Cash management for corporate banking

Modern Nigerian bank

Despite huge advances being made in cashless payments in Nigeria, the country still ranks very high in the table of countries most reliant upon cash. The challenge for a modern Nigerian bank, such as GTBank, is not only to progressively introduce new digital banking services but also, at the same time, to efficiently manage the ongoing utilisation of cash.

Typically, the challenges faced by the bank include the high cost associated with volume cash handling and the high risk associated with crime and losses from other incidents, such as fire or flooding.

Background:

Guaranty Trust Bank PLC (GTBank) was originally founded in 1990 and now serves over 24 million customers across 10 African countries and also in the United Kingdom. Headquartered in Lagos, Nigeria, GTBank subsidiaries are established in Cote D’Ivoire, Gambia, Ghana, Liberia, Kenya, Rwanda, Tanzania, Uganda, Sierra Leone and the United Kingdom. Employing over 12,000 people, GTBank services individuals, businesses, private, and public institutions with a broad range of market-leading financial products and services.

In 2012, GTBank selected Bluechip Technologies to help build an Enterprise Data Management & Business Intelligence Platform to enable better and faster insights for effective decision-making. The aim was to:

  • Automate Management Performance Reporting (MPR)
  • Provide Executive Dashboards
  • Create a 360-degree view of customers and leverage these analytics for efficient Cash Management.

How Bluechip implemented the Cash Decisioning System

Designed and built by Bluechip Technologies was a Cash Decisioning System. This enabled the bank to optimize their requirements for the management of cash across their extensive Branch network.

GTBank is traditionally a ‘cash consuming bank’, meaning that the amount of cash deposited on a daily basis is not enough to cater for the withdrawal requests for cash.

Cash requirements in the branch were tricky; Cash shortages in a branch would invariably create customer dissatisfaction. Overstocking of cash in a branch creates a greater risk of loss and also incrementally higher insurance costs.

Having implemented Bluechip’s Cash Decisioning System, GTBank was able to collect information on cash balance in an individual Bank Teller’s till, in ATM and the vault, across all branches. As such, GTBank was able to monitor the cash flow movement across branches within the bank.

Today, this Cash Decisioning System, built alongside a Tier 1 Nigerian Bank, has evolved over the years, has been productized and is known as ‘Cash Complete’.

‘Cash Complete’ is a Cloud application that can be deployed on multiple cloud environments such as Azure, AWS, OCI, Google Cloud, IBM Cloud and others. The solution uses machine learning and AI technology to learn the minimum level of threshold of cash required by any bank.

Summary:

For GTBank, Bluechip’s implementation of ‘Cash Complete’  was able to:

  • Simplify the cash supply chain seamlessly by integrating all cash point data – ensuring cash needs are met at the lowest cost, everywhere required.
  • Cash management teams or central bank teams can see requests raised for cash in a single view and disperse the cash digitally.
  • With the help of Cash Complete, the demand for cash can be fulfilled immediately without causing any undue delays for customers.
  • Cash Complete massively reduces the manual work required by the cash management units. No matter the country, the currency or the demand volatility, Cash Complete provides the analytical tools, simplified procedures and accurate results to more efficiently manage cash stocks in one location or one hundred locations.

To read all about the outcomes and improvements of the transformation, click through to the full case study here.

Oracle Cloud Application Transformation – MTN Nigeria

Oracle cloud application

As telecom companies expand and grow, the requirements for efficiency and ensuring their business operates to the best of their abilities.

Telecoms company MTN Nigeria’s parent group MTN Group decided to use Oracle Cloud Applications to drive one of the largest cloud transformations in the global telecom industry across all its core business areas, including human resources, finance, supply chain and operations.

Background:

Established in 2001, MTN Nigeria is Africa’s largest provider of communications services, connecting approximately 70 million people in communities across the country with each other and the world. In revenue terms, it is the single largest contributor to MTN Group, which services 270 million customers across 19 markets.

The digital implementation aimed to drive efficiency in inventory management, scale operations and integration across its local and regional operations through automation, self-service, IoT and mobile application capabilities. A key objective was enhancing management visibility across all business operations for real-time performance measurement.

How did Bluechip help with the Oracle Cloud Application?

