The Industrial Bank of Kuwait delivers specialized services to support industries and corporates in Kuwait. It provides long term and medium term financing for establishment, expansion and modernization of industrial units in the country. The bank decided to move to the new Finacle Core Banking System to enable delivery of digital services
All banking institutions are lawfully mandated to periodically provide reports like capital adequacy, liquidity, credit policy reorganization, policy for credit classification, investment policy, credit concentration and many more to the Central Bank of Kuwait. These extensive reports should conform to the regulatory requirements to check money laundering, fraud and terrorist funding activities.
The Industrial Bank of Kuwait moved from the legacy system to the Finacle Core Banking System. However, it was critical for IBK to move to the new CBS equipped with traditional banking system regulatory reports to avoid financial penalties applied in case of delay. The CBS-TBS reporting system was a core essential to enable the go-live of the Finacle Core Banking system.
Evolvus entered the fray after an earlier vendor failed to completely deliver the reporting solution. The go-live was delayed as the CBS regulatory reports had to be delivered based on the Finacle Data source to validate it. We tentatively had 7 months to deliver the complete reporting system to IBK.
The Evolvus team went on-site to demonstrate their technical and domain expertise and won the project by delivering the intricate report on “Statements of Position – Liabilities and Assets”. All the 99 reports went live successfully within the span of 6 months enabling IBK to go-live with the Finacle CBS.
We developed a “Single Reporting Framework” that enabled the Bank IT team to understand the work flow. The reports like Balance Sheet, Profit and Loss, Net Margin, Net Stable Funding Ratio, Risk Analysis were aesthetically designed and validated. Complex reports like AM2 (Credit Facilities Portfolio) was developed using well-structured coding for each functionality and presented in an elegant way using SAP Business Objects reporting tools. Critical reports like TBS1A & TBS1B (Statements of Position – Liabilities & Assets), which act as a single source of truth for multiple dependent regulatory reports was delivered with high levels of fidelity.
The IBK project was a highly successful specialized undertaking for Evolvus. Read more about the project in our case-study section here.
About Author: Dinakara Reddy was part of the highly specialized team of experts who oversaw the development of the reporting framework. They worked with the IBK team to enable their successful transition to the Finacle Core Banking System.