs
  • Ensured data accuracy and minimized the risk of human error during loan application processing by enforcing standardized procedures and document controls
  • Increased customer satisfaction by ensuring the timely delivery of financial products and services, such as new credit cards
  • Improved call center staff responsiveness and data quality by automating procedures, such as recording customer responses and providing a single, task-based user interface that requires minimal training
  • Enhanced customer service and staff performance by providing a consolidated view of each customer’s financial portfolio, sales relationship history, and call center contact
  • Expected to manage all customer financial transactions, such as credit card and utility bill payments, and loan repayments using Siebel CRM

Why Oracle

Faysal Bank considered several other customer relationship management products in the market, but decided to upgrade to Oracle’s Siebel Customer Relationship Management 8.1 (Siebel CRM) so it could take full advantage of the product’s advanced features.

“We were happy with the flexibility of Siebel CRM 7.8 but knew we weren’t making the most of the product’s extensive functionality,” said Waqas Anis, head of CRM, Faysal Bank Ltd. “During the evaluation, we realized Siebel CRM 8.1 was far more advanced than competing products in terms of stability, reliability, and availability. It was also more cost-effective and feature-rich.”

Faysal Bank runs Oracle E-Business Suite for its payroll, human capital management, and financial processes, as well as Oracle Database. By upgrading to Siebel CRM 8.1 and implementing Siebel Contact Center 8.1, it achieved the added benefit of operating an Oracle one-stop-shop.

“We are very confident using Oracle, due to the company’s excellent reputation and huge footprint in Pakistan,” said Anis.

Implementation Process

Faysal Bank began upgrading to Siebel CRM 8.1 in July 2010. During the first phase, the Bank consolidated its customer and call-center data onto a single platform and implemented Siebel Contact Center 8.1. Phase one went live in May 2011.

In December 2011, the Bank upgraded to Siebel Campaign Management 8.1 as phase two of the project, followed by Siebel Credit Origination 8.1 and Siebel Commercial Banking Loan Approval 8.1 in July 2012 as phase three.

Phase four will involve upgrading to Siebel Wealth Management 8.1 and Siebel Financial Services eCustomer 8.1. These will go live in May 2013. 

Partner

  • Oracle Partner
    IBM

Faysal Bank engaged Oracle Diamond Partner IBM to upgrade its Siebel CRM modules. IBM integrated the CRM modules with the Bank’s core banking and custom financial applications, and it offered extensive advice and guidance on products and processes.

“IBM also provided training, maintenance, change management, and troubleshooting assistance,” said Anis. “We now have a strong relationship with the team and are very happy with the communication and collaboration processes we have developed. We see IBM as a true technology and business partner.”