How Bankinter fully digitised their confirmations processes with Circit

Introduction: Audit Confirmation Challenges

Before partnering with Circit, Bankinter used to process a large percentage of balance confirmation requests through postal mail, which was a very time consuming and inefficient process, with high resource and material costs such as paper, postage and BPO fees. The challenge was to remove the majority of these costs by way of a new and more secure digital process with reduced response times.

How Bankinter benefits from Circit

By implementing the Circit platform, Bankinter has centralised all the audit request letters they had previously received by physical post, email and via the Circit auditors in one single tool. This centralisation has led to efficiencies throughout the process as they now have a single view of all requests, a complete timeline of all events, dates and user actions as well as detailed statistics on usage and response times. The ‘intuitive and easy-to-use’ interface has also allowed them to cut their response times to auditors down to 48 hours on average.

As well as the cost savings associated with removing physical post as a channel, its elimination has also significantly contributed to the efficiency of the overall operations. Previously, issues and problems had to be resolved via email, whereas now they are resolved directly with the auditor over encrypted communications channels on the Circit platform. This ease of issue resolution (for example: signing authorities, incorrect data, additional documentation requirements) has been a significant time saver for Bankinter.

Bankinter has also increased the security of their overall audit letters operations. The removal of post as a response mechanism in favour of delivery via a platform which has end-to-end encryption is the most significant improvement. Having everything on a single platform with full control of user access via SSO (Single-Sign-On) is also a contributing factor. In addition, the Circit platform is ISO27001 certified and SOC2 compliant.

Circit’s support

And what does Bankinter have to say about Circit’s support as the platform was first implemented and then operationalised?

On every occasion in which we have requested the assistance of Circit, we have received a prompt response and efficient management from their team. Whether it concerned operational aspects or compliance with our rigorous security requirements, we have witnessed their professionalism and dedication. Their ability to understand our needs and provide effective solutions has been truly impressive.

Summary

Circit significantly improved efficiency by reducing the total response time to an average of 48 hours while digitising 100% of the bank’s audit confirmations and eliminating traditional and costly communication methods.

Bankinter experienced a very smooth and speedy implementation process and Circit's exceptional responsiveness and flexibility met their needs. Auditors and bank customers provided positive feedback and Bankinter believes it has enhanced the operational functionality in this procedure.