AIB (Allied Irish Bank) is one of the so-called "Big Four" commercial banks in the Republic of Ireland. AIB offers a full range of personal and corporate banking services. AIB Capital Markets is the division of the company that offers international banking and treasury operations. The bank also offers a range of general insurance products such as home, travel, and health insurance.
Allied Irish Bank required a workflow solution to improve the efficiency and manual rework of collateral related requests received from their extensive branch network while benefiting from their previous investment in a comprehensive collateral database. The solution they were looking for should also provide pro-active collateral management triggering task assigned to an appropriately skilled member of staff allowing more efficient use of high cost resources as well as highlighting exceptions in a timely fashion. All of this needed to be implemented without impacting their day to day operations and their existing infrastructure.
The business was awarded to Rockall Technologies in the face of major competition from a number of international vendors solutions. It was deemed that the Rockall solution addressed the problems outlined above plus brought additional benefits which Allied Irish Bank continues to benefit from.
The Rockall solution met the requirements of AIB in particular the ability to implement the solution without impacting AIB's existing infrastructure. AIB now has an integrated solution with their branch network with a branch initiating a collateral related instruction which triggers the workflow process in a centralised collateral management team. Being an "out of the box" solution meant that it was a robust solution which had been extensively tested in the market therefore reducing the overall project risk plus reducing the time to going live. The project commenced in April 2003 and the solution went into production in September 2003. This included the migration of hundreds of thousands of their existing collateral items to the Rockall solution.
1.3 Benefits Realised:
- Control of the collateral processes with less skilled staff
- Significantly Improved risk management, control of LTV (Loan to Value)
- Better customer experience – faster access to funds
- Significant reduction in costs
- Basel II compliant