Canalbank's Digital Transformation with AuraQuantic for Enhanced Customer Experience

Canalbank is a Panamanian bank founded in 2014. It is focused on providing financial solutions to companies and SMEs, offering personalized advisory services for each type of business. The bank has a workforce of 200 employees. Canalbank's main objective is to offer innovative products and services that generate value for its customers, employees, and shareholders. The bank is committed to improving the user experience for both internal and external customers and is constantly seeking ways to enhance administrative efficiency, reduce costs, and meet sustainability challenges.

Canalbank, a Panamanian bank, was facing a series of challenges due to the changing and competitive environment in the banking sector. These challenges were 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. In 2019, Canalbank had implemented a new IT system, SAP, as a calculation engine for all operations linked to customer management and banking products. However, the bank's management team realized the need for a solution that could help them overcome the aforementioned business challenges. They initiated a request for information from three technology providers to find a suitable solution.

After evaluating the information provided by the three technology providers, Canalbank selected the AuraQuantic platform for its digital transformation. The decision was influenced by several factors. Firstly, AuraQuantic's ease of adaptation to Canalbank's system via its SAP connector was a feature that other suppliers did not offer. Secondly, AuraQuantic is a platform used by various financial institutions, indicating its maturity. It also offered the possibility of storing Canalbank's entire data repository in their cloud service, and an attractive licensing model. Canalbank's first challenge with AuraQuantic was to improve the user experience for customers, especially internal users. The bank aimed to create business processes that allow the bank to develop its commercial activity with a frictionless workflow, through automated forms. A team of employees was trained by the AuraQuantic Training School to acquire professional skills to diagram workflows and automate processes.

• The implementation of AuraQuantic has allowed Canalbank to improve the user experience for its customers, particularly its internal users. The bank has been able to create business processes that enable the business area to develop its commercial activity with a frictionless workflow, through automated forms. This has impacted the management of products and services including current and savings accounts, fixed-term deposits and cards, personal loans, credit lines, factoring, etc. Furthermore, the bank has been able to link its core banking system with the needs of other departments, creating an intermediate layer that caters to the needs of departments beyond the sales area, such as auditing, regulatory compliance, and human capital. In the future, Canalbank aims for all its personnel from different areas or departments to be able to design and manage the business processes on the AuraQuantic platform.