How Federal Bank Transformed Bank Guarantee
Issuance with Pixl e-BG
From Hours to Minutes: Discover How Federal Bank Transformed Bank Guarantee Issuance with Pixl’s e-BG Solution speeding up processes by
70% through online applications, automated approvals, and real-time tracking.
INTRODUCTION
Enhancing Customer Experience Through e-BG
Federal Bank is a leading Indian private sector bank that provides a wide range of financial services to its customers. However, the bank's trade finance division had been facing challenges with turnaround time (TAT) and paper-based issuance of bank guarantees, which were affecting customer satisfaction and retention. To remain competitive in the market, the bank realized the need to reduce TAT, minimize the potential for misuse and fraud, and simplify the verification process for BG status. This case study highlights how the Federal Bank reduced the TAT for bank guarantee issuance to just a few minutes by using the Pixl e-BG solution.
CHALLENGES
The Challenges Faced by Federal Bank
Manual Processes
The existing process for issuing bank guarantees is physical, which was time-consuming and prone to errors.
Multiple Approvals
The existing process for issuing bank guarantees is physical, which was time-consuming and prone to errors.
Lack of Automation
There was no automation in the process making it difficult to track the status of the issuance.
Customer Dissatisfaction
The long TAT was created dissatisfied customers, which was affecting customer retention.
SOLUTION
How Pixl's e-BG Solution Resolves the Issue
Online Application
Customers could now apply for bank guarantees online through the bank's website or mobile app.
Automated Process
The application was automatically processed through a workflow, eliminating the need for physical intervention.
Electronic Approval:
The system enabled electronic approval and paperless e-stamping, thereby reducing the time required for multiple approvals.
Real-time Status
The status of the issuance was updated in real-time, allowing customers to track the progress of their application,preview it, and confirm it.
OUTCOMES
The Outcomes Speak for Themselves
Reduced TAT
The TAT for bank guarantee issuance was reduced from several hours to just a few minutes.
Improved Customer Satisfaction
The quick turnaround time improved customer satisfaction, resulting in higher customer retention.
Increased Efficiency
The automation of the process increased the efficiency of the trade finance division, reducing errors and saving time.
Competitive Advantage
The reduced TAT gave the bank a competitive advantage, attracting new customers and retaining existing ones.
How Digitization Can Transform Bank Guarantee Issuance
Federal Bank’s adoption of Pixl e-BG shows how digitization can transform bank guarantee issuance, reducing turnaround times, improving accuracy, and enhancing customer satisfaction. Streamline your trade finance operations and stay ahead in the competitive market.
GET STARTED WITH
Pixl E-BG Technology
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