Türk EximBank - Omni-channel Delivery
Digitalization Reduced Turn-Around Time Of Issuing Export Insurance By 60%
Türk Eximbank was established in 1987 as Turkey's official export credit agency and today it supports exporters and international contractors. Its services are focused on conducting International Credit and Guarantee programs aimed at developing economic and political relations between Turkey and other countries. It also provides Credit Insurance programs that cover the export sector's exposure against political and commercial risks, as well as "Export Credit" programs, which provide the export sector with access to low-cost financing. Its offering is fully integrated under one roof to provide better support to Turkish businesses.
In order to better serve its customers, Türk Eximbank began considering delivering a set of its products through its website. These would enable customers to submit applications for policies or limits and then track their status. The service was first launched as a test for a limited number of customers and then it was gradually rolled out to all exporters.
Credits Amount Increased by 18,9% and Total Exports Insured Amount Increased by 38%
To realize its digital vision, Türk Eximbank turned to VeriPark and its VeriChannel solution. The bank was impressed by VeriPark's professional approach to their business challenges. After implementing VeriChannel Omni-Channel banking solution for their internet banking, Türk Eximbank quickly realized a number of benefits. VeriChannel empowered Türk Eximbank to manage seamless, consistent and engaging customer journeys across their internet banking channel. Following the implementation, total credits amount increased by 18,9% and total exports insured amount increased by 38%.
As a direct result of implementing VeriChannel, the bank experienced exponential growth of its SME customer base without a corresponding increase in staff headcount. Before the launch of the online insurance products, employees had to perform their work manually. Not only did this result in lower productivity, it also exposed both the bank and its customers to unfavourable outcomes resulting from human error.
Ismail Cicek, Head of Türk Eximbank Information Technologies Department, said:
The time required to carry out insurance operations has decreased by 40% after the online branch and online payment functionality were rolled out. These gains rose up to 60% in the last quarter of the year. These improvements are a result of the migration to the internet as well as the infrastructure upgrades that we carried out as a part of this project.
The Pre-Shipping Export Credit product is also an important productivity driver. In the past, a very busy team of four people used to work on related processes. Now, the work can be carried out by just three people and the fourth person can work on other projects even though the number of processes has increased sharply. This means the bank can focus more on delivering additional value to its customer. In the scope of the Pre-shipment Export Credit Program, Türk EximBank supports exporters and manufacturers of export goods to develop export trades, diversify their product and service range while meeting the financial needs of the customers during the pre-shipment period through intermediating banks.
We used to carry out these processes manually, which meant that customers did not have a good way to track their applications and products, said Türk Eximbank Recipient Risk Monitoring Manager, Ismail Karadag. There were also many opportunities for error, where customer requests could get lost in the mail or otherwise.
After the insurance product website launched, the next phase for Türk Eximbank was to incorporate the ability to carry out payments online, which would enable policyholders to perform debt settlement online.
The final phase of digitally transforming its operations was to bring its Pre-Shipping Export Credit service online. This service was designed specifically to support the needs of the 5,000 SMEs in Türk Eximbank's customer portfolio. The product includes insurance which protects the customer against loss of produce or order cancellation before goods are shipped. By creating an online service to support them, Türk Eximbank is delivering on its vision to contribute to the growth of these businesses, open up their access to international markets, improve their competitive capacities for exporter SME's and SME manufacturers of export goods on the international markets, therefore they meet with the customer's financial needs during the pre-shipment period.
By creating an online service to support their SME customers, Türk Eximbank is delivering on its vision to contribute to the growth of small/medium sized businesses by opening up their access to international markets whilst also reducing their exposure to international trade risk. Eximbank thereby provides solutions that meet with the customer's financial needs during the pre-shipment period.
Digitalization reduced turn around time of issuing export insurance by 60%
Following the internet banking implementation total exports insured amount increased by 38%
Following the internet banking implementation total credits amount increased by 18,9%
Enhanced Customer Experience via New Online Services
Türk Eximbank's customers were very happy with the new solution. Instead of having to send their applications and requests to the bank manually by post or e-mail, they now do everything online. They can track the progress of their applications and now stay up-to-date. The company is also focused on continuously measuring customer satisfaction and gathering feedback to further improve the services it delivers to its customers.
Exporters are especially pleased with process monitoring, said Operation and Reporting Manager, Nezihi Ates. We receive names of people who will have the authority to take action and monitor processes and we assign credentials to these people. A regular user can file applications and make payments, while finance and export managers and others also have the authority to monitor the process. They can easily monitor a process and see whether an application has been completed and premiums paid. Our customers and users often tell us that they are very comfortable with the new system.
Our online branch is very important to us as it improved the quality of our communication with our customers. The bank will continue its profit-oriented investments to improve the quality of its online services. We examine customer feedback closely to increase and improve our application quality. Our services will have an even larger impact on exporters with the progress we make in the upcoming period.
Head of Information Technologies Department, Türk Eximbank