March 17, 2009
Kuala Lumpur, 17 March 2009 - Bank invests RM15 million in Trade Finance and Loans Origination System; expects continued growth despite dampened economic outlook.
Alliance Bank Malaysia Berhad (Alliance Bank) today officially announced that it has successfully embarked on two (2) key banking solutions totalling approximately RM15 million in line with its strategy for continuous growth while facing current global competitive market and to mitigate risks in its advance credit processing and loans origination system.
The Bank’s total investment to upgrade its Trade Financing and Loans systems are RM5 million and RM10 million respectively, which includes system software license, implementation and hardware.
“Today’s signing ceremony with eBworx Berhad marks two major milestones in the annals of our IT expansion chart: the simultaneous successful implementation of both our trade financing solution, TradeSpring, and Phase 1 of our Group Loans Origination System (GLOS) covering credit card, personal loan, and mass market modules,” said Datuk Bridget Lai, Group Chief Executive Officer of Alliance Bank Malaysia Berhad and Director of Alliance Financial Group Berhad at the signing ceremony.
Datuk Bridget added that the primary consideration in implementing TradeSpring is to improve the Bank‘s ability to service its trade finance customers effectively. The solution comes with an imaging and fully automated workflow process which helps the Bank to track the efficiency in processing the trade finance transactions. “Using an unparalleled 360-degree unified view of a customer’s trade relationship with the Bank, we are able to help our customers with their enquiries and requests effectively,” explained Datuk Bridget.
She went on to say, “In short, the entire operations of Alliance Bank‘s Trade Finance is now automated with improved turnaround time for trade financing and services. This translates to better efficiency in serving the needs of our customers. We are able to process increased volume of transactions without increasing our headcount.”
Effectively, TradeSpring empowers Alliance Bank’s end-users to quickly configure and roll out new conventional and Islamic products that are packaged to meet customers’ evolving needs because of its flexibility, tiered-pricing and information visibility.
TradeSpring was successfully implemented for Alliance Bank within 11 months, while GLOS is scheduled for full completion by end 2009.
eBworx Chief Executive Officer Mr. Tan Suan Fong commented, “TradeSpring was developed in view of our forecast several years ago that trade financing will grow to become the ‘new’ revenue channel for banks looking to break out from the mould of traditional revenue streams. Alliance Bank is one such bank, and we are extremely pleased to be associated with them as they bring trade financing to a new level of sophistication.”
Being fully browser based, TradeSpring enables Alliance Bank users to access trade transaction information ubiquitously using only their user ID, thus greatly reducing IT support which was previously required whenever access was required.
Furthermore, the system provides a full and extensive audit trail as it allows all transactions to be electronically routed, tracked, and measured.
“We are confident that with the imminent completion of the GLOS project by eBworx, Alliance Bank will see big leaps in terms of customer service in both its Consumer and Commercial banking businesses which spans from mortgage, hire purchase and unsecured lending, to corporate lending. The system has embedded scoring models for the loan approval process. We are able to fast track applications whilst ensuring credit risk is effectively managed. Invariably, the roll-out of GLOS will improve the loan processing turnaround and better scaled to address business demands,” said Datuk Bridget.
Alliance Financial Group is a dynamic, integrated financial services group offering end-to-end financing solutions through its consumer banking, commercial banking, wholesale banking, Islamic banking, investment banking and stock broking businesses as well as unit trust and asset management by providing products and services that are suited for every customer at every stage of their life.
The Group has five decades of proud history in contributing to the financial community in Malaysia with its innovative and entrepreneurial business spirit. Today, the Group is involved in the provision of financial services through its principal subsidiaries, Alliance Bank Malaysia Berhad, Alliance Investment Bank Berhad, Alliance Investment Management Berhad and Alliance Islamic Bank Berhad. It provides easy access throughout the country by serving its broad base of customers via multi-pronged delivery channels which include retail branches, Alliance Personal Concept Stores, Alliance Rakan branches, Privilege Banking Centres, Hire Purchase hubs, Business Centres, Investment Bank branches, direct marketing offices and unit trust agent offices located nationwide in a mix of rural and urban areas.
The Group’s aspiration is to be Malaysia’s premier integrated financial services group delivering the best customer experience and creating long-term shareholder value. Strategic alliances, enhanced group synergy, excellent technology and human capital will be the key to creating long-term value for all stakeholders.
MSC-status eBworx is a regional financial solutions specialist, providing a wide array of innovative digital commerce solutions for the banking services industry. These include specialised software products, technology consulting and systems integration services that enable financial institutions to improve their sales operational efficiency and for credit risk management.
The eBworx Group has four wholly-owned subsidiaries – Digital Nervous Systems Sdn Bhd, eBworx International Pte Ltd, eBworx Technology (Chengdu) Co. Ltd, and eBworx (Indo-China) Co. Ltd. The principal activity of all four companies is the provision of computer software applications and dealing in computer software and hardware for the financial services industry.
In 2001 and 2004, IDC Market Research (M) Sdn Bhd recognised the eBworx Group as a “Local Software Hero in Malaysia” as recognition for its position as a significant software company in Malaysia. eBworx clientele includes CIMB Bank, RHB Bank Berhad, AmBank Group, Alliance Bank, OCBC Bank, EON Bank Group, UOB Group, PT Bank Central Asia (Indonesia) PT Bank Danamon (Indonesia), PT Bank Internasional Indonesia, KASIKORNBANK, Capital OK Company Limited, and Hua Xia Bank (China) amongst others.
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