Finastra has announced that CIH Bank, a Moroccan-based commercial bank, has gone live with Fusion Corporate Channels and Fusion Trade Innovation, to digitize its end-to-end corporate banking services.
The solutions are automating the bank’s trade and supply chain finance services, providing its corporate customers with access to services online, rather than in-branch. The solutions reduce manual processes, helping the bank to become more efficient and agile, grow its customer base by providing a more seamless digital customer experience and ultimately, generate new revenue streams.
CIH Bank was founded around 70 years ago, with an initial focus on real estate financing. It has since evolved into a broader commercial bank, while retaining its traditional expertise in real estate and tourism project financing.
“CIH Bank has strong links with the business community in Morocco. By digitalizing our corporate services, we’re making sure that these customers are receiving the best service possible, from the comfort of their homes or offices,” said Oussama Tazi, Director of International, CIH Bank. “The ongoing pandemic made the requirement for this transition even more apparent as we needed to remove every manual step from the banking process and ensure business continuity for our customers. With Finastra’s solutions in place, our customers can now fully manage their operations online, without having to visit a bank branch.”
With Fusion Corporate Channels, CIH Bank is able to unify trade services under one portal. By integrating with its clients’ existing procurement, finance and enterprise resource planning systems, it can analyze transactional behavior and derive greater value from its customers, resulting in a much stronger customer experience. As well as transactional services, the omnichannel solution opens the door for mobile banking, host to host connectivity, and personalized enquiries from a secured environment. Fusion Trade Innovation, Finastra’s market-leading trade finance solution, enhances the bank’s comprehensive digital trade capabilities via built-in workflow features and also improves services by providing a smart user interface.
Serge Tohme, Managing Director for MENA and Turkey at Finastra said, “In spite of the ongoing pandemic, and not being able to work onsite, the teams from CIH Bank and Finastra worked closely together to implement close to 70% of the project remotely, with the other 30% having been completed before lockdown. With the solutions now in place, CIH Bank has the ability to drive significant revenue growth through enhanced customer service and access to further innovation. We are excited to support CIH Bank on this journey of digital preparedness and business growth.”
CIH Bank worked with the Finastra Services team to implement the software using the Fusion Adopt program, which allowed implementation of the majority of the project remotely, despite the challenging circumstances of the COVID-19 pandemic.