Customer Story – FIMBank
How iMovo helped a leading Trade Finance, Factoring and Forfaiting solutions provider improve Data Integration
iMovo’s implemented Solution
FIMBank is a customer-driven banking organisation that focuses on optimising business performance and supporting business growth for its clients by offering customised trade finance and banking solutions.
The services offered by FIMBank include trade finance, corporate banking products, factoring, forfaiting and real estate finance. FIMBank forms part of the KIPCO Group, which is one of the Mena region’s most successful companies, comprising of over 16,000 employees in 24 countries.
FIMBank has always aimed at providing its customers with the best of services. However, this also means that they need to optimise their data lifecycle. As the business began to grow, the organisation had to increasingly rely on various information systems, both on-site and cloud-based. With the increasing number of system integrations across platforms, managing core corporate data from various sources became progressively difficult. The bank needed to store, present, optimise, transform, and secure every element of data, and make it available across all stakeholders.
Without a suitable data integration solution, the organisation had to tackle each phase and endpoint distinctly and in isolation, using different methodologies. The whole process was fragmented and required extensive time and resources.
FIMBank needed a tool to help them with the Extract, Transform, Load (ETL) function and orchestration of data flow between the various components in their ecosystem.
FIMBank turned to iMovo for a solution that would allow the integration of corporate data, from different sources, effectively into a single consistent data source. After a thorough analysis of the company’s challenges and requirements, iMovo recommended Talend Data Integration as a suitable solution.
Talend is one of the leading data integration solutions for modern businesses that can unify all the data into a complete, clutter-free, and secure source.
The bank became aware of iMovo’s services and the capability of Talend during a conference hosted by iMovo. Talend allows the use of over 1,000 connectors and components to connect any data source with any data environment, be it on-site or cloud-based; and objective that is in line with FIMBank’s requirements.
FIMBank decided to weigh its options before settling for the most suitable solution that addresses the organisation’s objectives. After conducting their own internal research to find out which vendors offer the best data integration solutions, they analysed Gartner’s reports on the Best Data Integration Tools. The 2021 Gartner Magic Quadrant for Data Integration Tools denoted Talend as the clear winner in the top right-hand corner of the quadrant.
FIMBank shortlisted a few other vendors apart from Talend and compared the pros and cons of each product, in particular provided features, pricing, ease of use, scalability, and support.
Having reached a decision, FIMBank issued an RFP providing details about their project requirements.
The key benefits realized by FIMBank from implementing Talend and using iMovo’s support were:
The data integration solution is helping FIMBank save time and increase productivity by eliminating the need for cross-departmental data sharing and overall dependency on various disconnected platforms. All their data is now unified across the organization. The number of errors and inconsistencies in their data has also gone down to almost nil as there is less human interference. The company is now able to make better decisions backed by healthy data and offer improved services to its customers. FIMBank expects to see an ROI within two years but the value gained from this solution is already evident in the form of better data flow and improved customer service.
“I would like to commend the iMovo team for the work done during the various stages of the project lifecycle. The project timelines were adhered to and the consultancy offered during the development of the build was top-notch.”