MTN Nigeria decided to implement Oracle Enterprise Resource Planning (ERP); Supply Chain Management (SCM); Enterprise Performance Management (EPM); Customer Experience (CX); Platform as a Service (PaaS), and Oracle Service Cloud solutions with TechMahindra as their primary partner.

TechMahindra engaged Bluechip Technologies to identify, analyse, design, test and deploy the Oracle Fusion Cloud SaaS solutions in MTN Nigeria with the following objectives:

  • Systems Implementation and Integration of IT systems into the different business processes and applications.
  • Local Integration of MTN Nigeria impacted applications to Oracle Fusion Cloud ERP.
  • End to end Integration & testing of all impacted applications.
  • Implementation of new reporting capabilities across the company.

Bluechip’s project scope involved the review and implementation of the business requirements, business processes, technical interface and integration using Oracle tools – SOAR and OIC, systems integration testing, automation testing and user acceptance resting.

Summary

As a whole, the project ensured that many of the primary objectives laid out were fully met, including (but not limited to, read more in the full case study here):

  • Increased efficiency and business performance
  • Improved business visibility across the entire organization.
  • Improved collaboration between MTN Nigeria and external stakeholders.
  • Improved features and functionality of the system for the effective close of books at period end.
  • Improved engagement between the staff and the HR department.

From MTN Nigeria’s perspective, not only have their core business ERP applications moved to the cloud, with all the cost savings and efficiencies that brings but reporting into MTN Group has become so much quicker and easier with Oracle Cloud EPM.

To read all about the outcomes and improvements of the transformation, click through to the full case study here.

Customer Data Management Key for First City Monument Bank 

customer data management

Bank increase in 2022

 

In 2022 and beyond, a bank’s success will increasingly depend on how well the growing asset of customer data is being managed. When it comes to decision making, both poor data quality and non-availability of data must be pro-actively addressed.

First City Monument Banks (FCMB) looked to Bluechip Technologies as a partner to enhance its Customer Master Data Management using state-of-the-art cloud technologies.

Background:

First City Monument Bank (FCMB) is a member of FCMB Group Plc. Founded in 1982, the bank has a long history of stability and growth and today is one of the leading financial services institutions in Nigeria, with over 10 million customers.

Having successfully developed as a retail and commercial banking-led group, FCMB embarked on a Digital Transformation programme focused on Customer Master Data Management to continue to deliver exceptional services to its customers.

How did Bluechip help with the digital transformation? 

The aim of the project was to implement an end-to-end Data Warehouse and Business Intelligence solution with strong Data Governance on Microsoft Azure to provide the foundation for the bank’s business intelligence and digital banking initiatives.

The objectives included:

  • Operationalise data governance policies and bolster regulatory compliance with effective customer data management, including monitoring, enforcement, and reporting.
  • Provide a 360-degree customer view to enable marketing campaigns, customise offers and take business decisions quickly with trusted customer information available.
  • Introduce Executive Dashboards and Predictive Analytics across Strategic Business Units
  • Deliver a robust data platform to drive highly targeted campaigns.
  • Empower the business to leverage data for decision-making without dependence on IT.
  • Build a robust and scalable enterprise platform data warehouse/ business intelligence platform.
  • Integrate Data Governance Master Data Management tool into the Enterprise Data Warehouse and Business Intelligence platform.

Using its Customer Master Data Manager (CMDM) for administering and managing data quality helped Bluechip Technologies establish policies and procedures to drive data quality improvement.

The functionalities included:

  • Executive Dashboards are provided across various business units, available anytime, anywhere on any device using Microsoft Power BI.
  • Self-Service Business Intelligence delivered across the entire organization and Strategic Business Units.
  • Richer Customer Engagement Management.

Find out exactly what this included in the full case study here.

Summary

Bluechip’s Customer Master Data Management solution proved to be the ideal foundation for First City Monument Bank to execute it’s digital transformation vision.

In August 2022, FCMB Group Plc reported impressive growth in earnings, revenue, deposits, loans and asset under management growth in its first half-year financial results for 2022. The Group also recorded a 73.2 percent year-on-year growth in profit before tax and huge growth across all of its business segments, and Gross Revenue was up 34 percent year-on-year.

To read all about the outcomes and improvements of the transformation, click through to the full case study here.

Cash Management software with cloud integration for a Nigerian bank

digital transformation

At a time when many banks are innovating and looking at transforming their businesses and cash management software to cloud-based solutions, companies must ensure they can offer a smooth transition for their client.

