How GarantiBank Improves Agility Via the Cloud

Established in 1946, Garanti BBVA is Turkey’s second-largest private bank. It is an integrated financial services group operating in corporate, commercial, SME, payment systems, retail, private, and investment banking. The folks at GarantiBank International (GBI), part of the global BBVA Group, had made it their mission to add value for their customers. In order to do that, however, they needed to digitize into a more flexible platform.

Their goals for the upgrade included:

Significantly improve client self-service
Improve operational efficiency
Implement full transactional e-banking
Include the ability to respond to regulatory changes
Create new customer products and experiences
Empower their employees.

The bank’s original system was built in 1990. At that time, no one could have predicted the growth of the Internet or the increase in regulatory demands. Management realized they were looking at a big request and would need to differentiate through innovation.

The Move to the Cloud

Before a bank can transfer processes to the Cloud, it must take several steps with regulatory authorities and meet strict conditions. Marco Witteveen, COO at GarantiBank International, was familiar with the OutSystems platform and had first-hand experience with the unprecedented improvements it could provide in increased efficiency and fewer errors. It was no surprise to him that OutSystems passed the regulatory steps with flying colors.

The technicians layered OutSystems on top of the original system, which enabled Cloud-based digitalization of the E2E process from the very first contact with clients. The original system is now used solely as the system of record while OutSystems serves as the system of engagement. It houses all of the functionality of E2E processes—a perfect combination.

With the new framework and parallel scrum teams, GBI has delivered three projects that digitize crucial end-to-end processes:

The Client Lifecycle Management (CLIM) app digitizes client onboarding, review, and off-boarding for trade and commodity finance, corporate banking, structured finance, financial institutions, and cash management. The solution complies with all relevant regulatory requirements, i.e., CDD, TDD, AML, MIFID, and more.
The Treasury Order Management (TOM) app digitizes all order management processes for Fixed Income, FX spot, forward, and swap, including all related regulatory requirements for execution and reporting.
The Deal Application app digitizes all corporate credit processes, including credit approval, amendments, legal documentation, credit files, and credit utilization.

The T4S Take: Modernize

GarantiBank has upgraded to a more agile way of working that delivers more value to its customers. By adopting OutSystems’ rapid application development approach for core banking applications, the bank has been able to modernize and securely host end-to-end processes in the Cloud. With OutSystems, the bank can now deliver fast and continuous process improvement to meet its customer experience, operational excellence, and digital transformation objectives.

Questions to Ask for Your Own Digital Transformation

As your organization considers what is working and what needs improvement within your IT service management system, remember GBI’s story on modernization with these questions in mind:

Is your current IT solution outdated?
Are you offering your customers the speed and improvements they need?
Does your IT system allow for easy growth?

GarantiBank’s OutSystems implementation was completed quickly and efficiently and, more importantly, allowed for movement to the Cloud. There is no reason your company cannot achieve the same results—provided you have the right partner behind you! Get the full rundown on GarantiBank and OutSystems here.