The revolution in Corporate Banking

For a large traditional bank, Trivadis has developed a solution that makes connections between the collected data visible. This in turn increases the value of the data enormously.

In Short

CHALLENGE

Development of new digital opportunities for corporate banking

SOLUTION

Setup of NoSQL database and implementation of Neo4j graph database.

BENEFIT

Automated data maintenance, recognition of customer links and digital onboarding.

Our Solution

Innovative services, faster processing, smart use – these are all things that fintechs have been offering private customers. Traditional banks must now also offer these to their corporate customers if they want to bind this profitable customer group in the long term. But private customer business can’t simply be transferred over to the specific needs of corporate customers. A major bank came to Trivadis for help for this reason. The aim was to develop new digital opportunities for corporate customers together. The project comprises three areas of application:

Gaining new corporate customers through relationship marketing
Automated maintenance of master data of existing corporate customers
Completely digital and accelerated online onboarding and for corporate customers

Recognizing customer relationships and using these for new business

Who knows whom, who buys what, which lead came from where? Data provide valuable information for banks as long as the connections between them are known. Trivadis made these connections visible and usable for the bank as part of its Customer Relationship Management project. Trivadis created a NoSQL database to do so. It merges internal data pools with external data such as entries in the commercial register. The Neo4j Graph database implemented by Trivadis recognizes connections and relationships between the information. It uses that data to map out the links between people and companies. These connections are then illustrated using a web-based front-end. This gives bank consultants a completely new look at existing and especially potential customers. They can see starting points for initiating conversations or changes at the customer that could be a reason to visit. Shared interests are shown, which can be used to invite the customer to special events.

Automated master data maintenance

Regular maintenance of master data, as required by the Money Laundering Act, is usually carried out manually by the account representatives. As part of the digitization project, Trivadis proposed that the bank should be able to obtain changes to master data from external sources in near real time. This would eliminate the need for regular manual checks. The bank would then always have up-to-date master data for its corporate customer business and the consultants would gain time for sales. Fintechs advertise with the fact that customers can open a new account in just eight minutes. Onboarding for new corporate customers at traditional banks, conversely, takes an average of nearly 30 days. Numerous processes are semiautomated and there are a large number of disruptions. Documents such as certificates of registration and shareholder lists are required to be submitted on paper.

In future, onboarding for corporate customers will be similar to the process for private customers. This will be implemented in a further step of the project. The bank and Trivadis are planning to automate the onboarding process, thus making it significantly shorter and simpler. External data such as current certificates of registration will be integrated into the process and legitimation processes will be carried out completely digitally using video and digital signatures.

Efficiency boost in corporate banking

The use of digital technologies and intelligent linking between internal and external data boost efficiency in corporate banking. The Trivadis solution for the financial institution shows the great potential of computer-aided processes.

Technologies used

NoSQL database (Cassandra)
Neo4j Graph database
Web-based front-end