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Chilean State Bank

In December 2006 the Chilean State Bank contacted Ki Teknology to obtain assistance including a set of enhancements in its Mortgage Sales System and to present a new group of products in the 2007 campaign. That's how Ki Teknology, using its broad experience in software development, new architecture implementation and project management, took charge of the specification, construction and testing of the interfaces related to this project named VCH.

Profile of Chilean State Bank

Chilean State Bank largest financial institution Chile by assets under management, and provides products and services to the mass of consumers, particularly to segments which typically don't have access to turnover of loans about US$ 2,000 million in the year 2006.

The bank has the widest network of branches in Chile, more than 312, and has 42 points of near customer attention (NCA) operating weekly or biweekly as an extension of the Bank to complement coverage.

In more than 141 cities in the country, Chilean State Bank is the only rurally accessible Bank through 106 branches, 34 (NCA) and 1 auxiliary teller.

To facilitate customer service, Chilean State Bank has 1,050 of its own ATM machines -and another 3,700 on the RedBanc Network- and 1,081 machines that report balances or accept deposits.

The efforts to be universally accessible are reflected in market surveys that show nine out of ten respondents associate Chilean State Bank with good location and high number of branches, coinciding with its reputation for being the bank of choice for the typical mass consumer.

Among recent achievements of Chilean State Bank is the modernization process carried out with the objective of repositioning the institution within the industry.

After that, during 1996-2000, a second stage of operative and technological modernization was carried out and major investments were made to change the model of management in the Bank.

Thus Chilean State Bank faces the challenges of the twenty-first century and the celebration of its 150 years of existence, with a consistent and comprehensive project that will enable it to become in one of the most modern and efficient banks, with high technology and top level customer service. A leader in the financial industry providing products and services for mass consumption to modest and isolated districts, the bank helps to improve people's quality of life.

Analysis of the Problem

Because of the need to incorporate improvements in the Mortgage Sales System, the modification of the data model to support the new products was necessary.

The main difficulty of this project was the source code in the system, which was highly cohesive from one module to the next, causing ramifications of errors when the modifications were performed. There were also problems with the data formats in different levels of information. While the product was built under a DNA scheme, it did not present separation between layers so that the LN layer was split between the presentation layer and the data layer.

Solution

The first stage of the project was the analysis of features and the generation of a new data model to support all the Bank's products.

The second stage was to develop the prototypes for simulation, evaluation and pre-approval of the mortgages, incorporating features of the new products. Also, numberous stored procedures, components and pages, were adapted.

The third stage was the modification of the operating costs and assurance modules and the update of mortgage simulation, evaluation and pre-approval documents.

Benefits for the Company

Chilean State Bank achieved Mortgage sales of US$ 430 million which means the compliance target was surpassed by 24%. This challenge was historic and far superior to its previous record.

Learned Lessons

Given the complexity of the system and its high cohesion between software pieces, it is advisable to start the development with a longer notice period.