Access Bank UK
Wealth Private Banking
Summary
The global Nigerian banking giant Access Bank Group was looking to break new ground with its consumer payments programme focusing on high-net-worth individuals. The project demanded complex integration with the bank's legacy systems to deliver a consumer payment programme that is tailored to meet very specific challenges of this demanding and growing demographic.
About Access Bank UK Limited
Access Bank Plc is a global financial powerhouse, generating $1.4 trillion in revenue and serving 42 million customers across 33 African countries. Its London-based subsidiary, Access Bank UK Limited, was founded in 2008 to expand the international business through services such as trade finance, commercial banking, and asset management. The subsidiary has been consistently recognized for its role in advancing African business, earning multiple industry accolades for its contributions.
The challenge
Access Bank UK Limited sought to innovate while dealing with its legacy technology platform. Pannovate recognized that to build and deploy a new product, their solution had to integrate with the bank's existing platform to provide real-time visibility across accounts. The card offering had highly flexible credit limits, even adjustable hourly, requiring real-time processing to function with the bank's batch-driven systems.
To address these challenges, Pannovate created a bridge between the bank's offline infrastructure and a digital system that ensures seamless customer experiences. Their platform can be deployed as a Cloud or SaaS-based solution, hosted by either Pannovate, the client (private cloud), or via a SaaS model. This flexible deployment was a key factor in Access Bank UK's decision to partner with Pannovate, especially given the security control banks desire.
Issue cards and sub accounts to employees
First of its kind offering for an underserved niche demographic
The project
In March 2021, Access Bank UK Limited engaged Pannovate to support its goal of expanding the international business through exceptional customer service and innovative solutions in Trade Finance, Commercial Banking, and Asset Management. The result was the Total Wealth Private Banking proposition, a first-of-its-kind offering for high-net-worth individuals, many of whom employ staff to make purchases on their behalf.
The app allows clients to manage their personal accounts and issue sub-accounts and cards for staff spending. This enabled Access Bank to:
Launch an innovative payment solution for an underserved, high-value demographic. Advance its digital transformation without fully replacing its legacy platform. Implement a new card and digital account solution in just nine months, enhancing competitiveness.
Results
The Access Bank UK Limited now has a banking solution for high net-worth clients that is unlike anything else in the market. The intuitive design of the app means it is simple and easy to use, giving its clients the ability to quickly issue cards to employees.
Case Study
Wealth Private Banking
