The Netherlands-based NIBC Bank uses knowledge and expertise to make a difference with its customers:
The Netherlands-based NIBC Bank defines itself as an entrepreneurial asset financier for companies and individuals, having funded private housing ventures, rental property, commercial real estate, infrastructure and cars and claims it makes a difference for its clients through long-term relationships based on knowledge and expertise.
The Hague-headquartered bank has been in existence for the last 75 years and employs around 700 people. Its prime focus is on serving the customers in Europe. It offers corporate and retail banking products and services – corporate banking activities ranging from advising, structuring, financing and co-investing across debt and equity, and retail banking activities primarily consisting of mortgage lending and online retail savings products and services. It has presence besides the Netherlands, in Germany and Belgium.
The bank’s motto is ‘Think Yes!’. It has the legacy of helping rebuild the Netherlands, having closely collaborated and professionally supported corporates and individuals in their efforts.
AUTOMATING KYC
NIBC Bank has several digital initiatives in transforming its operations, the key ones being in collaboration with the Dublin, Ireland-based Fenergo, the SaaS-based solutions company that offers client lifecycle management and transaction monitoring for financial firms.
The bank very recently integrated Fenergo’s KYC and onboarding solution with Salesforce to improve client onboarding and operational efficiency. This helped it to reduce data silos and duplication, and freed employees from mundane tasks so that they could be involved in more client specific roles. The new system has replaced the legacy systems and has brought in operational efficiencies. The system facilitates a single client view across the business even as it streamlined the onboarding of new clients with enhanced KYC processes.
Alongside the automation of KYC process, the bank has also automated compliance processes to enhance its resilience to evolving AML regulations.
NEXT-GEN PLATFORM
The bank has recently concluded a 5-year extension of its collaboration with SBS, formerly called Sopra Banking Software, a provider of component-based, cloud-agnostic, API-first platforms for financial institutions. The 2 institutions have been in partnership for more than a decade and now as part of the extended contract, the bank is planning to move its operations to SBS’s next-gen banking platform, which provides the latest technology and capabilities.
TEXT DATA MINING
The bank has collaborated with Amsterdam-based Aurai, a specialist organization that builds cloud-based data platforms, develops and implements data science and AI solutions, to start a text data mining project. The solution supports the bank’s employees to provide clients with accurate and relevant information, almost in real-time. By automating document review processes, the bank is now able to offer personalized customer services and leave the routine analyses to machines. The 2 organizations worked together to eliminate the laborious review time by passing the documents through a customized text mining application. The application can scan, identify and filter the relevant information automatically from the voluminous documents.
The bank is now able to perform its analyses faster.
CENTRAL DATABASE
NIBC did not have a single corporate customer database as the customer data was handled by several different operational systems. The bank felt the need to have a central corporate database that offered a clear view of each unique customer, including the organizational hierarchy and a view of all the products and services the bank offers to that specific customer. The bank partnered with Avanade, the Seattle, US-based firm that provides IT consulting and services based on AI, BA, cloud and digital transformation to create a central and secure corporate client database, containing all crucial customer information and data. The bank is now using the Microsoft Dynamics CRM 2011 system, designed and built by Avanade. The
Master Data Services database that Avanade has created ensures that all data is stored in one place and is of the highest quality. The bank is able to have one data set for each customer, providing 100% correct data in a hierarchical view. This hierarchy view is also available on mobile devices.
In 2019, the bank has signed a contract with OakNorth Bank, a British bank, to use its cloud-based credit decisioning platform. OakNorth offers its innovative credit monitoring tools to other financial institutions. It has created a cloud-based technology platform, using ML and AI tools. Under the partnership, a large portion of NIBC’s existing corporate loan book has been onboarded to the platform. OakNorth’s platform has helped NIBC to enhance efficiency in the credit monitoring process with richer data.
The bank has been investing in facilities that support cloud computing, big data processing and other applications. It also provides space, power, and cooling infrastructure for multiple tenants to house their IT equipment.
Excellence in service quality is the key differentiator for niche lenders like NIBC. And NIBC Bank has been able to achieve this excellence through its purposeful implementation of key technology projects.
This article has been compiled based on publicly available information on the web, particularly the bank’s own website.
Recent Articles:
AI for underwriting, personalization, claims & more
