Prometeo shortens processes of Grupo Coril up to 90%
What is Grupo Coril?
Grupo Coril is a conglomerate of financial companies, with more than 29 years of experience, offering services that are beyond traditional alternatives and cover the widest array of products in the market.
The objective of this Peruvian company is to help its customers achieve long-term well-being through optimal management of their financial resources. For this, they have a stockbroker company, a securitization company, and a fund management company, all regulated by the Superintendency of Securities Commission. They also have a trust management corporation, CorFid, in charge of managing trusts, that is regulated by the Superintendency of Banking and Insurance. CorFid, despite being one of the youngest in the Group, only around 5 years in the market, has had an exponential growth. Three years ago, it managed approximately 40 trusts, and today, there are around 400.
Additionally, Grupo Coril has other non-regulated financial companies, which have a complementary role to the four mentioned and provide cross-sectional support at the operational, accounting, and risk level to offer a more comprehensive service.
Before and after the implementation of Prometeo
CorFid manages bank accounts for each of its trusts. As explained by its Project Director, Jorge Gomero, “three years ago, we had 50 trusts under management, which in theory would represent between 100 and 150 managed bank accounts. But today, with 400 to 500 trusts, there are more than a thousand bank accounts, and their administration was becoming more and more costly in terms of resources and time”. Each account needs a bank reconciliation, and although banks provide an interface to generate balances and movements, this was not enough because this information was not automatic and could not be integrated to a system. This time-consuming process was what triggered the need to optimize bank reconciliations. On average, operational analysts required between 2 to 3 hours a day to do a reconciliation process, so the soaring numbers of trusts under management also implied a spike in time and financial resources.
Although Gomero was familiar with the concept of Open Banking, he did not find solutions in local banks easily and began to search in other countries until he reached Prometeo, where he found an automated solution for the reconciliation process. According to Gomero “for Grupo Coril, Prometeo is one leg, a very important tool within a more comprehensive project that we call Coril BAM (bank account management), and that is how Prometeo has become a fairly important element in optimizing processes in this project”.
In the past, Gurpo Coril had to fill out different forms for each bank to upload the information to its system. This manual process was not only time-consuming, but it also generated potential human errors. Thanks to Prometeo, that was completely eliminated because now the integrated processes have a standard format, improving time while also mitigating operational risk.
Results and benefits of implementing Prometeo
Already in a production environment, Grupo Coril has been working with Prometeo for over a year now, but before this, there was a testing stage where the solution was customized to Grupo Coril’s specific needs. In the words of its Project Director, Prometeo has let them:
- Reduce bank information reconciliation processes up to 90%, since before the implementation this took between 5 and 6 hours and now it has been reduced to 30 minutes.
- Mitigate the risk of human errors.
- Create an important and distinct value chain that differentiates them from their competitors in the market.
Gomero says that “thanks to Prometeo, we have optimized time and resources, but we have also significantly reduced manual errors, which has meant an improvement in different aspects that mitigate risks and delays”. Having balances and movements in the system on a daily basis has enabled Grupo Coril to use them in other systems for the benefit of its customers. For example, one of the companies is in charge of reporting balances and movements of the trusts under management, which are owned by its clients. In the past, they had to go into each bank and obtain a bank statement, whereas now, this is an automatic process which has let them design a project to publish this in the intranet so customers can access that information directly thanks to the work of Prometeo.
Since all this was practically unknown, Grupo Coril assumed that technical integration would be a complex process; however, today they say that as they got to know about it and did the training sessions, there was a learning curve that proved the whole process was a very fast and simple experience for all the staff in operations.
After a year of integration, optimization of time and processes and experiencing the scope of the integration, Gomero concludes that “Prometeo has simply been an efficiency generator for Grupo Coril’s processes”.