Canalbank selects the AuraQuantic platform to undertake a profound transformation in the bank’s business management system, to improve the user experience for internal and external customers. The decision to digitally transform operations was made by the executive vice-presidency of Operations, Technology and Innovation in Canalbank, headed by Edmon Pallerola Gene.
To fully understand the main reasons why Canalbank decided to implement AuraQuantic, we have to go back to 2019. At that time, the bank decided to “make a firm commitment by implementing a new IT system”, as Pallerola explains. The aim was to use it as a calculation engine for all operations linked to customer management and banking products. Specifically, the core system acquired at that time was SAP, which “uses approximately 75% of the world’s GDP, due to the large number of possibilities it offers” he adds.
However, the changing and competitive environment facing the banking sector, marked by regulatory changes, the continuous search for administrative efficiency, the elimination of friction in existing processes with internal and external customers, the personalization of products and services, cost reduction and sustainability challenges, led Canalbank’s managers to look for a solution that would help them to overcome many of these business challenges.
The bank’s management team reviewed the software market and initiated a request for information from three technology providers. After evaluating all the information provided, Canalbank selected AuraQuantic for various reasons. As Pallerola explains, “The ease in which AuraQuantic adapts to our system via its SAP connector is something that other suppliers did not offer”. In addition, “it is a platform used by various financial institutions, which offers maturity, together with the possibility of storing our entire data repository in their cloud service, and an attractive licensing model”. All these advantages drove the bank’s decision to implement AuraQuantic, through its technology partner in Panama, Omicron.
The first challenge that Canalbank intends to face with AuraQuantic is to improve the user experience for customers, especially internal users. As Pallerola explains, “The internal customer of the operations, technology and innovation areas will always be the sales department; without them, the bank cannot move forward”. His statement explains the need to create business processes that allow the bank, and more specifically the business area, to develop its commercial activity with a frictionless workflow, through automated forms. This affects the management of products and services including current and savings accounts, fixed-term deposits and cards, personal loans, credit lines, factoring, etc.
However, as Pallerola points out, “the bank must not forget that our internal users go beyond the sales area, and involve other departments including auditing, regulatory compliance, human capital, etc.”. In this sense, Canalbank’s goal is for “AuraQuantic to become the intermediate layer that links our core banking system, as a calculation engine, with the needs of other departments”. To this end, a team of employees is taking the training courses offered by the AuraQuantic Training School, aimed at facilitating the acquisition of professional skills to diagram workflows and automate processes.
Finally, and with a view to the future, Canalbank’s objective is that its internal customers, that is to say, all the personnel from different areas or departments, will be able to design and manage the business processes on the AuraQuantic platform. This change, according to Pallerola, will take place in a short period of time and “will contribute to the constant evolution of the bank, through the development of new applications and initiatives”. In the longer term, Pallerola says that “It is likely that AuraQuantic will completely replace the front end of our core banking system used to manage the acquisition of all banking products, becoming the interface used by all employees”.
Founded in 2014, Canalbank is a Panamanian bank and focused on providing financial solutions to companies and SMEs, providing personalized advisory services for each type of business. The company currently has 200 employees, and its main objective is to offer innovative products and services that generate value for its customers, employees and shareholders.