Here at Bluechip, we have helped FirstBank – a Nigerian multinational Bank and Financial Services company headquartered in Nigeria and with subsidiaries in West Africa, the UK and elsewhere – to embark on a project to move the bank’s Enterprise Resource Planning from on-premise to cloud-based solutions.

Background

Established in 1894, FirstBank offers a comprehensive range of retail and corporate financial services through more than 170,000 business outlets to over 17 million customer accounts.

With over 16,000 employees, FirstBank held the strategic ambition to enhance their human resources management and, given the availability of an advanced solution with Oracle Fusion Cloud, selected Oracle Fusion Cloud HCM to provide a cost-effective and highly efficient solution to their current and future needs.

How did Bluechip help with the digital transformation?

The aim of the switch was to support FirstBank’s Innovation goal to deliver innovative products and services to their customers, as well as improve customer experience, increase efficiency, reduce costs and ensure;

  • As an Oracle partner, we worked to support the transformation designed to be implemented in two stages. The implementation solution begins with the Oracle Fusion Cloud Enterprise Resource Planning (ERP) solution. It is then followed by the Oracle Fusion Cloud Human Capital Management (HCM) solution to fully automate the human capital functions.
  • Bluechip Technologies was engaged as its fulfilment System Implementation Partner for the delivery of the Oracle Fusion Cloud solutions, the objectives for which were clearly stipulated from the outset, including;
    • Enterprise Performance Management (EPM) must be available 24/7, 365 days a year
    • Be scalable to consider business expansion
    • Automate all the back-office processes and enable seamless Group Financial Consolidation and more.
    • Achieve savings of up to 50% in Total Cost of Ownership (TCO) over the existing Oracle on-premise solution
    • Be able to integrate with other digital transformation solutions adopted by FirstBank, such as ‘Finacle’
    • Much more can be found in the full case study here
  • The new cloud system – Oracle Fusion Enterprise Resource Planning Cloud Service – can create processes for areas such as General Ledger, Accounts Payable, Accounts Receivable, Asset Management, Cash Management, and Expense Management.

Summary

The transformation from Oracle On-Premise EBS to Oracle Fusion Cloud has brought huge benefits to FirstBank. Their primary objective was to upgrade their ‘back-office systems’. Also a vital component in their overall innovative digital transformation strategy that aims to drive the adoption of digital banking throughout Africa.

In 2022, First Bank of Nigeria Limited won two International Investor Awards awards – Best Bank in Nigeria 2022 and Best Bank in Digital Transformation Nigeria 2022 in recognition of its continued efforts at reinventing its digital banking channels.

To read all about the outcomes and improvements of the transformation, click through to the full case study here.

Digital Customer Experiences with Customer Master Data Management  

customer data management

Why is a connected customer experience important?

A great customer experience is one of the most powerful marketing tools a business can have, and if that goes, quite often, so does your customer.

According to a MuleSoft webinar, 80% of customers will leave a company if they have a bad experience. So the onus really is on the provider to transform a customer experience and create positivity – understanding not only what they want but who they are, when they want it, and how they interact.

It can be difficult for customers to keep track of all the different data points and applications involved in each transaction. Having too many touchpoints can create a lot of frustration.

It is critical to have access to data – particularly customer data — to stand apart from the competition. This is where customer master data management (CMDM) comes into play.

Challenges of building a connected customer experience  

As already mentioned, disconnected data sets are one of the biggest challenges when creating the building block for a smooth and connected customer experience. So what other challenges and barriers come into this when looking at customer data?

The 360-degree view of customers – It promises to deliver and give marketers that picture-perfect profile of their customers. However, with GDPR coming into force in 2018 and implementation costs rising, things became much more complicated. It is believed that only 10% of surveyed organisations have managed to achieve this. A report from Gartner concluded that “By 2026, 80% of organizations pursuing a ‘360-degree view of the customer will abandon these efforts because they flout data privacy regulations, rely on obsolete data collection methods, and erode customer trust.”

The absence of high-quality, dependable data – From missing data to duplicate data, it’s one of the biggest barriers. Unstructured data means a business will not be able to create a solid customer data management system and subsequent workflows.

