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Growing inward remittance

How a large public sector bank in India achieved a multifold increase in its inward remittance

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  • down-whiteClient
  • line-midChallenge
  • line-midSolution
  • line-midImpact
  • line-midConclusion

Client

India’s financial industry has experienced incredible growth, and the competition is intense, with both private and public sector banks going neck-to-neck. In this market, remaining relevant and profitable is a perennial challenge for any bank, especially if it is still functioning on old infrastructure. One of the largest public-sector banks in India faced with the same issue.

Challenge

The bank had a significant technological lag and a lack of proper remittance management. They had a significant technological lag and a lack of proper remittance management. The bank had a huge customer base and a wide network of branches across the country, but its technology and processes were outdated and inefficient. The bank was using obsolete technology that did not provide real-time data for quick decision-making. The bank's processing infrastructure was poor and could not handle the increasing volume and complexity of remittance transactions. The bank did not have real-time exchange rates for its branches, which resulted in losses and discrepancies. The bank also lacked customer convenience transfer options, such as online and mobile banking, which affected customer satisfaction and loyalty. They did not have a centralized maintenance and risk management system, which exposed it to operational and security risks.
Their challenges included:
1

Obsolete technology and poor processing infrastructure

2

No real-time data and exchange rates

3

Lack of customer convenience transfer options

4

Lack of centralized maintenance and risk management

These challenges hampered the bank's performance, competitiveness, and profitability. The bank required a radical transformation of its technology and remittance management.

Solution

To overcome these challenges, the bank partnered with Bahwan CyberTek. They leveraged eRemit, Bahwan CyberTek's advanced platform for remittance services, to address their technology and centralization gap. Bahwan CyberTek addressed the root causes of the bank's challenges and provided a comprehensive solution to enhance their technology infrastructure and their remittance management capabilities. By automating the inward remittance processing, the bank was able to make the remittance processing faster and more seamless. Implementing eRemit's advanced integrated system helped to modernize the bank’s remittance operations. The solution also included real-time data and exchange rates for the bank's branches, which improved accuracy and profitability. The solution also provided customer convenience transfer options, such as online and mobile banking, which increased customer engagement and retention. The solution also enabled centralized maintenance and risk management, enhancing compliance and security. The bank improved its operational efficiency and effectiveness by integrating its internal processes and systems with each other and with external partners.
1

Implementation of eRemit's integrated system

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Automation of inward remittance processing

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Enabling real-time data for better decision making

Impact

The solution had a profound impact on the bank's business and customer engagement. It could enhance its processing capacity by handling more remittance transactions with less time and resources. The bank enhanced its processing capacity while also cutting down on its operations costs and risks. It also reduced its overall remittance transaction cost by optimizing its exchange rates and fees. The bank significantly reduced its turnaround time on DD, NEFT, and RTGS transactions by improving its processing speed and efficiency. The solution also helped to increase the bank’s revenues by improving its customer service, offerings, and experience. There was also a significant increase in collection, which positioned the bank for future growth. The solution was implemented in nearly 10,000 branches across India.
1

Achieved a five-fold increase in inward remittance.

2

Enhanced processing capacity to USD 2.5 billion/year with 5 million transactions year-on-year.

3

Reduced operational cost and risk.

4

Reduced overall remittance transaction cost.

5

Significantly reduced turnaround time on DD, NEFT, and RTGS by 15 minutes.

6

Increased revenues with improved customer service, offerings, and experience.

Conclusion

The partnership helped the bank in its business transformation journey, which modernized its technology and remittance management and created enduring value for its customers and partners. The solution boosted the bank’s remittance processing capacity, exchange rates, while reducing turnaround time on remittance transactions. The bank successfully increased its revenues with improved customer service, offerings, and experience. Today, the bank credits its remittance capabilities to Bahwan CyberTek as it continues to use eRemit.

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+91 44 43449000,
+91 44 61739000

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global@bahwancybertek.com

Bahwan CyberTek is a global technology transformation partner, driving innovation and equipping companies for the future.

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