Al Rajhi Bank, the World’s Largest Islamic Bank successfully goes-live with axefinance’s ACP Credit Risk Solution
The global software provider of ACP, axefinance, is pleased to announce Al Rajhi Bank's successful Go-Live empowering the bank’s Corporate, FI’s, and SME’s Lending Digital Transformation:
In April 2018, Al Rajhi Bank has decided to embark on a transformation journey to select and implement a new Corporate Banking Credit Origination, Enterprise Limits & Collateral Management solution aiming at improving their existing processes as a key pillar of Al Rajhi Bank’s future growth strategy.
After a thorough selection process, ARB has selected axefinance for its ability to cater to the Lending Digitalization needs of the bank's strategic business lines: Corporate, FI’s, SME’s, and Private banking. Proven expertise and successful track record in the Middle East as well as in Africa and Europe tipped also the scale in axefinance’s favor.
Since then, axefinance and ARB’s teams altogether kicked off an exciting transformational journey following a carefully phased implementation strategy to support the change from a legacy system to ACP software. Now that ACP is well implemented and is interfacing seamlessly with the bank’s tiers systems, ARB benefits from an end-to-end lending solution to offer new and innovative Corporate/SME Lending products, gain competitive advantage, and comply with specific Islamic & regulatory requirements.
After a training period for all stakeholders, ACP is now fully adopted by all users with total self-sufficiency and the bank started seeing a positive first impact in terms of efficiency, lending performance, and customer satisfaction.
Dhafer Berrachid, axefinance CEO notes:
“Partnering with the world’s leading Islamic bank demonstrates the value of our leading ACP solution and cements our footprint in the Middle East. ARB project is an important milestone for us, not only because of the scoping complexity but also for the tight deadlines. I would like to congratulate axefinance teams who faced successfully this challenge. We look forward to helping ARB in achieving its digital strategy goals for the upcoming project milestones offering the best in class product and support services "
Al Rajhi Bank:
Founded in 1957, Al Rajhi Bank is one of the largest Islamic banks in the world with total assets of US$ 98 billion, an employee base of over 9,600 associates, and a vast network of over 545 branches.
axefinance:
Founded in 2004, a global provider of Lending Automation solutions, axefinance offers ACP (on-premise solution or SaaS) as an end-to-end integrated solution focused on all aspects of the lending process. Today, axefinance has customers across 20 countries and offices in Amsterdam, Abu Dhabi, Tunis, and Mumbai.
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