High costs – The rising costs of system maintenance and IT support for an on- premise solutions are squeezing company budgets, with little room to invest in innovations that will elevate the business in the future.

Lack of data governance skills – The absence of a rigid data management system twinned with the lack of data governance skills in-house makes it almost impossible to get a real understanding of the customer.

How can customer master data management help? 

Eliminates silos of data – Collecting data from multiple disparate data sources, such as cloud applications or local data sets. Bluechip can collect data from various business applications, such as CRM and accounting systems.

Creates a single version of the truth – A solid master data management means the data and the customer 360 profile, a business with the real insight and intelligence of the customer to execute the next action.

Cut through different definitions and different systems  – For example, the term “usage” could have a different meaning hence a different value in a marketing system vs an accounting system. A customer master data management system helps establish common definitions of data, so that all data views are accurate and consistent.

Make trusted data available for decision-makers – This data can be presented to decision-makers in a format that allows them to make business decisions quickly, such as introducing new products or creating personalised marketing promotions, identifying up-sell or cross-sell opportunities, or bottlenecks in growth. This information can then be used to improve customer experiences further. 

Creates a balance between data analytics and privacy and data protection –

Monetising the data assets to your business advantage is important to deliver exceptional customer experiences and stay ahead of the competition. However, evolving regulations around data and privacy can restrict how you use the data. With a customer master data management, a business can define its rules of how they can use the customer data and ensure its governed, as well as remaining compliant with any data regulations such as GDPR.  

Increases business agility –  A good system will continuously clean, dedupe, and merge rogue data with AI-fuelled tools, giving you the power to verify and improve your data in real time.

Etisalat accelerates data retrieval

Etisalat accelerates data retrieval

  • Oracle Communications today announced that Etisalat Nigeria, a leading Nigerian communications service provider, has gone live with Oracle Communications Data Model, which helps it more quickly analyze growing volumes of diverse data, and make better business decisions.
  • Oracle Communications Data Model allows Etisalat Nigeria to analyze data across multiple business areas – including customer, revenue and network management – to react quickly to technological, regulatory and business challenges in both prepaid and postpaid markets.
  • Upon implementing Oracle Communications Data Model on Oracle Exadata Database Machine X2-2 Half Rack, Etisalat Nigeria reduced the time required to aggregate and analyze data by 99 percent (1). The company can now load call detail records in near real-time, and has gained improved insight to the behavior of its customers and their propensity to churn.
  • Now able to make decisions based on near real-time data, Etisalat Nigeria can take immediate action to prevent customer churn, deliver personalized promotions and identify and address revenue leakage sources.
  • The solution includes pre-built dashboards and other customized components to jumpstart development and reduce the cost, complexity and risk of data integration. Implemented in just eight months, Oracle Communications Data Model also provides Etisalat Nigeria the flexibility to upgrade systems faster and efficiently as market conditions change.
  • Oracle Communications Data Model is purpose-built for communications service providers and has been conformance certified with the industry’s TM Forum Information Framework (SID) standard, which fosters interoperability with providers’ systems.
  • Etisalat Nigeria has deployed Oracle Communications Data Model on Oracle Exadata Database Machine, which offers extreme data warehousing performance with faster upload and query speeds.
  •  Etisalat selected Oracle’s technology following a competitive evaluation to replace its legacy business intelligence (BI) systems, which lacked the functionality, performance and scalability for a dynamic and responsive BI environment.

The Oracle Communications Data Model and Exadata solution has greatly improved our ability to quickly and efficiently retrieve and analyze data from a variety of sources. Transactional data is processed in near real-time, taking about 45 minutes to process data for a full day, which is a significant improvement on the eight hours it used to take to process the same data. Oracle’s technology has allowed us to offer customers relevant and personalized services, which we can quickly make available. Because the project only took eight months to implement, we were able to experience benefits much sooner than expected,” said Ajibola Ajia, IT Specialist, Intelligence, Implementation & Integration, Etisalat Nigeria.

Considering the current data explosion in the telecommunications space, it was critical for Etisalat to implement technologies capable of collecting and getting the most from data in its various markets. The Oracle Communications Data Model running on Oracle Exadata provides Etisalat with a scalable and flexible solution, ensuring it remains competitive and maintains its position as a leading communications provider in the region,” said Bhaskar Gorti, senior vice president and general manager, Oracle Communications.