How SpotBanc helped Stern Bank deliver online banking
How SpotBanc helped Stern Bank deliver online banking and trade finance services to SMEs
Stern Bank meets the global needs of a selected group of small and medium-sized businesses by offering online business banking and customized domestic and international trade finance services.
Stern Bank is a privately-owned and fully independent bank servicing industrial and commercial entities. Combining years of industry insight and a consultative partnership approach, Stern Bank aimed to offer personalized services designed to facilitate complicated business transactions across multiple sectors and locations as well as facilitate local and international trade finance.
The big puzzle was putting together the banking technology, liquidity and User Interface needed to bring these ideas to life. Stern Bank identified FinCode as the right technology and business partner to leverage on.
SpotBanc was launched as a result of that partnership through a series of product-market-fit evaluations — firstly designed as banking software to power Stern Bank’s virtual account management and trade finance services to their customers.
Stern Bank - SpotBanc Partnership
SpotBanc built a number of solutions to help Stern Bank offer seamless banking service;
- Account opening fees: This module allowed Stern Bank to charge fees on certain accounts customers operate with them. They have total control over the adjustable rate fixtures.
- Overdraft: The need to extend overdrafts to customers prompted the development of this solution. This feature aided Stern Bank’s customer retention and fostered better customer relationships over time.
- Salesforce Interface: To help boost sales, we designed a feature that lets Stern Bank set up sales commissions and other reward parameters for their salesforce. This essentially served as a motivation tool driving sales performance. Salespersons can be directly assigned to clients and their performance monitored. The solution also contained a salesperson interface through which the salesperson can track his performance, see commissions earned, the number of clients managed as well as project earnings.
Payment workflow functionality: We built a workflow solution that gave Stern Bank control over what payment method can be used on their platform. Currently, Stern Bank makes payments through SWIFT, Fedwire, and SEPA with the capacity to support more methods including P2P and cards.
- SWIFT Code Finder: This innovative feature reduces the amount of time it takes to find bank addresses within Stern Bank by automatically outputting any bank detail once the account-related SWIFT Code is imputed.
- Compliance: We integrated with a compliance partner to provide an external compliance solution for Stern Bank transaction monitoring—perfectly in sync with Stern Bank’s Code of Ethics. This solution exports transactions from SpotBanc into the compliance system at the end of the day, effectively tracking daily traction activities within Stern Bank.
- Custom and global fees: An Incentivization feature that lets Stern Bank customize fees for specific clientele without affecting their general global fees charged for certain transactions.
The Result | Growing Together
By prioritizing efficiency and cost reduction in the development of this solution, SpotBanc helped Stern Bank deliver outstanding corporate banking and trade finance services highly sorted by small and medium-sized businesses.
This is because we understand businesses are constantly on the lookout for solutions that make them more efficient while reducing costs, thereby transforming Stern Bank – the client-interfacing entity – into the go-to bank for precisely that solution.
The Stern Bank – SpotBanc partnership not only translated to seamless banking capabilities for Stern Bank but equally helped us create new tools and solutions which inherently uncovered new markets.