Transforming Customer Experience: Mercantile Investments’ Core Banking Solution Rollout
Mercantile Investments and Finance PLC (MI) has been at the forefront of Sri Lanka’s financial services industry for over 50 years. As a pioneer in the field, the Company specializes in a wide range of innovative financial solutions including vehicle financing, leasing facilities, fixed deposits, micro-finance solutions, business loans, personal loans, and mortgage-backed loans. The Company’s total capital base exceeds Rs. 8.7 billion, with an asset base of Rs. 41 billion.
Streamlined processes
Through the automation of its internal processes, Mercantile Investments will be able to effectively address all the challenges it had been facing, resulting in a seamless and hassle-free experience for its valued customers.
A digital customer experience
The launch of the mobile app and online banking platform will enable customers to enjoy greater accessibility to their accounts, facilitating convenient banking transactions from anywhere and at any time.
Enhanced inter-branch connectivity
The implementation of the Core Banking Solution will help Mercantile Investments to seamlessly conduct banking transactions across multiple branches. Agents will be able to access customer information at any given time, significantly improving overall service quality.
Increased market competitiveness
By removing legacy systems, Mercantile Investments will be able to introduce new and customized products to the market. This strategic move kept up with market trends, further solidifying its position as a leading financial institution.
The Challenge
Mercantile Investments faced internal challenges in providing an optimal customer service and achieving competitive success due to the use of multiple legacy/homegrown systems for daily banking operations. Key issues were as follows:
- Complexities with data accessibility and information management
- System integration issues
- Limited inter-branch integration and challenges in providing quality customer service
- Significant operational costs
Solution Offered
MillenniumIT ESP, with its extensive experience in the banking sector, technical expertise and proven implementation capabilities, was selected to conduct an in-depth analysis of MI’s technology and business practices. The study was aimed at identifying areas for improvement and providing a roadmap to help MI achieve its strategic goals.
To conduct the study, the MIT ESP team adopted a bottom-up approach, engaging with operational-level staff in branches to gain insights into the company’s technologies, infrastructure, hardware, competitors and financial status. Through this approach, they were able to develop a holistic understanding of MI’s business challenges.
Based on their findings, MIT ESP developed a comprehensive blueprint that mapped the identified issues with proposed solutions. They also provided MI with a roadmap that prioritized the most critical actions required to drive the company towards success.
Key findings are as follows:
- Legacy business processes have not kept up with business expansion, resulting in the inability to adapt and evolve
- Absence of a process to retain and expand the customer base
- Lack of focus on deposit mobilization at the branches
- Not leveraging industry best practices and failing to meet the latest industry standards
Based on its findings, MIT ESP recognized that the current systems were not meeting the evolving needs of MI’s customers, leading to an unsatisfactory experience. By implementing streamlined and automated processes, MI can address these challenges and deliver a seamless and hassle-free experience for its customers.
Business Impact
Due to the thorough analysis provided, Mercantile Investment requested the MIT ESP team to provide consultancy services. With the team’s advice, MI is currently working towards removing its existing systems and implementing a Core Banking solution, accompanied by the launch of a mobile app and an online banking platform. These new systems will support banking transactions across multiple branches.
Implementing the Core Banking solution will enable Mercantile Investments to improve its services and offer customers a more streamlined banking experience. The introduction of a mobile app, online banking platform and debit cards will also provide customers with greater accessibility to their accounts and allow for convenient banking transactions from anywhere and at any time.