GFT, the global provider of advisory, business consulting, IT and software services to the financial sector, has announced an award win, alongside their client Banco Original in Brazil for “the most innovative business model of the financial industry”, according to the Executivos Financeiros, eFinance Awards 2016.
The service, developed by GFT, offers the world’s first 100% digital process for account opening, providing a strong competitive advantage for Banco Original, with their Seja Original application. Launched in 2016, the App enables users to open a new current account, with the possibility of adding all additional products using the digital channel, resulting in the top eFinance Award in the category ‘Innovation in the business model.’
The App is available in both the Apple and Google stores. The Seja Original application is used by people who are interested in opening a new current account. Users are able to send personal data, images and documents directly to the bank, with the convenience and flexibility of doing all of this online, using a mobile device.
Behind the intuitive front-end, there is an efficient system integration solution, the automation of business processes, outsourced services orchestration and advanced analytics that receive and process the multi-structured information coming from the application. The analytics engine enriches the information and evaluates the individual risk, taking into account the policies of the bank.
If an exception arises from the analytical processing of information from potential new customers, the negotiations are carried out through automated processes, within ‘back office decision cells’ which perform the data analysis. All analytical enrichment of the data is made available to back office professionals, so that the decision making process is of the highest possible quality.
This analytical intelligence within the App allows refinement, from the perspectives of both marketing and risk, regarding the demographic segments being targeted by the bank for the development of its customer base. The operational efficiencies achieved with the integration and automated processing of such data means Banco Original now sets the global benchmark for best practice client onboarding.
Christian Ball, Head of Retail Banking for GFT’s Atlantic Region commented: "The innovative and efficient App provides a fantastic competitive advantage for Banco Original in the market. Its disruptive innovation is already being recognised by domestic and international competitors alike, and has been widely adopted by new prospects seeking a seamless account opening experience".
Wanderley Baccalá Junior, CIO at Banco Original commented: “Without the multidisciplinary approach and collaboration of GFT professionals, it would not have been possible to achieve the results we have today. The flexibility and commitment of all the GFT team involved, who applied their multidisciplinary expertise in banking, architecture, systems development, testing and management led to the successful delivery", adds Baccalá.
The industry expectation is that the Seja Original App will be a key driver helping the bank to achieve their business goals, even with the economic crisis that is sweeping the country. This is a pioneering and successful project in Brazil, and its performance will certainly influence the strategic positioning of all existing financial institutions in the market.