We made it possible through
Months of development
Reduced end-to-end processing time from
15Days to 3Days
Technologies we used
PRAS is a Preferential Rate Approval System where the customers could avail of discounts on the inward/outward currency exchange as well as on travel cards. The customer requests preferential rates while exchanging currencies via multiple Bank Channels: PRAS portal, Siddhi application, and Mobile/Internet Banking Application. This request flows through different levels of approvals before the request gets processed and is available for the customer to avail.
About the client
Largest private sector bank that offers the entire spectrum of financial services to customer segments covering Large and Mid-Corporates, MSME, Agriculture and Retail Businesses. They also focus on corporate lending, trade finance, syndication, investment banking, and liability businesses.
Understanding the Challenges
The entire system of getting preferential rates on the currency exchange was done manually.
Difficulty in managing, tracking, and maintaining the multiple requests of the customers manually via email.
Aiming for better customer satisfaction by providing them services from the comfort of home by building a mobile application.
How SynoFS solved it
SynoFS team turned the business requirement into a fully functioning application portal where customers could initiate currency exchange requests.
The entire implementation was made possible within a year with multiple enhancements with the team of developers and product managers taking complete ownership of the project.
Our team of product managers acquired domain knowledge in preferential rate approval systems and other new products.
Regular standups with the client for their feedback so we could make quick progress ahead with minimal effort wastage.
After the project implementation and working on multiple enhancements there were about 50k more customers availing of the facility.
Our application is very simple and user-friendly for bank employees.