Affin Bank’s successful journey in Transforming Financial Operations and Realising Exceptional Efficiency

Affin Bank aspires to be Malaysia's leading financial institution, excelling in innovation, technology, and unparalleled customer service while creating value for shareholders, customers, and employees. In the pursuit of streamlining operations, the bank faced several challenges that hindered efficiency and transparency:

• The bank’s manual tendering and contracting processes proved to be laborious and time-consuming.
• Additionally, the purchase requisition system, heavily reliant on manual intervention, led to delays and errors.
• The absence of budget controls for procurement posed significant financial management risks, and the lack of standardised accounts made comprehensive reporting difficult.
• The lengthy closing cycle, compounded by manual efforts, further slowed down reporting capabilities.
• Furthermore, integrating Affin Hwang Investment, which operated on a separate system, into a single platform while ensuring process standardisation presented its own set of complexities.

To address these issues effectively, Affin Bank worked with Deloitte to implement Oracle Fusion Cloud implementation.

Within seven months post-implementation, Affin eliminated manual processes and embraced continuous innovation to improve speed and accuracy in reporting, align financial and operational planning, and gain insights to drive better decisions, without disrupting any of their source systems.

In these seven months, Affin Finance processed 30,000 POs, reduced invoice processing time by 50% and significantly reduced effort. Overall, this project created significant impact, as listed below:

• Enhanced visibility to all financial data
• Improvement in procure to pay process efficiency
• Greater transparency, thus leading to ease in identifying errors and bottlenecks
• 30% increase in data consolidation speed
• 30% improvement in sourcing, PO issuance and negotiation efficiency
• 50% improvement in SLA efficiency

Learn more about Deloitte Southeast Asia's Oracle practice here.