Standard Bank moves to Finacle Banking System

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Standard Bank Malawi will this weekend be replacing its old core banking Bank-master system to a new core banking system called Finacle on the 19th of June 2017.


Making the announcement, Chief Executive Officer Andrew Mashanda said this upgrade is to a new technology platform that will improve customer experience and improve digital capabilities that will put a pathway of continuous innovation.

Explaining the transition Mashanda advised, “The process that the bank is going through on this Core Banking replacement is quite complex due to the architecture that the bank runs on to serve its diverse customer base. Therefore, serious considerations have been made to ensure that customer experience is not impacted, post implementation. If we keep ATMs online whilst we are changing account numbers and migrating the database, we face the risk of having unreconciled funds that would impact customers negatively. “

He said the bank has, since 12th June, extended its branches closing hours to 16:00 PM to allow customers to withdraw enough cash and complete other transactions ahead of the shut-down at 13:00PM and ATM shut-down at 16:00PM Friday 16th of June 2017.

Finacle will usher in a comprehensive range of service and product options available through digital banking channels. It will also necessitate a gradual change in customer account numbering, without any disruption to customer transactions.

The Chief Executive Officer said Finacle has been chosen to steer Standard Bank’s operations into a future where both bank and customer move together with technology and remain relevant to each other.

“We have tried, to the best of our abilities, to minimize the adverse effects on our operations. We have also tried to make this transition as seamless as possible and come 19th of June, you will experience world class service and efficiencies especially on our digital platforms,” explained Andrew Mashanda.

Mashanda said Finacle is a result of a year-long banking service delivery improvement initiative that will put Malawi at par with a growing number of Standard Bank operations using Finacle in Africa.

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