STERLING BANK RETAIL & CORPORATE LENDING DIGITALISATION
A case study on the digital transformation of one of Nigeria’s multi-awarded commercial banks
Background
Sterling Bank Plc. is a Nigeria-based financial institution engaged in universal banking and focused on consumer banking, trade finance, investment banking, and capital market activities. Since 2011, it has cemented its position as a major player in the sector. Sterling Bank Plc. now has a wide network of over 180 branches all over Nigeria. To retain its competitiveness in the market’s dynamic landscape and ensure a future-proof credit process, it realized the need to adopt digitalization across its lending operations.
After an extensive due diligence process and proof of concept involving key vendors in the market, Axe Finance emerged as the preferred choice for Sterling Bank Plc. The bank implemented ACP to support its Retail Lending activities, on which the scope of the project later also extended to its Corporate Lending segment.
KEY CHALLENGESIn 2013, Sterling Bank was searching for a software to improve their retail and corporate lending performance. Their needs included:
HOW ACP DIGITAL LENDING SOFTWARE EFFECTIVELY TACKLED THESE CHALLENGES HEAD ON
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Axe Finance demonstrated its ability to fully meet Sterling Bank’s requirements for digitalizing its Retail Lending and Corporate Lending operations, through its solution that allows simplicity of implementation coupled with high-quality support and a track record of on-time delivery.
ACP covered various aspects of Sterling Bank’s Retail and Corporate lending workflows, including eligibility rules, target markets, and authority matrices. Moreover, internal rating and scoring models have been integrated into the platform, encompassing financial spreading and qualitative data scoring. ACP also manages collaterals both pre and post approval, while offering robust limit management functionalities, further enhancing Sterling Bank’s lending operations.
