Empowering Industrial and Commercial Bank of China Financial Services
Industrial and Commercial Bank of China Financial Services (ICBCFS), used a highly manual system for corporate actions processing, manually checking lists against reports and individually notifying customers. Its corporate actions staff commonly worked 15-hour days and the manual nature of its processes put the bank at risk. ICBCFS looked to FIS–automated corporate actions technologies due to the company’s domain expertise and long history of successful implementations on a global scale.
At a Glance
OBJECTIVEReduce human errors and man-hours by automating corporate actions functions.
RESULTSFIS successfully linked all ICBCFS’ required systems together and eliminated the manual compilation and comparison between data feeds and position reports. In addition, by storing corporate actions data in FIS’ secure cloud-based platform rather than onsite, ICBCFS lowered total ownership costs.
The effects of the implementation were transformative for ICBCFS. Not only did the bank reduce risk and gain enormous efficiencies by eliminating manual processes, it improved service levels, giving customers the confidence that ICBCFS will appropriately inform them of corporate actions affecting their positions. The bank attributes some of its organic growth directly to the streamlined processing and efficiencies provided by the FIS corporate actions solution suite.
ICBCFS and FIS are continuing their work streamlining and automating corporate actions processes at the bank, which includes investing in and expanding the platforms features and functionalities to keep pace with market needs.