#Indonesia #Jakarta #Finastra #BNI #Trade Innovation

Finastra Empowers BNI with Trade Finance Solutions

Introduction
In a crucial move to consolidate its trade finance operations, PT. Bank Negara Indonesia (Persero) Tbk, commonly known as BNI, has turned to Finastra, a leading player in financial services software. This partnership aims to leverage Finastra's Trade Innovation platform, which promises seamless integration of domestic and international trade finance processes. The endeavor is set to not only maximize efficiency but also enhance the overall customer experience.

Accelerating Customer Onboarding

BNI's implementation of Finastra's solution has generated impressive results, reporting a 25% acceleration in customer onboarding. This enhancement occurs within an environment where banks are under pressure to respond swiftly to customer demands. BNI's streamlined processes enable them to offer services with service level agreements (SLAs) of under three hours, a remarkable achievement in today’s fast-paced banking landscape.

Unifying Trade Finance Operations

Prior to this collaboration, BNI faced challenges with multiple legacy systems that hindered operational efficiency and customer satisfaction. By transitioning to a centralized platform provided by Finastra, BNI has unified its operations, which has resulted in shorter approval cycles and a single source of truth for reporting functions across its locations. Such a comprehensive system enables the bank to delve into advanced analytics and facilitates better risk modeling – crucial elements for any modern banking institution.

Localized Implementation

To ensure the solution met local regulatory requirements while maximizing global operational benefits, BNI employed a localized approach to the deployment of this centralized platform. Using a combination of Finastra's end-to-end implementation services and a local systems integrator, the bank successfully migrated its nine international offices onto the central system based in Jakarta. This strategic decision not only simplifies operations but also preserves local controls, a critical aspect of international banking.

Significant Efficiency Gains

The adoption of Finastra's Trade Innovation platform has produced measurable gains in both operational efficiency and customer experience. Highlights include:

• - Reduced Approval Times: Automated compliance workflows and straight-through processing have transformed approval timelines, with many decisions now occurring within a single day.
• - Increased Customer Acquisition: The new platform has contributed to a 10% increase in new customer acquisitions within the fiscal year, underscoring its effectiveness in fostering growth.
• - Enhanced Digital Trade Services: BNI now supports over 160 branches and more than 2,645 trade customers, expanding their digital trade capabilities significantly.

A Strategic Partnership for the Future

As emphasized by I G W Anantayoga, General Manager of Wholesale Product Transaction Value Chain Division at BNI, the relationship with Finastra symbolizes a strategic partnership poised for innovation in the realm of trade transactions. The collaboration is not merely about technology; it's a commitment to redefining how trade finance is approached across Indonesia and beyond.

“Finastra's solution seamlessly integrates with our core banking systems, providing instant insights pivotal for efficient trade document processing,” he notes, highlighting the transformative nature of this partnership.

Conclusion

The modernization of trade finance is an essential move for banks to not only keep pace with their customers' needs but also engage effectively with fintech and AI partners. Finastra's centralized Trade Innovation platform position BNI for rapid product innovation, ensuring that they remain competitive in a sector ripe for digital transformation. As the landscape continues to evolve, initiatives like these exemplify how innovative partnerships can drive meaningful change in the banking industry.

For additional insights on financial service innovations and to stay updated on similar initiatives, visit Finastra's website.